thorough marketing midterm

Evaluation of alternatives purchase decision

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evaluation of alternatives purchase decision postpurchase behavior o Information search – you pay more attention to what you’re looking for Personal source (family and friends) *Commercial source (ads) Public sources (mass media, internet searches) Experimental sources (handling, examining, using the product) ex: test driving a car o Cognitive dissonance: buyer discomfort caused by postpurchase conflict When a consumer decides to try a new product, they have a potential for being their buyer but must undergo an adoption process to see if it is worth the change o Awareness, interest, evaluation, adoption o Influence and rate of adoption of a product –some things catch on quicker than others Relative advantage – innovation > existing products
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Compatibility – innovation fits the values and experiences of potential consumers Complexity – the degree of difficulty of innovation to understand/use Divisibility – innovation may be tried on a limited basis Communicability – degree to which the results of using innovation can be observed or described by others CHAPTER 7 o Market segmentation : dividing a market into smaller segments with distinct needs, characteristics o Customer-driven marketing strategy : segmentation / targeting / differentiation / positioning o Geographic : nations, regions, neighborhoods o Demographic : age, gender, income, occupation, education Age and life-cycle: changes, develops, and transitions Gender: cosmetic vs. electronic Income: affluent vs. poor o Psychographic : social class, lifestyle, personality (a person’s appeals) o Behavioral : knowledge, attitudes, uses, responses Occasions (moment/purpose), benefits sought, user status (aim at prospective), usage rate (light, medium, heavy), loyalty status o Effective segmentation: measurable (size, purchasing power), accessible (available to public), substantial (large or profitable enough to serve), differentiable (different segments), and actionable (effective programs to attract and serve customers) o Intermarket / cross-market segmentation : form segments of consumers who have similar needs and buying behaviors even though they are located in different countries o Undifferentiated (mass) marketing : target a whole market rather than one offer – common needs of consumers (food, toiletries) o Differentiated (segmented) marketing : target several markets and design separate offers for each o Concentrated (niche) marketing : firm goes after a large share of one or a few smaller segments or niches; firm achieves strong market position b/c it serves consumers’ needs - Micromarketing : tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
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- Local marketing : in needs and wants of local segments; drawbacks: drives up manufacturing and marketing costs by reducing economies of scale, logistics problems - Individual marketing : tailoring to personalize the experience o Socially responsible target marketing: cereal
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