MKT 100 Chapter Notes - Chapter 4: Personal Knowledge Base, Tim Hortons, Determinant

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

Document Summary

Need recognition occurs when consumers recognize they have an unsatisfied need and want to go from their needy state to a different, desired state. Functional needs relate to the performance of a product or service. Basic or fancy shoes will satisfy different functional needs depending on the consumer. Psychological needs relate to the personal satisfaction consumers associate with a product or service. Motorcycle - satisfy functional or psychological needs depending on the consumer: marketers use numerous tactics to either remind customers of a need or create new needs. Researching & understanding what products & services customers need or want & why are the first steps in developing appropriate tactics. Perceived benefits v. perceived costs: personal preferences often play crucial roles in how much time and effort consumers are. Is it worth the time and effort to search for information about a product or service? willing to research in a product (ex. Risks associated with purchase decisions can delay/discourage a purchase.