Marketing Management.pdf - MARKETING MANAGEMENT Q.1 Assume you plan to purchase a new car for personal use This will be the first car that you will be

Marketing Management.pdf - MARKETING MANAGEMENT Q.1 Assume...

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MARKETING MANAGEMENT
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Q.1 Assume you plan to purchase a new car for personal use. This will be the first car that you will be purchasing. Discuss various steps of the consumer buying process that will be involved in purchasing a car. Ans: Consumer Buying Behavior Defined Consumer buying behavior is the sum total of a consumer's attitudes, preferences, intentions, and decisions regarding the consumer's behavior in the marketplace when purchasing a product or service. The study of consumer behavior draws upon social science disciplines of anthropology, psychology, sociology, and economics. Standard Behavioral Model The standard model of consumer behavior consists of a methodical and structured process. Let's take a brief look at each step. Problem recognition - The first step is problem recognition. During this step, the consumer realizes that she has an unfulfilled need or want. Let's use the example of a consumer who has just been informed by her mechanic that fixing her car will cost more than it's worth. Our consumer realizes that she now has a transportation problem and wants to fulfill that need with the purchase of a car. Information search - The next step is to gather information relevant to what you need to solve the problem. In our example, our consumer may engage in research on the Internet to determine the types of vehicles available and their respective features. Evaluation - After the information is gathered, it is evaluated against a consumer's needs, wants, preferences, and financial resources available for purchase. In our example, our consumer has decided to narrow her choices down to three cars based upon price, comfort, and fuel efficiency. Purchase - At this stage, the consumer will make a purchasing decision. The ultimate decision may be based on factors such as price or availability. For example, our consumer has decided to purchase a particular model of car because its price was the best she could negotiate and the car was available immediately. Post-purchase evaluation - At this stage, the consumer will decide whether the purchase actually satisfies her needs and wants. Is our car purchaser happy with her purchase? If she is not satisfied, why isn't she? THE CAR BUYING PROCESS IN 7 STEPS: STEP-1- RESEARCH: Many people buy cars based on what they look like or what they are familiar with. Instead of buying the same type of car that you’ve always driven, it may be wiser to list the attributes you are looking for, and then do some research. Really think about what you want versus what you need. For example, do you care most about safety,
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size, cargo space, reliability, etc? Come up with a list of options that would fit your needs. STEP-2- FIND FINANCING: Once you know what you are looking for, think about if you would like to buy new or used, or whether you want to buy or lease. What financing options are realistic for you based on your income and credit?
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  • Fall '14
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