CB Topic 6 Flashcards
It refers to the progress under which consumers go through in deciding what to purchase, including problem recognition, information searching, evaluation of alternatives, making the decision, and post-purchase evaluation.
Consumer Decision Making
The five activities included in decision-making processing (Clue: NSECP)
- Need Recognition
- Search for info
- Evaluation of alternatives
- Choice
- Post- choice evaluation
What are the three decision making processes
- Decision Making and Value
- Decision Making and Motivation
- Decision Making and Emotion
What are the three perspectives of consumer decision making process?
- Rational Decision-making perspective
- Experiential Decision-making perspective
- Behavioral influence Decision-making perspective
This refers to the perception of the negative consequences that are likely to result from a course of action.
PERCEIVED RISK
What are the 5 types of Risks
Financial
Social
Performance
Physical
Time
What are the 3 categories of decision making?
- Extended Decision Making
- Limited Decision Making
- Habitual Decision Making (Brand Loyal/Inertia)
The decision-making process begins with the _________
RECOGNITION OF NEED
This is when the consumers actual state doesn’t change, but the desired state changes in some significant way.
OPPORTUNITY RECOGNITION
These are the important source of information for consumers
REFERENCE GROUP
This is when a consumer seeks a new product because of boredom or motivation to try something new
NOVELTY SEEKING
Plays a factor when consumers plan to buy new products on account of anticipating future needs
COGNITIVE THOUGHT PROCESS
Parts of Consumer Search Behavior
- Ongoing Search
- Prepurchase Search
- Information Overload
Recalling information acquired before one’s present situation or consumer has prior involvement
Internal Search
A host of products/brands in particular category
Consideration Set
Total collection of all possible solutions to a consumer problem
Universal Set
Set of alternatives of which a consumer is aware
Awareness Set
Alternatives set deemed to be unacceptable for further consideration
Inept Set
Alternatives set which consumers are indifferent or do not hold strong feelings.
Inert Set
Includes gathering info from external sources like friends, family, etc
EXTERNAL SEARCH
The attributes of a product that consumers consider when reviewing possible solutions to a problem
EVALUATIVE CRITERIA
Two most used Evaluative Criteria
Price and Quality
The Internet improves consumer search in the following way
- lower the cost
- can be enjoyable and hedonic value
- efficient flow of information
Amount of search can be measured in number of ways
- No. of stores visited
- No. of websites visited
- No. of personal sources
- No. of alternatives considered
- No. of advertisements studied
Factors that influence information search
- product experience
- involvement
- perceived risk
- time availability
- value of search effort
- attitude toward shopping
- personal factors
- situational influencers
It refers to the negative emotions that resulted from failed search processes.
SEARCH REGRET