MKT 100 Lecture Notes - Lecture 5: Rolex, Bounded Rationality, Elaboration Likelihood Model

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Hamed Mehrabi

Document Summary

Reliability is about getting consistent results over time. You can be ethical and not socially responsibly; never both ethical and socially responsible. Hu(cid:373)a(cid:374)s are (cid:374)ot al(cid:449)a(cid:455)s ratio(cid:374)al de(cid:272)isio(cid:374) (cid:373)akers (cid:894)(cid:449)h(cid:455) (cid:449)h(cid:455) (cid:272)a(cid:374)"t des(cid:272)ri(cid:271)e our (cid:271)eha(cid:448)iours(cid:895) Consumer decision process: consumers may skip some of these phases for some purchase decisions, consumers may change the order of the phases e. g. (cid:862)i(cid:374)for(cid:373)atio(cid:374) sear(cid:272)h(cid:863) follo(cid:449)i(cid:374)g (cid:862)e(cid:448)aluatio(cid:374) of alter(cid:374)ati(cid:448)es(cid:863) Steps: need recognition, information search, evaluation of alternatives, purchase decision, post purchase behavior. Information search: internal (referring to personal memory and knowledge, based on past experience) and external searches (searching for information on information, asking friends/families; searching for information beyond memory) Looking for an expensive looking house because the benefits are high. E(cid:454): pur(cid:272)hase a used (cid:272)ar, (cid:455)ou do(cid:374)"t k(cid:374)o(cid:449) ho(cid:449) the (cid:272)ar has (cid:271)ee(cid:374) used i(cid:374) the past. A(cid:374)al(cid:455)ze (cid:449)hat are the risks with purchasing this car. Ma(cid:455) i(cid:374)(cid:448)ol(cid:448)e so(cid:272)ial risks (cid:271)e(cid:272)ause if (cid:455)ou do(cid:374)"t get a good car, your friends may tease.