MKTG 207 Lecture 7: Chapter 6, 4 Reading & Review Questions
Document Summary
A household lifecycle is the basic assumptions underlying the family life cycle approach is that most families pass through an orderly progression of stages, each with its own characteristics, financial situations, and purchasing patterns. Family decision making is the process by which decisions that directly or indirectly involve two or more family members are made. Different members get involved at different stages depending on their degree of involvement, because they focus on different attributes. Family decision making is often compared to organizational buying decision, but they are actually quite different. Organizations generally have an objective criterion to guide purchases, but families lack such explicit, overreaching goals. Organizational purchases also have very little effect on those not involved in the purchase, but family decisions directly affect other members of the family. Lastly, family purchases are inherently emotional and affect the relationships between the family members.
