Mar3023 Exam 2 UCF Latest Update Already Passed

Mar3023 Exam 2 UCF Latest Update Already Passed 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