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BUS 343 - Chapter % & 6.pdf

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Simon Fraser University
Business Administration
BUS 343
Robert Krider

By Mark Liangco | BUS 343 Chapter 5 (Week 5) Marketers understand, predict and influence customers. Expounded: We want o understand our consumers so that we can predict the behavior and use ourmarketing tools to influence the consumers. Consumer Behavior - The process individuals or groups go through to select, purchase, and use goods, services, ideas or experience to satisfy their needs and desires. Cognitive dissonance = Buyer’s remorse (on the midterm!) Stimulus Generalization - When a private label makes a product with a similar look to the industry leaders in hopes that consumers’ good feelings about the well-known brand will “rub off” onto it Strategic Business Units (SBUs) - Individual units within a firm that operate like separate businesses, each having its own mission, business and marketing objectives, resources, managers, and competitors The Consumer Decision-making Process Problem Recognition  Information Search  Evaluation of Alternatives  Product Choice  Post purchase evaluation Marketers want post purchase evaluation because you want them to tell their friends and you want them to buy your product again. Perceived risk - The belief that use of a product has potentially negative consequences, either financially, physically or socially. When perceived risk is low, consumers have low involvement on the purchase and usually rely on heuristics. Heuristics - A mental rule of thumb that leads to speedy decision by simplifying the process. o Example: Buy cheapest one, seek advice of a friend. o Price Quality equation and Country of Origin. Influence on Consumer Decision Making 1) Internal Influences - Includes perception, motivation learning, age groups, personality and lifestyle. Perception - The processes by which people select, organize, and interpret information from the outside world. By Mark Liangco | BUS 343 - Perception process has important implications for marketers because, as consumers absorb and make sense of the vast quantities of information competing for their attention, it is likely th
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