6600:205 Lecture Notes - Lecture 4: Personal Knowledge Base, Scale-Invariant Feature Transform, Marketing Mix
16 Nov 2017
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Document Summary
To understand consumer behavior, we must ask why people buy goods or services. Marketers have been able to decipher many consumer choices and develop basic strategies for dealing with consumers behavior. Represents the steps that consumers go through before, during, and after making purchases: need recognition. Begins when consumers recognize they have an unsatis ed need, and they would like to go from their actual, needy state to a different, desired state. Search for information about the various options that exist to satisfy that need. Once a consumer has recognized a problem and explored the possible options, he or she must sift through the choices available and evaluate the alternatives. After evaluating the alternatives, consumers are ready to buy conversion rate- measures how well retailers have converted purchase intentions into purchases: post purchase. Marketers are particularly interested in post purchase behavior because it entails actual rather than potential customers. Elements of the marketing mix, psychological factors, social factors, situational factors.
