Study Guides (380,000)
CA (150,000)
McMaster (9,000)
COMMERCE (900)
Midterm

COMMERCE 2MA3 Study Guide - Midterm Guide: Offshoring, Baby Boomers, Exponential Smoothing


Department
Commerce
Course Code
COMMERCE 2MA3
Professor
Ambika Badh
Study Guide
Midterm

This preview shows pages 1-3. to view the full 18 pages of the document.
oChanging Consumer Attitudes
1. Attempting to produce consumer attitudes that will lead to a purchase of an existing
product
2. Evaluating existing consumer attitudes and creating or modifying products to appeal to
these attitudes
oModifying The Components of Attitude
Attitudes frequently change in response to inconsistencies among the three
components
Modify behavior by providing evidence of product benefits or engaging buyers in
new behavior
For example: change attitudes by getting consumers to try a product (FREE
SAMPLES)
Learning (4 step processes), shaping
Learning
oKnowledge or skill that is acquired as a result of experience, which changes consumer
behaviour
oRefers to immediate or expected changes in consumer behavior as a result of
experience
oLearning process:
Drive à which is any strong stimulus that implies action
Any external or internal stimuli which implies action
For example à fear, pride, greed, thirst, pain, avoidance and rivalry
Cues à any external object or signal in the environment that determines the
nature of consumer’s action to a drive
For example à newspaper advertisement for a new Thai Restaurant –
cue for a hungry person
A response is an individual’s reaction to a set of cues and drives
Response à reaction to the set of drive and cue
Reinforcement à reduction in drive that results from a proper response
Response becomes more rewarding, it creates a stronger bond between
the drive and the purchase of the product à increasing future purchases
Can be positive or negative
Self concept theory (4 faces of self)
Self-Concept Theory
oThe individual’s needs, motives, perceptions, attitudes, and learning lie at the core of his
or her conception of self
oWe all have different perceptions of our self

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

oFour main components: Real self, self-image, looking-glass self and ideal self
oPerson’s multifaceted picture of himself or herself.
oFour components that influence purchasing decisions:
Real self
Is an objective view of the total person
Truth of your weight, hair color, etc.
Self-image
The way an individual views himself or herself – may distort the objective
view
What you believe what you look like
Most of the times that our self image is not equal to your real image
Looking-glass self
The way an individual thins others see him or her – may also differ
substantially from self-image because people often choose to project
different images to others than their perceptions of their real selves
Looking at yourself through how other people perceive you
Depends on whom you are talking about à your parents, friends, teachers
etc, view yourself differently
Ideal Self
Serves as a personal set of objectives, since it is the image to which the
individual aspires
Ideal image you want to imitate
Marketers should know what type of ideal self image are there à
determines shopping decisions
Understand a culture and ideal image of a society à look at the toys the
kids in that society plays with
Consumer decision process – evoked set, evaluation criteria, cognitive
dissonance
Consumer Decisions
High Involvement Purchase Decision
-Buying decisions that evokes high levels of potential social or economic consequences
-For example: buying a car or deciding which university to go to
Low Involvement Purchase Decision
-Routine purchase that poses little risk to the consumer, either socially or economically
-For example: buying a candy bar from the vending machine

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

-Consumers invest more time on buying decisions for high-involvement products than low
involvement products
Consumer Decision Making Process
1. Consumer recognizes a problem or unmet need
2. Search
3. Evaluation of Alternative
4. Purchase Decision
5. Purchase Act
6. Post-purchase evaluation
Problem or Opportunity Recognition
oConsumer becomes aware of a significant discrepancy between the existing situation
and a desired situation
oDuring the first stage in the decision process, consumer becomes aware of a gap
between the existing situation and a desired situation
oFor example: You are hungry. There is no food in the fridge. Therefore you resolve your
problem by going to the grocery store
Search
-The consumer gathers information about the attainment of a desired state
-Different ways to solve your problems à high involvement purchase might mean
conducting an extensive search, whereas low involvement purchases require much less
research
Internal Search
-Mental review: is there past experience with the product
External Search
-Involves gathering information from all kinds of outside sources
-Since it takes time and effort à this is usually done for high-involvement products
Evoked Set
-Number of alternatives that a consumer actually considers in making a purchase
decision
-For example: buying a house in Hamilton, doing research and having various number of
alternatives
Evaluation of Alternatives
You're Reading a Preview

Unlock to view full version