MKT 100 Chapter Notes - Chapter 4: Personal Knowledge Base, Decision Rule, Determinant

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

The consumer decision process: need recognition: occurs when consumers recognize they have an unsatisfied need and want to go from their needy state to a different, desired state. Functional needs: the performance of a product/service. Psychological needs: the personal gratification consumers associate with a product/service (ex: louboutin"s) Information search: searching for information about the options to satisfy the need. Length/intensity of the search is based on degree of perceived risk and the importance of the product. Internal search for information: buyer examines his/her memory and knowledge about the product or service, gathered through past experiences. External search for information: buyer seeks information outside his/her personal knowledge base to help make the buying decision. Perceived benefits vs. perceived costs of search. Locus of control internal locus of control: consumers believe they have control over the outcomes of their actions= engages in more search tasks, external locus of control: consumers believe fate control outcomes.