Economics 1022A/B Lecture Notes - Risk-Seeking, Risk Neutral, Swot Analysis

17 views4 pages
24 Apr 2012
Department
MOS Lecture Notes January 25th
Back to last classes risk question ($100 coin flip or $50)
o If you are indifferent to this then you are risk neutral
o If this amount is greater than $50 then you are risk seeking
Socio-Cultural Influences
(51-59)
One way to summarize this material is to think about how our relation to different groups
affects our decision-making as consumers
o Why do consumers read certain blogs for advice?
o Why do people buy expensive sport jerseys?
o Why did Molson launch a strong beer in Quebec?
Takeaways
Think of purchase decisions as the result of a process rather than an act
Customer evaluations are based on attributes; marketers try to know which of these matter to
consumers
Involvement, situational factors affect intensity of the decision-making process
Consider: psychological and social cultural factors as well
5 Stage Model
1. Problem recognition
Level of involvement in purchase decision: personal, social, economic consequences
2. Information search
Situation
Psychological influences
Level of involvement in purchase decision: personal, social, economic consequences
3. Evaluation of alternatives
Situation
Psychological influences
Level of involvement in purchase decision: personal, social, economic consequences
4. Purchase decision
What where and when to buy
Socio-cultural influences
Level of involvement in purchase decision: personal, social, economic consequences
5. Post purchase behaviour
Am I satisfied?
Unlock document

This preview shows page 1 of the document.
Unlock all 4 pages and 3 million more documents.

Already have an account? Log in

Get OneClass Notes+

Unlimited access to class notes and textbook notes.

YearlyBest Value
75% OFF
$8 USD/m
Monthly
$30 USD/m
You will be charged $96 USD upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. For more information, see our Terms and Privacy.
Payments are encrypted using 256-bit SSL. Powered by Stripe.