MKT325MidtermStudyGuide

MKT325MidtermStudyGuide - MKT 325 Exam #1 High Involvement...

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MKT 325 Exam #1 High Involvement Decision Making - Ex. Car Purchase - Financial Risk - Performance Rick (durable goods) - Social Risk (styling) - Health/Safety Risk - Information Search o Any combination of risk highly involved decision STEPS : Problem Recognition Information Search Alternative Evaluation (positive brand attitude) Purchase Post-Purchase Processes (repeat purchase = cycle) Low Involvement Decision Making - Ex. Fuel for car - Absence of any significant risk STEPS: Replenishment/Awareness Trial/Purchase Evaluation Post-Purchase Processes Differences : - Low Involvement= fewer steps: no pre-purchase information search; no risks - High Involvement= evaluate after purchase External Influences (culture) High+Low Involvement Internal Influences (motivations) Problem Recognition Market Strategy Options 1. Trigger Problem Recognition a. Ex. “Mayhem” commercials for AllState Insurance
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b. Costly/not significant to everyone 2. Be present when Problem Recognition occurs a. Efficient Database strategies b. c. Ex. Company database of when people renew current auto insurance your company offer incentives to change to yours d. * More Efficient Information Search 1. Internal a. Identify alternatives from memory b. Mainly low-involvement products c. Achieve “top of mind” awareness 2. External a. Word-of-mouth, Media, Magazine reviews b. Strategy: Goal=facilitate information search c. Mainly high-involvement products d. Have information available for customer in need (brochures, websites, news coverage) Alternative Evaluation 2 topics : 1. Decision Rules a. Information is integrated and decision rules are made b. How important are attributes to a consumer? c.
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MKT325MidtermStudyGuide - MKT 325 Exam #1 High Involvement...

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