Exam 2 Marketing - Exam 2 Marketing Ch 5 Outline with...

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Exam 2 Marketing Ch 5 Outline with important terms Consumer behavior- the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions. Purchase decision process – This process has five stages: (1) problem recognition (2) information search (3) alternative evaluation (4) purchase decision (5) post-purchase behavior. Consumer Purchase Decision Process 1. Problem Recognition: Perceiving a Need. Do I need this? 2. Information Search: Seeking Value. First a consumer does an internal scan for previous experience with a product or brand. Second a consumer does an external search by asking friends, and relatives, or checking consumer reports, and government ratings, or by checking marketer dominated forces, such as; information from sellers, advertising companies, and salespeople. 3. Alternative Evaluation: Assessing Value. Evaluative criteria – represent both the objective attributes of a brand (such as audio playback time) and the subjective ones (such as prestige) you use to compare different products and brands. Note: Companies try and identify and capitalize on criteria by creating best value for customers, and using this in advertisements. Consideration set – the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware. Inept set – aware of brand, may use it, but has negative feelings toward Inert – aware of the brand but has no interes 4. Purchase Decision: Buying Value. (1) When to buy (2) who to buy from? The choice you make when deciding who to buy from will often depend on the terms of sale, your past experience with the seller, and the return policy. Deciding when to buy may be determined by sales, rebates, store atmosphere, pleasantness or ease of shopping experience. 5. Post-purchase Behavior: Value in Consumption or Use. Cognitive dissonance – “should I have purchased the other brand?” Consumer Involvement and Problem Solving Involvement – the personal, social, and economic significance of the purchase to the consumer.
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High Involvement: (1) the item is expensive (2) can have serious personal consequences (3) or could reflect on ones social image. 3 variations in the consumer purchase decision process, based on consumer involvement and product knowledge. Extended Problem Solving: · Purchases such as automobiles, and elaborate audio systems. · 5 step process used extensively · Several brands in consideration set/many attributes Limited Problem Solving: · Seek information or rely on friend to help evaluate alternatives · Several brands considered/moderate attributes · Purchases such as toaster, a restaurant for lunch Routine Problem Solving: · Products such as table salt and milk · Recognize problem, make a decision · Habitual, low-involvement decision making Involvement and Marketing Strategy: · Consider high and low consumer involvement · If low, maintain quality, avoid stock out, reinforcing messages
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This note was uploaded on 02/27/2010 for the course MKT 4533 taught by Professor Got during the Spring '10 term at American Academy of Art.

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Exam 2 Marketing - Exam 2 Marketing Ch 5 Outline with...

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