Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/9

Click to flip

9 Cards in this Set

  • Front
  • Back
Stages of the Buying Decision Process
1. Problem Recognition
2. Information Search
3. Evaluate information
4. Decision (purchase)
5. Post Purchase Behavior
Problem Recognition (Stage of Buying Decision Process) Consumer Behavior
become aware of unsatisfied need or unfulfilled want
- wants are where marketers have the most influence
Information Search (Stage of Buying Decision Process) Consumer Behavior
a. how routine is the production decision?
b. how risky will the decision be?
-ex. pop takes only secs to decide vs house- long process (marketing approach differs)
Evaluate information (Stage of Buying Decision Process) Consumer Behavior
a.Products are a need satisfying bundle of attributes
b.Different attributes have different levels of importance
c.Ways of making evaluations:
-conjunctive, disjunctive, and expectancy value model
d.marketers must be aware of there consumers
-know what attributes are important
-know the relative importance
-know how consumers rate the products
Post Purchase behavior (Stage of Buying Decision Process) Consumer Behavior
Impacts Problem recognition:
-satisfaction
-dissatisfaction
-cognitive dissonance (buyer remorse)
How long consumers stay in a stage, depends on: how routine the decision is
a. routine problem solving- make this kind of decision frequently
b. limited problem solving- make this kind of decision frequently, but is faced with new brand choice
c. extensive problem solving- rarely make this kind of decision
How long consumers stay in a stage, depends on: the involvement (risk) level of the product category
a. low involvement products/ product categories
-less risk, self-service, POP
b. High involvement
-more risk, personal selling, more documented information necessary
Characteristics of business market: compared to consumer market
1.smaller number of buyers
2. geographic market concentrations
3. purchase decision may involve more individuals
4. buyer-seller relationships are more intense (more consistent communication)
Business Market Demand
1. derived from consumer demand, both capital purchases and expense purchases
2. demand is inelastic in the short run (changes in price doesn't effect demand in short run)
3. changes in consumer demand cause greater changes in overall business demand
4. market is well informed- business buying behavior is assumed to be rational