ACC 406 Lecture Notes - Lecture 2: Reference Group, Personal Knowledge Base

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Process begins when consumers recognize they have an unsatisfied need or want. Pertain to the performance of a product of service. Pertain to the personal gratification consumers associate with a product or service. A key to successful marketing is determining the correct balance of functional and psychological needs. Marketers use numerous tactics to either remind customers of a need or create new needs. Search for information about the various options that exist to satisfy that need. Occurs when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences. Occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision. The perceived benefits versus perceived costs of search. Internal believe they have some control over the outcomes of their actions. External believe that fate and other external forces control all outcomes.

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