Lecture 6

Question 1

Understanding consumer behavior

Answer 1

Finding out how consumers choose whether or whether or not they want to purchase a particular product and what they do with the product once they purchase it.

Question 2

Values

Answer 2

this is a personal assesment of how a product is once they purchase it. This could be based of utilitarian values (how well it performs a job) and hedonistic values (how well the product provides instant pleasure). Dependent on extent of price and quality.

Question 3

Need recognition

Answer 3

Consumers: Once consumers realize that they want something more than they actually have, they gain an incentive to purchase a product.

Marketers: Need to identify a want gap and convince consumers they have that gap and it can be satisified with their product/service

Question 4

Information searches

Answer 4

This is how consumers can find out more about the product they want to buy.
Internal Information searches are based off knowledge a consumer already knows based on their experiences with a product and external information searches are based off of what market research a consumer does to find a different product. This can come from a referral or from marketing ads.

Question 5

Evoked set and consumers decision.

Answer 5

These are the set of potential alternative product service choices to choose from coming from an external info search. A marketers job is to make sure their option falls in this group. Consumer makes a decision based on the environment, internal or external info (friends, family or marketers)

Question 6

Cognitive dissonance

Answer 6

The feeling of dissatisfaction of a product/service you just bought. This can be avoided by avoiding negative customer reviews, listening only to positive feedback or returning product if not satisfied.

Question 7

Marketing implications of involvement

Answer 7

High involvement purchases: These are done based on products that are very important, and costly like smartphones, kindles, or video games. These require a lot of info. search

Low involvement purchases: These are done based on products that are not as important like items placed decorativly on display. These don’t require a lot info. search

Question 8

Social influences on consumer decision groups. Groups that consumers socially interact with

Answer 8

1. Family-
   - initiaters-give you the idea
   - decision makers
   - purchasing agents
2. Opinion leaders-trusted reviewers on social media
3. Individual
   - gender
   - personality
   - self concept
   - lifestyle
   - age

Question 9

Psychological factors that influence a consumers decision

Answer 9

make consumers want things, research products and make decisions

1. perception: stimuli that attract consumers
2. Motivation: maslow’s hierarchy, driving force behind urge to buy product
3. learning: decisions to choose one brand over another based on prior experience
4. Types:
5. Experiential
6. Reasoning-own thinking based on suggestions made from other people or from your own knowledge.