econ 108 mid 1 notes.docx - products Core customer value...

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products - Core customer value: what the customer is really buying o Actual product o Augmented product- value added to product (services, warranty, premiums) - Four types of consumer products(slide 9-10) o Convenience product Frequently bought (fast food, candy, laundry detergent) o Shopping product Price comparison products (most clothes, appliances, hotels) o Specialty product Special purchase effort (designer clothes, cosmetic surgery o Unsought product Consumer knows nothing/not normal buy (life insurance) Services - Intangible o Services cant be touchced smelled or tasted o Markerters goal is to make the service tangible - Inseparability o Services Cant be separated from their provider o Provider- customer interaction o - Variability o Quality of a service can vary o Depends on who provides it, when, where , and how its done - Perishability o Services can not be stored o Pose problems when demand fluctuates Consumer marketing - talking o Selective attention Process by which we screen out most information o Selective distortion Interpret info to support what we already believe o Selective retention Remember good points about brands we like over brands we don’t - Types of consumer buying behavior o Complex buying Customer is highly involved in decision and differnces between brands o Variety seeking buying Consumer involvement is low but large differences in brands o Dissonance reducing buying Consumer is highly involved but few differences between brands
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o Habitual buying Low consumer involvement and few perceived differences among brands - Cultural factors o Culture: set of values, wants, perceptions and behaviors learned from family and other institutions o Subculture: group with shared value system based on shared experience o Class: group who share values, interests, and behaviors based on economic status - Social factors o Groups social netowkrs: 2 or more people who interact to accomplish a goal Word of mouth influence
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