Lecture 3 (Buying behaviour)

Question 1

What is the difference between consumer markets and business markets ?

Answer 1

Consumer market: made up of all the individuals and households that buy or acquire goods and services for personal consumption
Business market: organisations buying goods and services to be used in the production of other goods and services that they make available on the market.

Question 2

What are the 5 stages in a buyers decision process ?

Answer 2

Need recognition 
Information search 
Evaluation of alternatives 
Purchase decision 
Postpurchase behaviour

Question 3

What is the linear compensation rule ?

Answer 3

consumer mentally computes a global score for each product/service

Question 4

What is the conjunctive rule ?

Answer 4

consumer makes decision based on total score in conjunction with minimum performance levels on one or more attribute ?

Question 5

What is heuristics mental shortcuts ?

Answer 5

rules-of- thumb” to make quick and efficient decisions.

Question 6

Name 2 divestment rituals.

Answer 6

o Iconic transfer ritual — Taking pictures and videos of objects before we sell them.
o Transition-place ritual — Putting items in an out-of- the way location such as a garage or attic before we dispose of them.

Question 7

What model allows us to work out satisfaction ratings ?

Answer 7

Expectancy-Disconfirmation Model of Satisfaction

Question 8

What does complex buying behaviour suggest ?

Answer 8

suggests you undertake all 5 stages in the decision-making process

Question 9

What type of behaviour has low involvement with the purchase decision and few differences between brands ?

Answer 9

Habitual buying

Question 10

What type of behaviour is generally associated with low involvement and significant differences between brands ?

Answer 10

Variety-seeking buying

Question 11

What type of behaviour is generally associated with high involvement and few differences between brands ?

Answer 11

Dissonance-reducing buying behaviour

Question 12

What 4 factors influence buying behaviour ?

Answer 12

Cultural
social
personal
psychological

Question 13

What 5 brand personalities are they ?

Answer 13

Sincerity 
Excitement 
Competence 
Sophistication
Ruggedness

Question 14

What is the difference between actual self congruence and ideal self congeurence ?

Answer 14

Actual = Product reflects who the consumer actually is (“this product is like who I really am”
Ideal=Product reflects who the consumer would like to be (“this product is like who I would like to be”

Question 15

What sources of information may a customer use during the information search part of the buying process ?

Answer 15

Personal sources (family)
Commercial sources (advertising and sales people )
Public sources (online reviews)
Experimental sources (trial period)