CH11-15 chapter notes for final

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Management (MGM)
Kyeongheui Kim

CHAPTER 11 Post decision processPost decision dissonance and regretPostdecision dissonance Feeling of anxiety over whether the correct decision was made ie Whether you should have bought a shirt or a skirt Most likely to occur when more than one alternative is attractive and decision is important Postdecision regret A feeling that you should have purchased another option May feel regret even if you have no info about the unchosen alterative especially if cant reverse decision have negative outcome from chosen alternative or made a change from status quoAfter consumers decide to switch to diff alternative even if outcome is negative they will feel less regret because they justify their own decisionsConsumers regulate post purchase regret by focusing on what they can learn from the decision to improve future decisions Breaking major decision into series of smaller decisions can reduce the difficulty of making those choices and reduce tendency to feel regretMarketing ImplicationsHelp consumers reduce post decision dissonance and regret to diminish negative feelings related to the offering Ie Providing supporting and feel good info about product before and after purchaseLearning from Consumer ExperienceConsumers acquire knowledge through processes such as info search exposure to marketing communications and observation of othersconsumer learningExperiences that occur during acquisition consumption or disposition can be equally important sources of consumer knowledgeSo companies should create experiences for consumers as a way of providing them info about the product ie product trial has more influence on consumer behavior than word of mouthThis is bc consumers tend to be more motivated to learn under these circumstances and info acquired from experience is more vivid and easy to rememberBut the info gained from experiential learning is not always accurateConsumers can learn from experience by engaging in Hypothesis testingtesting out expectations through experience consumers form hypothesis or expectation about productservice from past experience or word of mouth4 stages of hypothesis testing1Hypothesis generation forming expectations about the productservice ie girl sees an ad for a new Brad Pitt movie she remembers his previous movies are good so she generates hypothesis about quality of the new movie it must be good2Exposure to evidence actually experiencing the productservice ie the girl confirm or disprove her hypothesis by going to see the new movie3Encoding of evidence processing the info a person experiences ie she assess whether the movie is good or not4Integration of evidence combining new info with stored knowledge ie if she likes the movie it confirms her hypothesis and she may have further learned that Brad Pitt movies must always be great If not then otherwiseConsumers can form hypotheses fromAcquisition buying this will be funConsumption listening to the concert will be funDisposition getting rid of used textbooks will be easyReacting to recommendationsfeedback Perception of brand personalityConsumeConsumer r What affects learning from experiencefamiliaritmotivati1 Motivationy with on to When motivated to process info consumers will generate the learnnumber of hypotheses and see out info to confirm or disprove them actively engaging in process of learning from experienceAmbiguity of the information environment
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