MARK 3000 Test Questions Solved 100% Correct
5 steps of consumer decision process
1. Need Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase
5. Post Purchase
step 1: need recognition
needs vs wants
needs- essential for life
wants- desired but not required
functional needs
relates to the performance of the product or service
psychological needs
relates to the personal satisfaction associated with the 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 info
occurs when the buyer seeks info outside his or her personal knowledge base to help make the
buying decision
Factors Affecting Consumers' Search Processes
, Perceived Benefits versus Perceived Costs - is it worth the time
and effort to search for info?
The Locus of Control
indicates how much control people think they have over the outcomes of various activities,
such as purchasing a product or service.
internal locus of control
people believe they have some control over the outcomes of their actions... so they engage in
more search activities.
external locus of control
people believe that fate, luck, karma or the universe control all outcomes... so why bother
searching
performance risk
involves the perceived danger inherent in a poorly performing product or service
financial risk
is associated with a monetary outlay and includes the initial
cost of the purchase as well as the costs of using the item or service
social risk
involves the fears that consumers suffer when they worry others might not regard their
purchases positively
physiological (safety) risk
refers to the fear of an actual harm should the product not perform properly
psychological risk
5 steps of consumer decision process
1. Need Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase
5. Post Purchase
step 1: need recognition
needs vs wants
needs- essential for life
wants- desired but not required
functional needs
relates to the performance of the product or service
psychological needs
relates to the personal satisfaction associated with the 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 info
occurs when the buyer seeks info outside his or her personal knowledge base to help make the
buying decision
Factors Affecting Consumers' Search Processes
, Perceived Benefits versus Perceived Costs - is it worth the time
and effort to search for info?
The Locus of Control
indicates how much control people think they have over the outcomes of various activities,
such as purchasing a product or service.
internal locus of control
people believe they have some control over the outcomes of their actions... so they engage in
more search activities.
external locus of control
people believe that fate, luck, karma or the universe control all outcomes... so why bother
searching
performance risk
involves the perceived danger inherent in a poorly performing product or service
financial risk
is associated with a monetary outlay and includes the initial
cost of the purchase as well as the costs of using the item or service
social risk
involves the fears that consumers suffer when they worry others might not regard their
purchases positively
physiological (safety) risk
refers to the fear of an actual harm should the product not perform properly
psychological risk
