BU352 Chapter Notes - Chapter 4: Personal Knowledge Base, Relate, Determinant
Document Summary
Internal search for information: occurs when the buyer examines his/her own memory and knowledge about the product or service, gathered through past experiences. External search for information: occurs when the buyer seeks information outside his/her personal knowledge base to help make the buying decision. Factors affecting consumers" search processes: perceived benefits vs perceived costs of search, locus of control. Internal locus of control: refers to when consumers believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities. External locus of control: refers to when consumers believe that fate or other external factors control all outcomes: actual or perceived risk. Performance risk: involves the perceived danger inherent in a poorly performing product or service. Financial risk: risk associated with a monetary outlay; includes the initial cost of the purchase, as well as the costs of using the item or service.
