Chapter 5: Consumer Decision Making

Chapter 5: Consumer Decision Making
February 1, 2012

Definitions:

Consumer Behavior- processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use.

Cognitive Dissonance- the inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.

Consumer Decision-Making Process- a five step process used by consumers when buying goods or services.

5 steps of consumer decision-making process:

1.       Need recognition (stimulus or want)

2.       Information search (internal or external)

3.       Evaluation of alternatives (narrow the number of choices)

4.       Purchase (make the purchase or not?)

5.       Post purchase behavior (judging the product)

Maslow’s Hierarchy of Needs- explains why people are driven by particular needs at particular times.

~My favorite part of this chapter was learning the definition of ‘cognitive dissonance’. I have that feeling more often than I should.