Learning Objective: Apply consumer buying decision process to student’s own recent purchase & discuss.
Instructions:
Thoroughly describe a recent purchase of a tangible good or an intangible service purchase.
Go through the five steps of the consumer buying decision process and comment on how you went through these stages for your own purchase.
Highlight how you searched for information and evaluated alternatives. Describe your final purchase decision and how you felt afterwards.
Consider Customer Lifetime Value in the context of this purchase: how much do you think the company spends on acquiring new customers, how long do you think most customers stay with the company (please cite any information on this that you may find)? How could this company attempt to reduce churn and increase customer retention?
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