COMM 296 Lecture Notes - Lecture 6: Sales Promotion, Reference Group, Impulse Purchase
Document Summary
In making purchase decisions, we consider: which alternatives that give the best overall value and the best investment. Important to ask why people buy goods/services understand consumer choices. Lo 6-1 articulate the steps in the consumer buying process. Lo 6-2 describe the diference between functional and psychological needs. Functional needs = pertains to the performance of a product/service: ex: bmw k1600 model w/ 6 cylinder lightweight, comfortable and sporty. Psychological needs = pertains to personal gratiication consumers associate with the good/service: ex: pay for a christian louboutin shoe used by celebrities overshadow functional needs even though they serve the function of a shoe. Bottom line: determine the correct balance of functional and psychological needs for the target market: ex: marriott stopped delivering newspaper to their doors = cost savings; but still need to give discounted rates. Talking w/ friends, new media like blogs, unbiased information in consumer reports. External searches for information, refer to magazines.
