3Lenrning Learning describes changes in an individuals behavior arising from

3lenrning learning describes changes in an

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3.Lenrning Learning describes changes in an individual’s behavior arising from experience. 4.Beliefs and Attitudes A belief is a descriptive thought that a person holds about something. An attitude describes a person’s relatively consistent evaluations, feelings, and tendencies toward an object or an idea. Maslow’s Theory of Motivation Sought to explain why people are driven by particular needs at particular times. Maslow’s hierarchy of needs in order of importance are physiological needs, safety needs, social needs, esteem needs, and self actualization needs. Herzberg’s Theory A two-two factor theory that distinguishes dissatisfiers and satisfiers. The absence of dissatisfiers is not enough; satisfiers must be actively presently to motivate a purchase. For example, a computer that does not come with a warranty would be a dissatisfier. Buyer decision process A.Problem recognition. B.Information search. C.Evaluation of alternatives. D.Purchase decision. E.Postpurchase behavior. Chapter 8: Kinds of variables used in segmenting consumer markets: Geographic, Nations , States, Regions, Counties, Cities, Neighborhoods; Demographic , age gender, family size, family life cycle, income, occupation, education, religion, race, generation, nationality; Psychographic , social class, lifestyle, personality; Behavioral , occasions, benefits, user status, usage rate, loyalty status, readiness stage, attitude toward product. PLC: 1. Product development begins when the company finds and develops a new product idea. During product development, sales are zero and the company’s investment costs add up. 2. Introduction is a
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period of slow sales growth as the product is being introduced into the market. Profits are nonexistent at this stage because of the heavy expenses of product introduction. 3. Growth is a period of rapid market acceptance and increasing profits. 4. Maturity is a period of slowdown in sales growth because the product has achieved acceptance by most of its potential buyers. 5. Decline is the period when sales fall off quickly and profits drop. Requirements for effective segmentation Measurability Size, purchasing power, profiles Accessibility Segments can be effectively reached and served Substantiality Segments are large or profitable enough to serve Actionability Effective programs can be designed to attract and serve the segments Evaluating Market Segments 1) Segment Size and Growth 2) Segment Structural Attractiveness 3) Company Objectives and Resources Target Markets Target market is a set of buyer sharing common needs or characteristics that the company decides to serve. Selecting Market Segments Undifferentiated Marketing Ignores market segmentation differences and goes after the whole market with one market offer. Differentiated Marketing A company targets several market segments and design separate offers for each. Bifurcated Marketing A market that contains two major market segments Concentrated Marketing A market-coverage strategy in which a firm goes after a large share of one or a few market segments.
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Choosing a Market – Coverage Strategy Company resources Degree of product homogeneity Market homogeneity Competitors’ strategies Choosing and implementing a positioning strategy
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