Ch 5 Consumer behavior- Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services. 5 Steps to decision process- need recognition, information search, evaluation of alternative, purchase, post purchase behavior. Need recog- result of an imbalance between actual and desired states. External stimuli is a pic, internal stimuli is a past experience, good or bad. Recognition of unfulfilled wants- when a product isn’t performing properly, when consumer is running out of product, when another product is better than one being used. Info search- internal (memory) and external (tv). EVOKED SET (consideration set)- group of brands, resulting from an information search from which a buyer can choose. Evaluation of alternatives- rank attributes by importance, analyze product attributes, use cut off criteria. Post purchase behavior- Cognitive dissonance inner tension that a consumer experiences after recognizing an inconsistence between behavior and values or opinions. Consumers try to reduce dissonance by justifying their decision. Factors determining the level of consumer involvement- previous experience, interest, perceived risk of negative consequence, situation, social visibility. Underlying cultural, social, individual, and psychological factors strongly influence the decision process. Culture play deepest part of a persons consumer behavior, culture is pervasive, functional, learned, and dynamic, and the most defining element of a culture is values. Marketers are interested in social class for 2 reasons, Social class often indicates which medium to use for advertising, and knowing what products appeal to which social classes. Reference groups- a group in society that influences an individual purchasing behavior. Primary membership group- a reference group with which people interact regularly in an informal, face to face manner. Secondary membership group- A reference group with people associate less consistently and more formally that a primary such as a club, pro group or religious group. Aspirational reference group- A group that someone would like to join. Norm- A value or attitude deemed acceptable by a group. Reference groups have 3 implicatons- serve as info sources and influence perception, affect individual aspiration levels, their norms either constrain or stimulate consumer behavior. Ch 6 Business products- used to manufacture other products, become part of another product, aid the normal operations of an organization, are aquired for resale without change in form. Internet Marketing opportunities- increase efficiency, reduce cost, improve customer service, create 1to1 relationships, introduce new products, expand markets. Benefits of marketing on the net- lower prices, greater selection of products and vendors, access to customer and product sales data, around the clock ordering and customer service, lower cost, customized products. Strategic alliance- 2 companies come together *Always maintain control of your customer list* Some alliances are formed to achieve economies of scale, and to leverage what they have. Keiretsu- a network of interlocking corporate affiliates a bunch of companies linked to holding companies. North American Industry Classification System (NAICS)- A detailed numbering system developed by the US, Canada, and Mexico, to classify North American business establishments by their main production processes. Derived demand- the demand for business products. Inelastic demand- an increase or decrease in the price of the product will not significantly affect demand for the product. Joint Demand- the demand for two or more items used together in a final product. Fluctuating demand Bull Whip Theory/ Multiplier effect- Phenomenon in which a small increase or decrease in the consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product. Nature of Buying- business buyers usually approach purchasing rather formally. Reciprocity- a practice where business purchaser choose to buy from their own customers. Type of business products- major equip, accessory equip, raw materials, component parts, processed materials, supplies, business services. OEM- means original equipment manufacturer. OEMs buy business goods that they incorporate into the products that they produce for eventual sale to other producers or to consumers. Buying Center-initiator, influencers, gatekeepers (most important decide what goes through) decider, purchaser, users. Evaluation Criteria- Price, service, quality(most important). Buying Situations- New buy, modified rebuy, straight rebuy. CH7: Importance of market segmentation- Markets have a variety of product needs and preferences, marketers can better define customer needs, decision makers can define objectives and allocate resources more accurately. To
Order nowMarketing test Essay
-
Marketing Consumer Behavior Essay 656 Words | 3 Pages
1. (a) The types of market segments currently existing for the Hummer in the consumer market are generally men with household incomes varying between 200 and 300 thousand dollars per year. Most of these men already own two or three cars. More doctors will purchase Hummers than lawyers. This market segment consists mostly of entrepreneurs as opposed to corporate conformists. (b) The types of market segments in the business-to-business market are mostly associated with the government / military / US Army fleets. AM General, producer of the Hummer, has also signed a number of licensing agreements for the use of...
-
Practice: Marketing and Answer Test Question Essay 509 Words | 2 Pages
Practice Test Questions, Semester 1 2010 Internet Marketing 350 1. The internet consists of all of the following except ________. a. computers with data b. users who send and receive data files c. a technology infrastructure to move, create, and view or listen to the content d. a central mainframe 2. According to the book, ________ is the country with highest percentage of internet users. a. the United States b. Norway c. China d. France 3. E-marketing is capable of which of the following? a. increasing benefits for customers b. ecreasing costs for customers and the firm c. increasing the...
-
Marketing Starts Essay 834 Words | 3 Pages
Marketing starts with the needs of the Customers and ends with the satisfaction Of the customers " Marketing : is the management of creating and exchanging products and value in order to satisfy the needs and wants. ; Marketing satisfy customers at a profit. ; The goal of marketing is (1) to attract new customers by promising superior value (e. G. Ritz-Carlton "memorable experiences", "Always Coca Colon and (2) to keep current customers by delivering satisfaction. Needs, Wants, and Demands ; Consumers have needs (physical, social, individual etc. Wants, and demands to be satisfied. Consumers view products as bundles of...
-
Marketing principles Essay Paper 2040 Words | 8 Pages
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organisation objectives. Marketing has many ways that products are sold. It includes advertising, selling and delivering products to people. Marketers try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general exposure in the media world. The process of developing, promoting, and distributing products to satisfy customers' needs and wants. Marketing include 4 Ps for marketing mix that is product, place, price and promotion. Product is the good,...
-
Marketing research Essay 541 Words | 2 Pages
In an article written by Laura Schneider, titled "Customer Relationships Are Key to Your Marketing Strategy" July 2003, she states that she could show a business how to increase sales by 50% without increasing a marketing budget. Her research indicates businesses have inactive customers that the owners believe will stay with the company, without maintaining or trying to grow in the relationship. Business owners often wonder why haven't they heard from a customer or if they left, why did they leave? There are many reasons a customer or client may leave, but the ones heard most often are: They felt...
-
Marketing Starts Long Before a Product Is Produced. Explain Essay 1079 Words | 4 Pages
Marketing must play the leading role in shaping business strategy as Philip Kettle said, marketing is the social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging product and value with others, A product is anything that can be offered to a market for attention, use or assumption that might satisfy a want or need. It includes physical objects, services, persons, places, organization and ideas. Marketing holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction ore effectively and efficiently than...
-
Marketing Essay Summary 1214 Words | 5 Pages
TERM PAPERThere are a number of aspects encompassed by the field of Marketing. Each of these aspects are key elements in the performance of Marketing a product. The concept of Marketing is made up of four "P's;" they are Product, Price, Promotions, and Placement. These elements of products and services or ideas are used to create exchanges that satisfy an individual and or organizational goal. Promotion is the main communication to the market that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response. Advertising is a key element to the...
-
Marketing Environment of Mcdonalds Essay 570 Words | 3 Pages
Mac Donald’s Company 1)Economic Environment Even with current economic condition, M’cDonalds remains optimistic. According to Business Times (2009), “McDonalds Malaysia expects its delivery service business to jump 40 per cent this year as its new call centre can handle more orders. ” They invested over two million ringgit for setting up the new call center. In addition the Managing Director Azmir Jaafar, said the company “plans to invest 8 million ringgit this year to open between 15 and 20 new restaurants. (2009). 2)Natural Environment Malaysia natural environment is considered good. Base on the report by Department of National Environment Energy...
-
Marketing Myopia Summary Essay 972 Words | 4 Pages
MARKETING MYOPIA: Theodore Levit The first thing that Theodore Levit does in his article “marketing myopia” is denying the title of forever growth industry to any industry that ever existed and claimed to be so. He believes every industry has been a growth industry at some point of time, but they could not carry the tag along because of several reasons; and none of the reasons being saturation in market. Industries failed to continue their growth because of lack of proper management. They did not realize the need of expanding into sectors adjacent to which they are already working. E....
-
Postmodernism &Marketing Essay 1260 Words | 5 Pages
Due to its profound effect on individualistic side of consumer and consumption, it is inevitable hat marketing is also affected deeply by postmodernism. Hence, those who would like to make a long run and satisfying profit have to develop at least a basic understanding of the terms "postmodern" and "postmodern marketing". It would be more convenient to give some basic knowledge about postmodernism before explaining its huge effect on the discipline of marketing. According to Encyclopedia Britannica postmodernism is defined as a "late 20th-century movement characterized by broad skepticism, subjectivism, or relativism; a general suspicion of reason; and an acute...
We have essays on the following topics that may be of interest to you
Sorry, but downloading
is forbidden on this website
How About
Make It Original?
If you need this or any other sample, we can send it to you via email.
By clicking “SEND”, you agree to our terms of service and privacy policy. We’ll occasionally send you account related and promo emails.Thank You!
How about make it original at only $13.9/page?
Let us edit for you at only $13.9 to make it 100% original Proceed