Chapter 6: Consumer behavior Flashcards
need recognition
from needy state to desired state, the greater the gap is, the greater the need recognition will be
functional needs
the performance of a product or service
psychological needs
personal gratification consumers associate with a product/service
ie, supercuts vs upscale hair salon
involvement and consumer buying process
we will take more time processing info in high involvement situations
-low involvement- what matters is the periphery (music in background of commercial)
low involvement purchases
low cost, standardized, not important, low risk
type of buying process used: routine response behavior/habitual
use in-store promotion, link to high involvement issue
high involvement purchases
important to consumer, risk is present, consumer spends effort and time purchasing
internal locus of control
believe they have some control over the outcomes of their actions- more search actions
external locus of control
fate/other external factors control all outcomes
mutual funds- feel like they can’t predict the market
actual perceived risk
performance, financial, social, physiological, psychological
performance risk
perceived danger inherent in a poorly performing product/ service
ie, is this dress going to shrink
financial risk
risk associated with monetary outlay and includes the initial cost of the purchases as well as the costs of the items/service (cost of dry cleaning dress)
social risk
fears of consumers when they worry others might not regard their purchases positively (ie, buy a statement dress)
physiological risk (safety risk)
perfect risk- what might happen if a product doesn’t perform as expected, fear of an actual harm (ie, a car)
psychological risk
risks associated with the way people will feel if the product or service doesn’t convey the right image (ie, sought opinions on dress because she wants to look good)
attribute sets
organizing, categorizing, alternatives to aid decision making process
universal sets
all possible choices for a product category, marketers focus on subsets
retrieval sets
subset of those brands/stores that can be readily bought forth from memory
evoked set
subset of alternative brands/stores that the consumer states he/she would consider when making a purchase decision (ie, firm can get its brand into a store of a consumer’s evoked set, reduced search time)
evaluation criteria
salient, important attributes about a certain product (ie, a dress- selling price, fit, materials, and construction quality)- can be complicated–> so they use shortcuts)
determinant attributes
product/service features that are important to the buyer and on which competing brands or stores are perceived to differ- consumers tend to look for something special
consumer decision rules
set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from alternatives
compensatory
assume that consumers, when evaluating alternatives, trades off the characteristics against another, good characteristic compensate for bad characteristic
noncompensatory
choose product or service on the basis of 1 characteristic or 1 subset of a characteristic, regardless of the values of its other attributes
conversion rate
measure how well they have converted purchase intentions into purchases
