MAR 3023 (UCF) EXAM 2 REVIEW ACTUAL 2025/2026 CORRECTLY ANSWERED

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MAR 3023 (UCF) EXAM 2 REVIEW ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Whats is the consumer decision process? - Answer -Represents the steps a consumer goes through before, during, and after making purchases. Steps in the consumer decision making process (5) - Answer -1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase and consumption 5. Post purchase behavior (1) Need recognition - Answer -The first stage of the buyer decision process, in which the consumer recognizes a problem or need Functional needs - Answer -Pertain to the performance of a product or service i.e H&R Block tax service Psychological needs - Answer -Pertain to the personal gratification consumers associate with a product or service i.e Lana Marks purses (2) Information search - Answer -Search for information about the various options that exist to satisfy that need Internal information search - Answer -When consumers use their past experiences with items from the same brand or product class as sources of information. Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com External Information search - Answer -When consumers seek information beyond their personal knowledge and experience to support them in their buying decision. Factors affecting consumer search processes - Answer -1. Perceived benefits vs. Perceived Costs of search 2. The locus of control 3. Actual or perceived risk Perceived benefits vs perceived costs of search - Answer -is it worth the time and effort to search for information about a product or service? i.e searching the housing market for a new house, vs. searching for which inexpensive dollhouse to buy from their youngest child Locus of control - Answer -A person's tendency to perceive the control of rewards as internal to the self or external in the environment Internal locus of control - Answer -the perception that you control your own fate External locus of control - Answer -the perception that chance or outside forces beyond your personal control determine your fate. Actual or Perceived Risk - Answer -5 types of risk associated with purchase decisions can delay or discourage a purchase: (1) performance, (2) financial, (3) social, (4) physiological, (5) psychological. The higher the risk, the more likely the consumer is to engage in an extended search. Performance risk - Answer -involves the perceived danger inherent in a poorly performing Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com