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CONSUMER (Consumer Decision Making Journey (Information search (Suggest…
CONSUMER
Consumer Decision Making Journey
Information search
Suggest criterion for purchase
Yield possible alternatives
Internal/External Search (which include commercial - advertising, salespeople)
Alternative evaluation
assessing values, shortlist using non-compensatory methods
Lexicographic: highest rating on most important attribute
Conjunctive rule: Eliminate an alternative if any of its rating do not meet a minimum cutoff
Disjunctive rule: Go with alternative that was best on at least one attribute
Affect Referral rule: go by reputation or some other affect-driven mechanism
Problem recognition
Perceives a difference that is big enough to trigger a decision
Purchase decision
Compensatory models are used: Fishbein's Multi-Attribute Model
Attitude
k
= SUM
(b
ik
.e
i
)
k: product, b: perception that your brand possesses the attribute, i: importance of each attribute
Consumer Value Maps
Performance-vs-price choice as consumer evaluate one product against competitors. For managers to see how competitive teir products are
Fair-Value Line: shows fair price for performance, price-for-performance tradeoff
Data for value map can come from product evaluations, expert judgement, or from market research
Post purchase behavior
Value in consumption or use
Loyatly loop - McKinsey
4 Key Influences on Decision Process - Behavioral Audit
Marketing mx
Price
Promotion
Product
Place
Psychological
Perception
Learning
Personality
Values, beliefs, and attitudes
Motivation
LIfestyle
Situational
Physical surroundings
airport example: the right turn effect
music, smells
Social surroundings
the number of people, the kind of people
Temporal effects
Purchase task
Antecedent states
Sociocultural
Personal influence
Reference groups
Family
Social class
Culture
Subculture
Alternatives
Thin slices framework
Prospect theory
price increase vs. quantity decrease
Segregate gains & aggregate losses/ losses feel larger than gains
the pain of losing > the satisfaction of an equivalent gains
by psychologist Daniel Kahneman and Amos Tversky 1979
small but certain reward over a mere chance at a larger gain