BU354 Chapter Notes - Chapter 4: Personal Knowledge Base, Decision Rule, Financial Risk
Document Summary
The consumer decision process: represents the steps that consumers go through before, during, and after making purchases, useful to break down the process into a series of steps and to examine each step individually. Step 1: need recognition: need recognition: the beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their needy state to a different desired state. Functional needs: functional needs: pertain to the performance of a product or service. Internal search for information: occurs when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences. External search for information: external search for information: occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision. Factors affecting consumers" search processes: the perceived benefits vs. perceived costs of search.
