McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc All Rights LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 5, YOU SHOULD BE ABLE TO: LO1 LO2 Describe the stages in the consumer purchase decision process Distinguish among three variations of the consumer purchase decision process: routine, limited, and extended problem solving 5-2 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 5, YOU SHOULD BE ABLE TO: LO3 Identify major psychological influences on consumer behavior LO4 Identify the major sociocultural influences on consumer behavior 5-3 LO1 PURCHASE DECISION PROCESS PROBLEM RECOGNITION Consumer Behavior Purchase Decision Process 5-4 CONSUMER PURCHASE DECISION PROCESS • Consumer Behavior – Actions a person takes in purchasing and using products and services – including the mental and social processes that come before and after these actions Slide 5-6 CONSUMER PURCHASE DECISION PROCESS • Purchase Decision Process – Stages a buyer passes through in making choices about which products and services to buy – The five stages are: 1) Problem recognition 2) Information search 3) Alternative evaluation 4) Purchase decision 5) Post-purchase behavior Slide 5-6 FIGURE 5-1 The purchase decision process consists of five stages 5-7 LO1 PURCHASE DECISION PROCESS INFORMATION SEARCH Internal Search External Search • Personal Sources • Public Sources • Market-Dominated Sources 5-8 CONSUMER PURCHASE DECISION PROCESS Problem Recognition: Perceiving a Need – Perceives a difference between a person’s ideal and actual situations big enough to trigger a decision – Advertisements or salespeople can activate a consumer’s decisionmaking process by showing the shortcomings of competing or currently owned products Slide 5-6 CONSUMER PURCHASE DECISION PROCESS Information Search: Seeking Value – Internal Search – scanning one’s memory for previous experiences with products or brands – Often sufficient for frequently purchased products Slide 5-6 Perception Perception is the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world 5-129 Subliminal Perception Subliminal perception involves seeing or hearing messages without being aware of them 5-130 Perceived Risk Perceived risk is the anxieties felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences 5-131 Learning Learning consists of those behaviors that result from (1) repeated experience and (2) reasoning 5-132 Brand Loyalty Brand loyalty is a favorable attitude toward and consistent purchase of a single brand over time 5-133 Attitude An attitude is a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way 5-134 Beliefs Beliefs are a consumer’s subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other people 5-135 Lifestyle Lifestyle is a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them 5-136 Opinion Leaders Opinion leaders are individuals who exert direct or indirect social influence over others 5-137 Word of Mouth Word of mouth involves the influencing of people during conversations 5-138 Reference Groups Reference groups consists of people to whom an individual looks as a basis for self-appraisal or as a source of personal standards 5-139 Consumer Socialization Consumer socialization is the process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers 5-140 Family Life Cycle A family life cycle consists of the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors 5-141 Social Class Social class consists of the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped 5-142 Subcultures Subcultures are the subgroups within the larger, or national, culture with unique values, ideas, and attitudes 5-143 ... (LO) AFTER READING CHAPTER 5, YOU SHOULD BE ABLE TO: LO3 Identify major psychological influences on consumer behavior LO4 Identify the major sociocultural influences on consumer behavior 5-3 LO1... PURCHASE DECISION PROCESS PROBLEM RECOGNITION Consumer Behavior Purchase Decision Process 5-4 CONSUMER PURCHASE DECISION PROCESS • Consumer Behavior – Actions a person takes in purchasing... satisfied or dissatisfied Slide 5-6 Consumer Purchase Decision Why is post purchase behavior important? Slide 5-13 CONSUMER PURCHASE DECISION PROCESS Post Purchase Behavior, cont • Customer’s satisfaction