 There will be a Unit 2 Test on Thursday April 17.

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Presentation transcript:

 There will be a Unit 2 Test on Thursday April 17

 Are there steps to when we make a big ticket item purchase?  Psychologists have proven that generally, consumers go through five (sometimes six) steps when making a purchase.  This study goes hand in hand with understanding consumer psychology of WHY WE BUY.

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 the product use.

Purchase Evaluation of Alternatives Evaluation of Alternatives Information Search (internet or visiting stores) Information Search (internet or visiting stores) Criteria is Set NEED Recognition – The Consumer has a WANT NEED Recognition – The Consumer has a WANT Cultural, Social, Individual and Psychological Factors affect all steps Cultural, Social, Individual and Psychological Factors affect all steps

 When a current product isn’t performing properly. E.g. Your laptop is broken.  This drives the entire buying decision cycle.  When the consumer is running out of a product. E.g. You run out of food.  When another product seems superior to the one currently used. For example vaccum

Are there ever times when we second guess our purchase decision? The sixth and final step (in some cases) is….. REGRET!

Chapter 5 Version 6e 7 Can minimize regret through: Effective Communication - Follow-up - Guarantees - Warranties Cognitive Dissonance ? ? Did I make a good decision? Did I buy the right product? Did I get a good value?

 I will hand back the product life cycle back to you today. You should type it and improve it and then hand it in today again.  You can help each other in a group, but everyone has to hand in their own copy.  Title it: Buying Decision – your name, ex: Buying Decision – Mr. Park  Place yourself in the buying decision hotseat. Select an item that you would like to purchase (ie: car, vacation, donation, house).

 Go through the six steps of the Buying Decision process. In each step, include information necessary, ie: criteria for buying a car (colour, 4 door, low mileage, etc)  When going shopping, do so online and include at least 2-3 links of items that fulfill your criteria!  When selecting your final purchase, include a link and rationale as to why you selected this product in the end.

 This activity with the product life cycle are to be handed in by Friday, April 11.  If you did not hand it in by Friday without any valid reason (such as doctor’s note your parent’s ), you will get zero on this assignment.  Again, this assignment was created to punish skippers.