Mar3023 Exam 2 UCF Study Questions and Answers Graded A

Consumer Decision Process - represents the steps that consumers go through before, during, and after making purchases Need Recognition - The first step in the consumer decision process; can be classified as functional, physiological, or both. Functional - Pertain to the Performance consumers associate with a product/service Psychological needs - pertain to the personal gratification consumers associate with a product or service Information Search - Second step of the buying process, Internal and External searches Length of Search - Degree of Perceived risk associated with the purchasing products/services Internal Search - his/her own memory and knowledge about the product or service External Search - Buyer seeks information outside his/her personal knowledge base to help make the buying decision Factors Affecting Consumers Search - Percieved Benefits vs Cost of Search Internal Locus of Control - some control over the outcomes of their actions External Locus of Control - Fate or other external factors control all outcomes Risk associated with the purchase decisions - Performance, financial, social, physiological, psychological Performance risk - perceived danger in a poorly performing product or service Financial Risk - Includes the initial coast of the purchase, as well as the costs of using the item or service Social Risk - others might not regard the purchase as positive Physiological/Safety - What might happen if a product does not perform as expected Psychological - the way people will feel if the product does not convey the right image Evaluation of Alternatives - Occurs while the consumer is engaged in the process of information search (once consumer has recognized problems and explored all options) Attribute Sets - Consumer's mind organizes and categorizes alternatives to aid his or her decision process Universal Sets - Include all possible choices for a product category Retrieval Set - Those brands or stores that can be readily brought forth from memory Evoked Set - comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision Determinant Attributes - product or service features that are important to the buyer and on which competing brands or stores are perceived to differ Consumer decision rules - the set of criteria that consumer use consciously or subconsciously to quickly and efficiently select from among several alternatives Compensatory Decision Rule - When evaluating alternatives, trades off one characteristic against another Noncompensatory Decision Rule - when they choose a product or service on the basis of one characteristic or one subset of a characteristic regardless of the values of its other attributes Purchase and Consumption - conversion rate measures how well the they have converted purchase intentions into purchases Post Purchase - marketers are interested because it entails actual customers rather than potential customers Postpurchase cognitive dissonance - internal conflict that arises from an inconsistency between 2 beliefs and behaviors (more likely when the product price increases) Psychological Factors - Motives, Perceptions, Lifestyle, Attitudes, Learning Social - Family and Reference groups Purchase Situations - customers may be predisposed to purchase certain products or services due to the underlying psychological trait or social factor Store atmosphere - retailers strategy, music, scent, lighting, and even color can positively influence the decision process