BUS 343 Chapter Notes -Subculture, Psychographic, Customer Retention

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Consumer behaviour: the process individuals or groups go through to select, purchase and use goods and services. We make choices by these steps: (168, 170) Problem recognition: consumer sees a difference in current and ideal state. Information search: consumer searches for appropriate information needed for purchasing decision. Consideration set: set of alternative brands for the consumer. Evaluation criteria: factors consumers use to compare competing product alternatives. Heuristics: mental rule of thumb which leads to a speedy decision by simplifying process. Brand loyalty: pattern of repeat product purchases and positive attitudes towards it. Involvement: the relative importance of perceived consequences of the purchase to a consumer. Perceived risk: belief that there may be risks involved with the product. How much effort one puts into the purchasing decision: (least) habitual problem solving (medium) limited problem solving (high) extended problem solving. Maslow"s hierarchy of needs (178): physiological safety belongingness ego needs.

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