MCS 1000 Lecture Notes - Lecture 5: Value Engineering, Reverse Auction
2 Jun 2016
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The stages that a buyer passes through in making choices about which products and services to buy. Perceiving a difference between a persons idea and actual situations that is big enough to trigger a decision. Internal search: scan memory for previous experiences with products or brands. External search: search for information outside your knowledge i. ii. iii. Marketer-dominated sources: advertising, websites and salespeople: alternative evaluation. Clarifies the problem for the consumer by: i. ii. iii. Suggesting criteria to use to judge various brands. Awareness set: brands you became aware of during search. Evaluative criteria: factors that represent both the objective attributes of a brand and the subjective ones you use to compare different products and brands. Consideration set: group of brands that a consumer would consider acceptable from among all the brands of which he/she is aware: purchase decision: Almost ready to make a purchase i. ii. iii. Other factors: atmosphere, pleasantries, persuasiveness, time pressure and financial circumstances: post-purchase behaviour:
