COMMERCE 2MA3 Lecture Notes - Lecture 4: Personal Knowledge Base, Data Mining, Step One
23 Nov 2018
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Step 5: present action plan: prepare the results: give executive summary with supplemental appendices if needed, present the results: short yet interesting to audience with no technical jargon, includes recommendations on how to move forward. Step one: need recognition: functional needs: pertain to the performance of a product or service, psychological needs: personal grati cation consumers associate with a product or service. Step two: information search: internal search: buyer examines their own knowledge gathered through past experiences, external search: buyer seeks information outside personal knowledge base, factors effecting consumer search process. Locus of control: internal locus of control: believe they have control over the outcomes of their actions, external locus of control: believe fate controls outcomes, no matter the info gathered. Step three: alternative evaluation: occurs when sifting through the choices available and evaluate the alternatives, attribute sets. Universal sets: includes all possible choices for a product category, marketers tend to focus on only a subset of choices.
