Chapter 3

Chapter 3 - Chapter 3 The Consumer Decision Process I. THE...

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Chapter 3 The Consumer Decision Process I. THE CONSUMER DECISION PROCESS MOEL Consumer Decision Process Model - represents a road map of consumers’ minds that marketers and managers can use to help guide product mix, communications, and sales strategies o Used to discover why or why not customers are buying and what can be done o How do consumers make purchase decisions? o How do firms use this info to develop new products and marketing programs? o Companies use the CDP model to: o Identify relationships between variables that affect consumer decision making process o Identify topics for additional research o Develop and implement marketing mix strategies II. THE SEVEN STAGES OF THE CDP 1. NEED RECOGNITION - No one buys a product unless they have a problem, need, or desire. The products ability to solve this need or problem is worth more than the cost a. Need - the difference between what a person perceives to be the ideal versus the actual state. A consumer will recognize this need and seek to fufill them. Ex. Car breaks down b. Wants/desires - have more constraints than needs because of ability and authority to buy. Ex. I want a new expensive car c. Products that DO NOT solve problems or needs FAIL! d. Companies should know where consumers itch so that they know where to scratch e. Influence over needs i. Environmental influences: 1. culture 2. social class 3. family 4. situation ii. Individual differences: 1. resources 2. motivation 3. knowledge 4. attitudes 5. values and lifestyle f. Marketers raise awareness of needs—Listerine ads about hailtoses
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This note was uploaded on 11/28/2010 for the course BADM 66 taught by Professor Bailey during the Fall '08 term at GWU.

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Chapter 3 - Chapter 3 The Consumer Decision Process I. THE...

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