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6 there are multiple types of buying decision

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6. There are multiple types of buying decision behavior. Complex thinking focuses on the price and is aware of the difference in brands. Dissonance-reduced thinkers are also involved with price but see little difference between brands. Habitual buyers stick to the same brand, not because it is a particular preference, but because of its familiarity. Variety-seeking thinkers compare different brands but are not looking to spend as much. 7. The buyer decision process has five stages: need recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior. First, a buyer recognizes a problem or need. It will cause the person to be more conscious of what they desire at that point and assess the different options. Once the decision is made, the buyer’s reaction depends on its expectations and the perceived performance.
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8. The product adoption process is made up of five stages. These stages are awareness, interest evaluation, trial and adoption. This process will evaluate whether or not a consumer wants to officially become a buyer of the specific company. 9. The diffusion process is used for new products because consumers respond at different rates depending on consumer product and characteristics. A person’s willingness to try new products varies. Some things catch on quicker for some rather than others. 10. There are several characteristics that influence the rate of adoption. These are relative advantage, compatibility, complexity. When people find these characteristics in a certain product, it will influence their decision to continue or merely begin purchasing from the company.
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Ch. 7 1. Target marketing requires identifying market segments, selecting one or more, and developing products and marketing strategies tailored to each. 2. Buyers in any market have different wants, needs, and attitudes. Creating segmentation will allow companies to tend to the different categories of people based on interests, which are geographic, demographic, psychographic, and behavioral. 3. Different groups of marketing segmentation may be used simultaneously, if it creates a bigger market of similar appeal. 4. Effective segmentation occurs when it is measurable (size), accessible (reachable), substantial (profitable enough to serve), differentiable (distinguishable), and actionable (attractive and useful). 5. Through evaluating segments, a firm must consider growth, segment size, and attractiveness. Idealistically, the best firm to enter shouldn’t have many competitors, substitutes or powerful suppliers. 6. There are different ways a company can select target market segments. Mass marketing targets the entire market. Differentiated marketing targets several segments. Concentrated focuses a large share for one or a few niches. Local marketing tends to customers by regions.
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