3 Role of involvement in consumer decision making Identify the level of

3 role of involvement in consumer decision making

This preview shows page 6 - 10 out of 28 pages.

3. Role of involvement in consumer decision-making. Identify the level of involvement a customer of your product or service might use to make a purchase/no purchase decision. Then, discuss which type of buying behavior is most consistent with that level of involvement. 4. Consumer decision-making process. Go through the six steps of the purchase process outlined in the readings and identify where marketing can influence each of the six steps. For example, if a consumer just identified a need for your product in step one, then the company can advertise how your product fills that need. Or, if a consumer purchased your product, the consumer can be called and asked about their satisfaction with the product and if there is any dissatisfaction steps can be taken to ensure the customer satisfaction. Be sure to be more specific with respect to your
Image of page 6
product or service than this example. Part 2 - Market Segmentation, Targeting, and Positioning Learning Outcomes 1. Segmentation . Students can use the segmentation characteristics to identify and describe market segments 2. Target Market . Students can identify a usable market segment to be a target market 3.
Image of page 7
Target-market strategy . Students can determine an appropriate target-market strategy. 4. Positioning . Students can develop and interpret a perceptual map. Directions · So far, you have only been considering the customers of your product or service as one big group, or a mass market. More astute marketing breaks down this large group into smaller market segments of consumers who have similar characteristics. For any specific product or service, there could be numerous market segments. However, company resources may only allow a company to pursue one or two or these market segments, which then become target market(s). In this paper, you should divide the mass market for your product or service into at least two market segments and then pick one target market you think would have the most potential for future growth. This target market does not have
Image of page 8
to be the one the company would have actually picked, or is currently pursuing. · Think outside your own box. Chances are good you picked a product with which you are familiar. That is a good starting point, and you may represent one target market. But you may represent a target market that is saturated and therefore not the best target market to pick for the remainder of the semester. So be sure your second target market is different enough and represents growth potential. · If you did not do a thorough analysis of the competition in the prior writing assignment, you may need to go back and figure out the nature of the product's or service’s competition. This will be important when you address the positioning of your product for your newly identified target market inasmuch as positioning is a competition-based concept.
Image of page 9
Image of page 10

You've reached the end of your free preview.

Want to read all 28 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors