Decision Making

Topics: Decision theory, Decision making software, Decision making, Rulemaking / Pages: 7 (1590 words) / Published: Apr 6th, 2013
Consumer Behavior: An Overview
Environmental Influences
Cultural
Influence
• Culture
• Subculture

Social
Influence
• Group
• Family

Demographic
Influence
•Age, Gender
• Income

Psychographic
Influence
• Value
• Personality
• Lifestyle

Situational
Influence
• Purchase
• Usage

Consumer Decision Making
Basic Psychological Processes
Memory

Marketing
Stimulus
(Topic 5)
• Product
• Price
• Place
• Promotion

Exposure/
Attention

Perception

Consumer
Behavior

Attitude

The Decision Making Process

• Learning

Problem
Information Judgment Post-purchase behavior recognition search & Decision

Consumer Decision Making
• Decision Making Process (DMI)

Consumer Decision Making Process
• Decision Making
- Problem-solving process
- Choice

– Problem Recognition
– Information Search
– Decision Making rules

Decision making process
Problem recognition
Information search
Decision Making

• Decision Making Heuristics and Biases
(DMII)

Postpurchase Behavior
Consumer Satisfaction

Purchase
High level expectation Importance of Customer Satisfaction

Postpurchase behavior

Satisfied customers come back
Leads to profitability
Example: Consumer in supermarket spends over $50,000 in a life time
Satisfied customer can provide $150,000 of business for a car dealer over a life time

Problem Recognition
Consumer’s Ideal State

• Goals
• Aspirations
• Changes in circumstances Information Search
• Defined as the actions taken to identify and obtain information to solve a consumer problem
• Search for Information

Degree of discrepancy – Internal search: retrieving knowledge from memory
• Brand name, attribute, evaluation, experience

Consumer’s Actual State

• Needs
• Product depletion/ malfunction – External search: acquiring information from outside sources, such as friends, books, magazines, etc.

1

Information Search

Information Search
External

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