mkt mgt1 - Marketing Management Week 3 Buyer Behaviour...

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Marketing Management Terminology Term Definition drive The internal stimulus created by a gap (or perceived gap) between desired state and reality post -purchase cognitive dissonance Unsatifaction experienced by the consumer after purchasing a product but feeling they should have purchased something else DMU (decision- making unit) The collection of individuals (users, influencers, deciders, buyers and gatekeepers) that control and sway decision making within a business “me too” positioning The intentional copying of a product, usually by a retailer, in attempts to compete with the original (often by offering a lower price/better deal) own-brand/private brand A brand owned by a retailer that is used to compete for consumers of more expensive name brands by reducing prices. market segment A particular sect within a market that addresses a particular need or demographic The Decision-Making Process Marketer has the ability to influence these areas (This will likely be on the exam) EXAMPLE: “The decision making process in a low risk item: A Coke” STEP BY STEP Problem Recognition Utilitarian Need: funtional attributes
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mkt mgt1 - Marketing Management Week 3 Buyer Behaviour...

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