BU352 Chapter Notes - Chapter 4: Personal Knowledge Base, Consumer Reports, Financial Risk
Document Summary
Internal search for information occurs when buyer examines own memory about g/s, gathered through past experience: external search for information occurs when buyer seeks information outside of personal knowledge base to help make buying decision, ex. Consumer reports, sponsored media, social media: factors affecting consumers" search processes, the perceived benefits versus perceived costs of search (is it worth time and effort to search for info about product and service?, the locus of control. Better mileage on car compensates for higher price: non-compensatory, non-compensatory decision rule when consumers choose a g/s on basis of a subset of its characteristics, regardless of values of other attributes, ex. Reject simply on basis of price: decision heuristics, decision heuristics mental shortcuts that help consumers narrow down choices, ex. Real or virtual abandoned carts on store site: various tactics to increase chances of convert positive evaluations to purchases (ex.
