MBA 706 Minseong Kim Exam 2
What are business products? - answer Raw materials - Iron ore, chemicals, agricultural
products, wood pulp
•Component parts - Spark plugs, computer chips, pane glass, hard drives
•Process materials - Food additives, wood sealants, paint colorings
•Maintenance, repair, and operating products - Furniture, building security, janitorial
services
•Installations - Enterprise software, buildings, heat and air systems
•Business services - Legal services, accounting services, consulting, research services
Consumer Buying Process - answer5 Steps
1. Need Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase
5. Post Purchase
Need - answerBased on Internal vs external Stimuli
Occurs when the consumer's existing level of satisfaction and desired level of
satisfaction are not the same
Internal stimuli - answerHunger, Thirst, Fatigue, Transportation
External Stimuli - answerAdvertising
Window Shopping
Interacting with Salesperson
Want - answerDesire that will satisfy the need
Ex: Car satisfies need for transportation
Demand - answerAbility and Willingness to purchase backs up want
What are outcomes consumers experience in the post-purchase stage, and how are
they different? - answerDelight
Satisfaction
Dissatisfaction
Cognitive dissonance
Delight - answerProduct exceeds expectation
Satisfaction - answerProduct meets expectation
, Dissatisfaction - answerProduct falls short of expectation
Cognitive Dissonance - answerPost-purchase doubt, unsure if expectations are met
What are issues in the buying process? - answerConsumers do not always follow
stages in the sequence, can be swayed by brand loyalty, may skip stages (impulse
buying)
Involves making parallel decisions - what to buy, where to buy
Bias towards a merchant limits buying power
When does "need recognition" mean in the consumer buying process? - answerWhen
consumers recognize they have an unmet need - begins the buying process
What are the characteristics of information search in the consumer buying process? -
answerPassive
Active
Internal Sources
External Sources
Amount of time, expense depends on
-Degree of risk
-Amount of expertise
-Cost of the search
Passive Information Search - answerAttentive and receptive to information; noticing and
paying attention to ads
Active Information Search - answerPurposely seeks info, browsing the web, asking
friends, visiting dealerships
Internal Information Sources - answerMemories, friends, family, personal experience
Most important source for most customers
External Information Sources - answerSalespeople, advertising, websites, displays
What does 'evoke set' mean? - answerNarrowing potential products to a few products
that meet needs
Outcome of the info search and begins next step in the buying process
What are factors affecting the consumer buying process? - answerDecision-making
complexity
Individual influences
Social influences
What are business products? - answer Raw materials - Iron ore, chemicals, agricultural
products, wood pulp
•Component parts - Spark plugs, computer chips, pane glass, hard drives
•Process materials - Food additives, wood sealants, paint colorings
•Maintenance, repair, and operating products - Furniture, building security, janitorial
services
•Installations - Enterprise software, buildings, heat and air systems
•Business services - Legal services, accounting services, consulting, research services
Consumer Buying Process - answer5 Steps
1. Need Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase
5. Post Purchase
Need - answerBased on Internal vs external Stimuli
Occurs when the consumer's existing level of satisfaction and desired level of
satisfaction are not the same
Internal stimuli - answerHunger, Thirst, Fatigue, Transportation
External Stimuli - answerAdvertising
Window Shopping
Interacting with Salesperson
Want - answerDesire that will satisfy the need
Ex: Car satisfies need for transportation
Demand - answerAbility and Willingness to purchase backs up want
What are outcomes consumers experience in the post-purchase stage, and how are
they different? - answerDelight
Satisfaction
Dissatisfaction
Cognitive dissonance
Delight - answerProduct exceeds expectation
Satisfaction - answerProduct meets expectation
, Dissatisfaction - answerProduct falls short of expectation
Cognitive Dissonance - answerPost-purchase doubt, unsure if expectations are met
What are issues in the buying process? - answerConsumers do not always follow
stages in the sequence, can be swayed by brand loyalty, may skip stages (impulse
buying)
Involves making parallel decisions - what to buy, where to buy
Bias towards a merchant limits buying power
When does "need recognition" mean in the consumer buying process? - answerWhen
consumers recognize they have an unmet need - begins the buying process
What are the characteristics of information search in the consumer buying process? -
answerPassive
Active
Internal Sources
External Sources
Amount of time, expense depends on
-Degree of risk
-Amount of expertise
-Cost of the search
Passive Information Search - answerAttentive and receptive to information; noticing and
paying attention to ads
Active Information Search - answerPurposely seeks info, browsing the web, asking
friends, visiting dealerships
Internal Information Sources - answerMemories, friends, family, personal experience
Most important source for most customers
External Information Sources - answerSalespeople, advertising, websites, displays
What does 'evoke set' mean? - answerNarrowing potential products to a few products
that meet needs
Outcome of the info search and begins next step in the buying process
What are factors affecting the consumer buying process? - answerDecision-making
complexity
Individual influences
Social influences
