Midterm Study Guide

Midterm Study Guide - BMGT451 Midterm Study Guide What is...

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BMGT451 Midterm Study Guide What is Consumer Behavior? 1) What all does consumer behavior/research encompass? How does it link with other disciplines such as psychology, economics, etc.? Consumer Behavior: study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society “What is Consumer Research”( Holbrook 1987) o All about consummation o What about managerial relevance?—doesn’t matter Focus on Customer Value o Total benefits – Total Costs (not just $$) Consider the Total Product ( Total Offering ) o Service and experience 2) Components of (1) Situation Analysis (2) Segmentation, Targeting, and Positioning (including Positioning statement) (3) Marketing Plan Situation Analysis (5 C’s) o Company (evaluating all aspects of the firm, i.e. financial condition, marketing skills, etc) o Consumers (understand behavioral principles that guide consumption behaviors) o Competitors (thorough understanding of competitors capabilities and strategies) o Conditions/Context (i.e. state of economy, physical environment, govt regulations, etc) o Collaborators Segmentation, Targeting, and Positioning (STP) o Segment: consumers with similar needs o Market segmentation involves 4 steps: 1) Identifying product-related need sets 2) Grouping customers with similar need sets 3) Describing each group 4) Selecting an attractive segment(s) to serve o Positioning Statement: For (target segment), (brand name) is the (frame of reference) that delivers (benefit/point of difference) because only (brand name) is (reason to believe) Marketing Plan
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o Product, Price, Promotion, Place/Distribution (4 P’s) o Short-term (typically 1-3 years) Marketing strategy is long-term A Framework for Consumer Decision-Making 3) Stages of the consumer decision-making process and relevant factors at each stage 1) Problem Recognition o Attention and perception 2) Information Search o Learning and memory 3) Alternative Evaluation and Selection o Motivation, attitudes, and attitude change 4) Outlet Selection and Purchase o Social and environmental influence 5) Post-Purchase Processes o Brand loyalty and satisfaction 4) What is involvement and why is it important? Involvement: level of concern for, or interest in, a particular process or outcome Level of involvement determines the kind of decision-making process people use Level of involvement also affects marketing strategies Involvement is an important determinant of how consumers process information & learn and how they form attitudes and make purchase decisions 5) What is the difference between purchase involvement and issue involvement? Purchase involvement: specific to a particular product/decision at hand
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Midterm Study Guide - BMGT451 Midterm Study Guide What is...

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