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MKT 111 (1)
Chapter 5

chapter five

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Department
Marketing (MKT)
Course
MKT 111
Professor
David Griffith
Semester
Spring

Description
CHAPTER FIVE • What are the five stages of the purchase decision process? o problem recognition: perceiving a difference between a person's ideal and actual situations big enough to trigger a decision • ads or salespeople can activate this by showing the shortcomings of competing (or currently owned) products o information search • internal search: scan memory for previous experiences with products or brands • external search  needed when past experience or knowledge is insufficient, the risk of making a wrong purchase is high, and the cost of gathering information is low  primary sources of external info are: • personal sources • public sources (various product-rating organizations) • marketer-dominated sources (ads, company websites, salespeople, etc.) o alternative evaluation: assessing value • evaluative criteria: represent both the objective attributes of a brand and the subjective ones you use to compare different products and brands • consideration set: the group of brands that you would consider from all the brands of which you are aware in the product class o purchase decision: buying value • from whom to buy?  purchase decision can involve simultaneous evaluation of both product attributes and seller characteristics (choose second best product because it's from best retailer)  terms of sale  past experience w/ seller  return policy • when to buy?  sale, rebate  store atmosphere, pleasantness or ease of shopping experience, salesperson assistance  time pressure, financial circumstances • situational influences  purchase task: reason for engaging in the decision  social surroundings: other people present when decision is made  physical surroundings: décor, music, crowds  temporal effects: time of day, amount of time available  antecedent states: customer's mood, amount of cash on hand o postpurchase behavior: value in consumption or use • compares product with expectations  satisfied  dissatisfied • product deficient? • design change • expectations too high? • ads or salespeople oversold product's features and benefits  important to customer value perception • satisfied customers: tell 3 other people, buy from same seller • dissatisfied customers: complain to 9 other people • cognitive dissonance: feeling of postpurchase psychological tension or anxiety  attempt to applaud themselves for making the right choice  firms use ads or follow up calls from salespeople to comfort buyers that they made the right decision o purchasers may skip or minimize parts of five-stage purchase decision depending on their level of involvement • involvement: personal, social, and economic significance of the purchase to the consumer • high involvement purchases:  expensive  serious personal consequences  could reflect on one's social image • extended problem solving: high involvement situations, considerable time and effort devoted to external info search and evaluation of alternatives • limited problem solving: little time or effort to spend, several brands evaluated using moderate number of attributes • routine problem solving: purchase process is a habit, low involvement situations, low-priced frequently purchased products • marketing low involvement products  market leaders • maintain product quality • avoid stock outs so buyers don't go elsewhere • repetitive ad messages that reinforce buyers' decision  market challengers • break buying habits w/ free samples, coupons, and rebates • ads to get product into consumers' consideration set • link brand attributes w/ high involvement issues • How does the “hierarchy of needs” relate to consumer behavior? o motivation: energizing force that stimulates behavior to satisfy a need o physiological needs: basic to survival, must be satisfied first o safety needs: self preservation, physical and financial well-being o social needs: love and friendship o personal needs: achievement, status, prestige, self-respect o self-actualization needs: personal fulfillment • What challenges and opportunities exist for marketers related to issues of perception and perceived risk? o perception: process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world • selective perception: filtering of exposure, comprehension, and retention  attempt to organize and interpret info from complex environment  selective exposure: people pay attention to message
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