Ch. 4 Consumer Behavior

Question 1

How to understand the customer

Answer 1

watch them, talk to them, model(economic and psychology) them.

Question 2

Explain Economic model

Answer 2

Deals with rational indiv. they are logical and prudent decisions based on choices that result the most benefit

Question 3

Psychology Model

Answer 3

External stimuli- indiv. characteristics-behavioural response

Question 4

Stages of Decision process(indiv. characteristics)

Answer 4

Problem Recognition; diff. bet actual and desired state.
Info. search
Alternative evaluation; attribute & benefit
Purchase decision
Post-purchase behavior; satisfaction &loyalty

Question 5

The Evoked set

Answer 5

Total set
◦ All brands in the product category
Awareness set
◦ Awareness of potential sufficing products/ brands
Consideration set
◦ Set of brands considered as possible solutions to existing problem
Choice set
◦ Set of competing brands with significant overlap in salient attributes
Decision
◦ Brand selected to address the problem