Podcast
Questions and Answers
What are the primary influences on consumer behavior mentioned in the content?
What are the primary influences on consumer behavior mentioned in the content?
- Social factors and personal preferences
- Psychological factors and cultural influences
- Cultural influences and situational factors (correct)
- Economic factors and advertising
Which type of buying decision typically involves extended problem solving?
Which type of buying decision typically involves extended problem solving?
- Gift buying for friends
- Grocery shopping
- Impulse buying
- Fashion apparel purchases (correct)
What situational factor might affect where a consumer shops for jewelry?
What situational factor might affect where a consumer shops for jewelry?
- The time of day the purchase is made
- Whether the purchase is a gift or for oneself (correct)
- The availability of discounts
- The brand prestige of the jewelry store
How do marketers respond to cultural differences when addressing consumer needs?
How do marketers respond to cultural differences when addressing consumer needs?
Which of the following best defines habitual decision-making in consumer purchases?
Which of the following best defines habitual decision-making in consumer purchases?
What is the first step in the consumer buying decision process?
What is the first step in the consumer buying decision process?
What encompasses both functional needs and psychological needs in consumer behavior?
What encompasses both functional needs and psychological needs in consumer behavior?
Which factor is NOT affecting the information search process of consumers?
Which factor is NOT affecting the information search process of consumers?
How do psychological factors affect consumers' buying behaviour?
How do psychological factors affect consumers' buying behaviour?
What does perceived benefit versus perceived cost relate to in consumer search processes?
What does perceived benefit versus perceived cost relate to in consumer search processes?
Which aspect does NOT play a role in influencing consumer buying behaviour?
Which aspect does NOT play a role in influencing consumer buying behaviour?
What is true about the importance of listening to customers in marketing strategies?
What is true about the importance of listening to customers in marketing strategies?
Which of the following best describes 'involvement' in the consumer buying decision process?
Which of the following best describes 'involvement' in the consumer buying decision process?
What is a key characteristic of noncompensatory decision rules?
What is a key characteristic of noncompensatory decision rules?
Which heuristic might a consumer use when selecting a product primarily based on its appearance?
Which heuristic might a consumer use when selecting a product primarily based on its appearance?
What can increase the conversion rate at the point of purchase?
What can increase the conversion rate at the point of purchase?
Which outcome is least likely to be experienced postpurchase?
Which outcome is least likely to be experienced postpurchase?
How does customer loyalty typically develop?
How does customer loyalty typically develop?
What is one potential negative impact of undesirable consumer behavior?
What is one potential negative impact of undesirable consumer behavior?
Which of the following strategies is NOT suggested for reducing abandoned carts?
Which of the following strategies is NOT suggested for reducing abandoned carts?
Which attribute is likely a determinant for a product's selection among consumers?
Which attribute is likely a determinant for a product's selection among consumers?
What type of need is satisfied by Subway when marketing healthy food options?
What type of need is satisfied by Subway when marketing healthy food options?
Which psychological factor affects both attitudes and perceptions?
Which psychological factor affects both attitudes and perceptions?
How do family members influence consumer buying decisions?
How do family members influence consumer buying decisions?
What is the role of reference groups in consumer behavior?
What is the role of reference groups in consumer behavior?
Which component is associated with a long-lasting evaluation towards a product or idea?
Which component is associated with a long-lasting evaluation towards a product or idea?
What influences a person's perceptual view of the world according to the psychological factors?
What influences a person's perceptual view of the world according to the psychological factors?
In the context of consumer behavior, what do social factors include?
In the context of consumer behavior, what do social factors include?
What is a common feature of entrepreneurial marketing exemplified by Greenhouse?
What is a common feature of entrepreneurial marketing exemplified by Greenhouse?
Which locus of control is associated with individuals feeling they have some control over outcomes?
Which locus of control is associated with individuals feeling they have some control over outcomes?
What is a characteristic of individuals with an external locus of control?
What is a characteristic of individuals with an external locus of control?
What type of risk involves the possibility of financial loss?
What type of risk involves the possibility of financial loss?
In the alternative evaluation process, which attribute is not considered a determinant attribute?
In the alternative evaluation process, which attribute is not considered a determinant attribute?
Using the non-compensatory decision rule, which vehicle would likely be the best candidate for purchase based on price?
Using the non-compensatory decision rule, which vehicle would likely be the best candidate for purchase based on price?
What does 'evoked set' refer to in consumer decision making?
What does 'evoked set' refer to in consumer decision making?
Which factor does NOT influence consumers' search processes?
Which factor does NOT influence consumers' search processes?
What is an example of a compensatory decision rule?
What is an example of a compensatory decision rule?
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Study Notes
Consumer Behavior
- Consumer behavior drives marketing strategies and firms must understand consumer needs.
- Feedback from customers is crucial for business improvement.
The Consumer Buying Decision Process
- The Consumer Decision Process is the steps consumers take when making a purchase.
- It involves five steps: Need Recognition, Information Search, Alternative Evaluation, Purchase Decision, and Postpurchase.
- Need Recognition highlights the awareness of a want or requirement.
- Functional needs refer to the practical uses of the product or service.
- Psychological needs pertain to personal satisfaction and emotional fulfillment.
- The Information Search stage involves gathering data to make informed decisions.
- Internal Search relies on existing knowledge and memories.
- External Search involves gathering information from external sources.
- Consumers search for information based on the perceived benefit versus perceived costs.
- Locus of Control refers to the belief in one's ability to impact outcomes; internal locus leads to more searching.
- Actual or perceived risk influences search efforts, such as performance risk, financial risk, social risk, physiological risk, and psychological risk.
- Alternative Evaluation involves comparing options based on evaluative criteria and determinant attributes.
- Compensatory Decision Rules weigh and combine attributes to arrive at the most appealing option.
- Non-compensatory Decision Rules eliminate products that don't meet minimum criteria.
- Decision Heuristics are mental shortcuts that simplify decision-making (e.g., price, brand, product presentation).
- Purchase decision marks the moment of commitment to buy.
- Conversion rate is the percentage of consumers who complete a purchase.
- Postpurchase involves three potential outcomes: Customer Satisfaction, Postpurchase Dissonance, or Customer Loyalty.
- Customer Loyalty develops from multiple repeat purchases, resulting in brand or store preference.
- Undesirable Consumer Behavior includes negative word-of-mouth, which can be very damaging.
Factors Influencing Consumer Buying Decisions
- Psychological Factors influence buying decisions and include Motives, Attitudes, Perception, and Learning.
- Motives are the driving forces behind consumer behavior.
- Attitudes are evaluations and feelings towards objects or ideas, they are learned and enduring but can change.
- Perception involves how consumers gather, process, and interpret information.
- Learning influences both attitudes and perceptions and is shaped by social experiences.
- Social Factors include Family and Reference Groups, which influence buying decisions.
- Reference Groups are groups that consumers use for comparison and influence.
- Culture encompasses shared meanings, beliefs, morals, and customs.
- Situational Factors include Purchase Situation, Shopping Situation, and Temporal state, which can influence purchase decisions.
- Involvement is the level of importance or interest consumers attach to a purchase decision.
Types of Buying Decisions
- Extended Problem Solving involves extensive effort and comparison.
- Limited Problem Solving involves moderate research and comparison.
- Impulse Buying is an unplanned purchase triggered by immediate desire or need.
- Habitual Decision Making involves minimal effort and is based on routine or previous experience.
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