MKT 100 Lecture Notes - Lecture 5: Business Marketing, E-Procurement, Commercial Bank

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Paul Gillespie

Document Summary

Week 5 mkt 100 chp 4. External search (looking at the market/outside sources) Internal locus of control: some control over outcomes = engage in more search activities. You"ll have different loci of control at different times. Need recognitioninformation searchalternative evaluation purchsae decisionpost purchase the stage where you weigh the benefits and the importance of those. Compensatory + non compensatory: giving different attributes a benefits friend"s opinion maybe a criteria and/or a way of determining level of importance then ranking the performance of different products to determine choice done mentally without thinking. Mental shortcuts product presentation price brand. Brand as a short cut to quality: need a phone likes apple so gets. Price as a short cut to quality: more 8573 = quality give me the most. Product presentation = best packaging/look, make up cars. Tyk: decision heuristics are mental shortcuts that help a consumer narrow down his or her choices. Make customers confident in their purchase decisions in the moment.