BU352 Study Guide - Final Guide: Reverse Engineering, Reference Group, Observability
Document Summary
Consumer decision process: functional (performance) / psychological (personal gratification, internal (own memory) / external (outside personal knowledge) Convenience?: decision criteria (compensatory/tradeoff, heuristics/shortcuts like price, brand, product presentation, ritual consumption: tied to life events, reduce post-purchase dissonance, raise satisfaction & loyalty. Factors affecting buying behavior: psychological: motives (physiological, safety, love/social, esteem, self- actualization), attitudes, perceptions, learning, lifestyle of consumer. Factors affecting buying process: internet is also important. Buying center: initiator, influencer, decider, buyer, user, gatekeeper. Innovators: 1st to buy the new product, risky (2. 5%) Early adopters: 2nd, not as risky as innovators (13. 5%), opinion leaders. Early majority*: don"t like risk, wait until bugs are worked out (34%) Late majority: last to enter market; full market potential reached(34%) Laggards: avoid change, use traditional products until obsolete (16%) Compatibility: how it fits with culture / preference of target market. Observability: ease of observing (depends on product) Complexity/trialability: learning curve, less complex are easier to try.
