MKTG 2030 Chapter Notes - Chapter 5: Brand Loyalty, Operant Conditioning, Rating Site
6 Nov 2014
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Document Summary
The focus of marketing is to satisfy customer wants/needs so the first step in building long term relationships is understanding your customer. Consumer behaviour: the process individuals/groups go through to select, purchase and use goods/services/ideas or experiences to satisfy their needs/desires. Consumer decision making process: problem recognition information search evaluation of alternatives product choice post-purchase evaluation. Not all purchases involve these steps however. Researchers have developed an effort continuum" anchored by habitual decision making (easy, fast buying a can of pop) on one end and extended problem solving (slow, calculated buying a computer) on the other. Involvement: the importance of the perceived consequences of the purchase to a consumer; determines the extent of effort a person puts into deciding what to buy. Perceived risk: belief a product has ve consequences (financial, physical, social) When the perceived risk is low (ex. buying gum) the consumer feels low involvement in the decision being made.
