Management and Organizational Studies 2320A/B Lecture Notes - Lecture 4: Consumer Behaviour, Determinant, Impulse Purchase

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Sean Kingston

Document Summary

Consumer behaviour- chapter 4: consumer should drive marketing strategies, consumer behaviour must change in order for product concepts to be successful, founding principle: listen & learn from your customers, feedback = improve. Information you already have: scan your memory and knowledge about the product/service, from past experiences, external search for information, eeks i(cid:374)for(cid:373)atio(cid:374) outside o(cid:374)e"s personal sources, public sources- friends, family, salesperson, marketer dominated sources. Magazines: fa(cid:272)tors affe(cid:272)ti(cid:374)g (cid:272)o(cid:374)su(cid:373)ers" sear(cid:272)h pro(cid:272)ess, perceived benefit vs perceived cost. Some control over outcomes = engage in more search activities. Belie(cid:448)e it does(cid:374)"t (cid:373)atter ho(cid:449) (cid:373)u(cid:272)h i(cid:374)for(cid:373)atio(cid:374) the(cid:455) gather: actual or perceived risk. Performance risk- perceived danger inherent in a poorly performing product/service. Financial risk- associated with a monetary outlay and includes the initial cost of the purchase, as well as the costs of using the item or service. Social risk- involves the fears that consumers suffer when they worry that others might not regard their purchases positively.