MBA 706 Exam 2 Study Guide Questions and Answers.

MBA 706 Exam 2 Study Guide Questions and Answers. 1. What is the difference between a want and a need from the consumer buying process’ perspective? o Need  Occurs when the consumer’s existing level of satisfaction and desired level of satisfaction are not the same  Based on internal (e.g., hunger, thirst, and fatigue) or external (e.g., advertising, window shopping, interacting with salespeople) stimuli  Consumers can "recognize needs" in a variety of settings and situations based on internal and external stimuli. Interestingly, external stimuli can also arouse internal responses, such as the hunger you might feel when watching an advertisement for Burger King. o Want  Consumer’s desire for a specific product that will satisfy the need 2. What are outcomes consumers experience in the post purchase stage, and how are they different? o Delight o Satisfaction o Dissatisfaction o Cognitive dissonance (post-purchase doubt) 3. What are issues in the buying process? o Decision-making complexity  Primary reason for variations in the buying process o Individual influences  Demographics, perceptions, motives, interests, attitudes, opinions, or lifestyles o Social influences  Culture, subculture, social class, reference groups, and opinion leaders o Situational influences  Affect amount of time and effort devoted to the purchase task 4. When does “need recognition” mean in the consumer buying process? 5. What are the characteristics of information search in the consumer buying process? o Marketing activities can stimulate a desire for information  Passive information search – consumer becomes more attentive and receptive to information  Active information search – consumer purposely seeks additional information o Sources of information  Internal sources – personal experiences and memories  External sources – advertising, websites, packaging, display, and salespeople o Amount of time, effort, and expense dedicated to information search depends on:  Degree of risk involved in the purchase  Amount of expertise with the product category  Actual cost of the search (time and money).