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Simon Fraser University
Business Administration
BUS 343
Todd Green

BUS 343 October 18, 2010 Lecture 5 Chapter 5, 14 Todd Green Understanding  Consumer Behaviour: The process individuals or groups go through to select, purchase and use Customers 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  Evaluation of Alternatives  Consideration Set: Set of alternative brands for the consumer  Evaluation Criteria: Factors consumers use to compare competing product alternatives  Product Choice (174)  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  Post-Purchase Evaluation  Cognitive Dissonance: Buyer’s regret  Consumer Dis/Satisfaction  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 Purchasing choices based on FCB Grid (175): What Influences Consumer  Internal Influences Decisions  Perception  Exposure  Perceptual Selection  Interpretation  Motivation  Maslow’s Hierarchy of Needs (178): Physiological  Safety  Belongingness  Ego Needs  Self-Actualization  Learning  Classical Conditioning: Pairing up an unrelated stimulus with a stimulus with a response  Operant Conditioning: Learning where our actions are followed by rewards or punishments  Stimulus Generalization: When associations learned transfer to other similar stimuli; New products with the same name of an established line will receive good reputation from scratch  Cognitive Learning Theory: People actively take in surrounding information to learn  Observational Learning  Attitudes: How somebody acts towards something  Self-Concept: A person’s attitude towards themselves  Affect: Overall feeling a person has about a product (Feeling)  Cognition: Beliefs and knowledge’s of the product (Knowing)  Behaviour: What happens when the person takes action towards the product (Doing)  Personality: Psychological characteristics that influence the way a person responds to situations in the environment  Inovativeness  Self-Confidence
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