Ch 4 PP - MKTG-UB.0002.01/02 Consumer Behavior Fall 2013...

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4-1 MKTG-UB.0002.01/02 Consumer Behavior Fall 2013 Session 4: Chapter 4 Product Knowledge & Involvement Tuesday, September 17 th , 2013 Professor Jacob Jacoby Leonard N. Stern School of Business 1
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4-2 Exhibit 4.1 - Levels of Product Knowledge
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4-3 Chapter 4 Product Knowledge Product knowledge – e.g., milk, tea Brand knowledge – most important for marketers Product and Brand information -- stored in memory around core “nodes” in cognitive networks. These serve as information “chunks”
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4-4 A characteristic of the cognitive system “CHUNKING” Refers to how information can be stored in deep memory around key nodes Also a strategy for increasing capacity of working memory Consider the following 32 numbers 17761812186018981914194019521968 What serves as an important chunk of information for consumers?
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4-5 Illustrating Chunking Price is often the most important type of information for consumers Suppose I told you this six-pack of beer costs $7.99. What can you tell me about this beer? What else? Obviously, you can’t tell me much.
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4-6 Now suppose I told you… The brand name of this six-pack of beer is Budweiser. What can you tell me about this beer? What else? By comparison, you can tell me a great deal.
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4-7 Products and Brands as Bundles of Attributes Consumers often think about products and brands as bundles of attributes. Marketers need to know: Which product attributes are most important to consumers. What those attributes mean to consumers. How consumers use this knowledge in cognitive processes.
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4-8 Brand as a bundle of attributes Brand Set of attributes concrete abstract, e.g., style, beauty What are the attributes of your brand ?
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4-9 Attributes can produce BENEFITS (Desirable outcomes/consequences) Selling based on attributes (especially when the attribute’s benefits are not easily seen) is relatively ineffective Sell the sizzle, not the steak. People don’t want a ¼ inch drill bit. They want to make ¼ inch holes. So… Brand X Attribute 1 Benefit Attribute 2 Benefit Etc.
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4-10 Products/brands can also lead to undesirable outcomes/consequences 6 types of undesirable outcomes (perceived risks) functional (performance) financial safety social psychological time
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4-11 Can you think of products where the primary purchase motivation is avoiding perceived risk? Suntan lotion
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4-12 Values Broad life goals of the individual Instrumental Values – preferred modes of conduct: competent, rational, hardworking, self-reliant, helpful, cheerful, reliable, sincere, clean, etc.
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