Chapter 6 Flashcards
Consumer decision-making process
need recognition, information search, alternative evaluation, purchase, evaluate
Identify Needs
consumers recognize they have an unsatisfied
Search for information
searching for options to satisfy the need
Evaluating alternatives
sifting through choices available/evaluating alternatives
Purchase
retailers turn to conversion rates to measure how well they have converted purchase intentions into purchases
Value
monetary worth of something
Maslow’s hierarchy
physiological, safety, love, esteem, and self-actualization
Universal brand set
all possible product choices for product category
Retrieval brand set
brands or stores that customers can readily bring forth from memory
Evoked brand set
alternative brands that consumers will consider
Perceived risk
performance, financial, social, physiological
Determinant attributes
product or service features that are important to the buyer and/or which competiting brands or stores are perceived to differ
Compensatory decision rule
evaluting alternatives and trades of of one characteristic against another
Postpurchase dissonance
psychologically uncomfortable stare produced by an inconsistency between beliefs/behaviors that in turn evokes a motivation to reduce the dissonance (buyers remorse)
Word of mouth
when customers spread info about a product
