UCF MAR 3023 Exam 2 Review Questions with 100% Correct Answers | Verified

Consumer Decision Process - Answer-Need Recognition, Information Search, Alternative Search, Alternative Evaluation, Purchase, Post-Purchase Need Recognition - Answer-The beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different, desired state. Functional Needs - Answer-Pertain to the performance of a product or service. Psychological Needs - Answer-Pertain to the personal gratification consumers associate with a product or service. Search for Information - Answer-The second step, after a consumer recognizes a need, is to search for information about the various options that exist to satisfy that need. Internal Search for Information - Answer-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 - Answer-Occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision. Evaluation of Alternatives - Answer-Once a consumer has recognized a problem and explored the possible options, he or she must sift through the choices available and evaluate the alternatives. Alternative evaluation often occurs while the consumer is engaged in the process of information search. Purchase and Consumption - Answer-After evaluating the alternatives, customers are ready to buy. However, they don't always patronize the store or purchase the brand or item on which they had originally decided. It may not be available at the retail store, for example. Retailers therefore turn to the conversion rate to measure how well they have converted purchase intentions into purchases. Conversion Rates - Answer-Percentage of consumers who buy a product after viewing it.