MCS 1000 Study Guide - Final Guide: Costco, Marketing Buzz, Brand Loyalty

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

In order for organizations to succeed in business, it is important to understand the (cid:272)usto(cid:373)ers" (cid:271)uyi(cid:374)g (cid:271)eha(cid:448)iour. Moreo(cid:448)er, part of the task for dis(cid:272)o(cid:448)eri(cid:374)g (cid:272)o(cid:374)su(cid:373)ers" (cid:374)eeds is to understand how consumers behave when buying products and services. Without a good u(cid:374)dersta(cid:374)di(cid:374)g of the (cid:272)usto(cid:373)ers" (cid:271)eha(cid:448)iour, it (cid:373)ight (cid:271)e diffi(cid:272)ult to gai(cid:374) (cid:373)ore customers in a competitive market world. The decision processes and the acts customers engage in while buying and using products is referred to as the buying behaviour. The five stages of buyer buying process include: problem recognition: perceiving a need, information search: seeking value, alternation evaluation: assessing value, purchase decision: buying value, post-purchase behaviour: consuming/using value. Businesses also need to buy products and services for their operations. The three classes of buying that business typically due are: new rebuy, straight rebuy and modified rebuy. The process of business buying is similar to that of individuals.