Exam review chap 1-6
Exam review chap 1-6 HMGT 3300
Popular in Hospitality Industry Sales and Marketing
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Chapter 1: Introduction: Marketing for Hospitality and Tourism Chapter Outline I. Introduction: Marketing in the Hospitality Industry A. Customer orientation. The purpose of a business is to create and maintain profitable customers. Customer satisfaction leading to profit is the central goal of hospitality marketing. II. What Is Hospitality Marketing? Marketing is the art and science of finding, retaining, and growing profitable customers. Importance of Marketing A. The entrance of corporate giants into the hospitality market and the marketing skills these companies have brought to the industry have increased the importance of marketing within the industry. B. Analysts predict that the hotel industry will consolidate in much the same way as the airline industry has, with five or six major chains dominating the market. Such consolidation will create a market that is highly competitive. The firms that survive this consolidation will be the ones that understand their customers. C. In response to growing competitive pressures, hotel chains are relying on the expertise of the marketing director. IV. Travel Industry Marketing A. Successful hospitality marketing is highly dependent on the entire travel industry. B. Government or quasi-government agencies play an important role in travel industry marketing through legislation aimed at enhancing the industry and through promotion of regions, states, and nations. C. Few industries are as interdependent as the travel and hospitality industries. V. Marketing Process. The marketing process is a five-step model of the marketing process. In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value. By creating value for customers, they in turn capture value from customers in the form of sales, profits, and long-term customer equity. A. Understand customers 1. Needs. Human beings have many complex needs. These include basic physical needs for food, clothing, warmth, and safety; social needs for belonging, affection, fun, and relaxation; esteem needs for prestige, recognition, and fame; and individual needs for knowledge and self- expression. 1 | P a g e 2. Wants. Wants are how people communicate their needs. 3. Demands. People have almost unlimited wants but limited resources. They choose products that produce the most satisfaction for their money. When backed by buying power, wants become demand. 4. Market offerings. Some combination of tangible products, services, information, or experiences that are offered to the market. 5. Value, expectations, and satisfaction a. Customer value is the difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the product. b. Customer expectations are based on past buying experiences, the opinions of friends, and market information. c. Satisfaction. Satisfaction with a product is determined by how well the product meets the customer’s expectations for that product. 6. Exchange and relationships a. Exchange. Exchange is the act of obtaining a desired object from someone by offering something in return. b. Relationship marketing. Relationship marketing focuses on building a relationship with a company’s profitable customers. Most companies are finding that they earn a higher return from resources invested in getting repeat sales from current customers than from money spent to attract new customers. c. Designing customer-driven marketing strategy. Marketing management is the art and science of choosing target markets and building profitable relationships with them. i. Selecting customers to serve. The company must select those market segments it wishes to serve. ii. Choosing a value proposition. The company must also decide how it will serve targeted customers—how it will differentiate and position itself in the marketplace. A company’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. VI. Five Marketing Management Philosophies A. Production concept. The production concept holds that customers will favor products that are available and highly affordable, and therefore management should focus on production and distribution efficiency. B. Product concept. The product concept holds that customers prefer existing products and product forms, and the job of management is to develop good versions of these products. C. Selling concept. The selling concept holds that consumers will not buy enough of the organization’s products unless the organization undertakes a large selling and promotion effort. D. Marketing concept. The marketing concept holds that achieving organizational goals depends on determining the needs and wants of target 2 | P a g e markets and delivering the de-sired satisfaction more effectively and efficiently than competitors. E. Societal marketing concept. The societal marketing concept holds that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and society’s well-being. VII. Prepare an Integrated Marketing Plan. The company’s marketing strategy outlines which customers the company will serve and how it will create value for these customers. Next, the marketer develops an integrated marketing program that will actually deliver the intended value to target customers. The marketing program builds customer relationships by transforming the marketing strategy into action. It consists of the firm’s marketing mix, the set of marketing tools the firm uses to implement its marketing strategy. The major marketing mix tools are classified into four broad groups, called the four Ps of marketing: product, price, place, and promotion. VIII. Build Customer Relationships. Customer relationship management (CRM) involves managing detailed information about individual customers and carefully managing customer “touch points” in order to maximize customer loyalty. IX. Capturing Value from Customers. We try to capture value from our customers in the form of current and future sales, market share, and profits. By creating superior customer value, the firm creates highly satisfied customers who stay loyal and buy more. A. Customer loyalty and retention. The benefits of customer loyalty come from continued patronage of loyal customers, reduced marketing costs, decreased price sensitivity of loyal customers, and partnership activities of loyal customers. Loyal customers purchase from the business they are loyal to more often than non-loyal customers. They also purchase a broader variety of items. A manager who is loyal to a hotel brand is more likely to place her company’s meetings with that hotel chain. Reduced marketing costs are the result of requiring fewer marketing dollars to maintain a customer than to create one and the creation of new customers through the positive word-of-mouth of loyal customers. B. Growing share of customer. Beyond simply retaining good customers to capture customer lifetime value, good customer relationship management can help marketers to increase their share of customer— the share they get of the customer’s purchasing in their product categories. 3 | P a g e C. C. Building customer equity. Customer equity is the discounted lifetime values of all the company’s current and potential customers. One builds customer equity by Chapter 2: Service Characteristics of Hospitality and Tourism Marketing Chapter Outline I. The Service Culture. The service culture focuses on serving and satisfying the customer. The service culture has to start with top management and flow down. II. Five Characteristics of Services A. Intangibility. Unlike physical products, services cannot be seen, tasted, felt, heard, or smelled before they are purchased. To reduce uncertainty caused by intangibility, buyers look for tangible evidence that will provide information and confidence about the service. B. Physical Evidence C. Inseparability. In most hospitality services, both the service provider and the customer must be present for the transaction to occur. Customer-contact employees are part of the product. Inseparability also means that customers are part of the product. The third implication of inseparability is that customers and employees must understand the service delivery system. D. Variability. Service quality depends on who provides the services and when and where they are provided. Services are produced and consumed simultaneously. Fluctuating demand makes it difficult to deliver consistent products during periods of peak demand. The high degree of contact between the service provider and the guest means that product consistency depends on the service provider’s skills and performance at the time of the exchange. E. Perishability. Services cannot be stored. If service providers are to maximize revenue, they must manage capacity and demand because they cannot carry forward unsold inventory. 4 | P a g e III. Service Management Concepts A. Service Profit Chain B. Types of Marketing 1. Internal Marketing 2. External Marketing 3. Interactive Marketing IV. Management Strategies for Service Businesses A. Managing differentiation. The solution to price competition is to develop a differentiated offering. The offer can include innovative features that set one company’s offer apart from that of its competitors. B. Managing service quality. With hospitality products, quality is measured by how well customer expectations are met. 5 | P a g e C. Manage Service Productivity D. Resolving customer complaints. Resolving customer complaints is a critical component of customer retention. E. Managing employees as part of the product. In the hospitality industry, employees are a critical part of the product and marketing mix. The human resource and marketing department must work closely together. The task of internal marketing to employees involves the effective training and motivation of customer-contact employees and supporting service personnel. F. Managing perceived risk. The high risk that people perceive when purchasing hospitality products increases loyalty to companies that have provided them with a consistent product in the past. G. Managing capacity and demand. Because services are perishable, managing capacity and demand is a key function of hospitality marketing. First, services must adjust their operating systems to enable the business to operate at maximum capacity. Second, they must remember that their goal is to create satisfied customers. Research has shown that customer complaints increase when service firms operate above 80 percent of their capacity. Chapter 3: The Role of Marketing in Strategic Planning Chapter Outline I. Nature of High-Performance Business A. Stakeholder. The principle that a business must at least strive to satisfy the minimum expectations of each stakeholder group. B. Processes. Companies build cross-functional teams that manage core business processes in order to be superior competitors. C. Resources. Companies decide to outsource less critical resources. They identify their core competencies and use them as the basis for their strategic planning. D. Organization. Companies align their organization’s structure, policies, and culture to the changing requirements of business strategy. II. Corporate Strategic Planning: Defining Marketing’s Role A. Defining the Corporate Mission. A mission statement is a statement of the organization’s purpose – what it wants to accomplish in the larger environment. B. Setting Company Objectives and Goals. The company needs to turn its mission into detailed supporting objectives for each level of management. Marketing strategies and programs must be developed to support these marketing objectives. C. Designing the Business Portfolio. Market definitions of a business are superior to product definitions. A business must be viewed as a customer- satisfying process, not a product-producing process. Companies should define their business in terms of customer needs, not products. 1. Developing Growth Strategies. Companies need growth if they are to compete and attract top talent. 6 | P a g e a. Ansoff product–market expansion grid offers a useful framework for examining growth. 2. Diversification Growth. Makes sense when good opportunities can be found outside the present businesses. a. Concentric Diversification Strategy. The company could seek new products that have technological or marketing synergies with existing product lines, even though the products may appeal to a new class of customers. b. Horizontal Diversification Strategy. The company might search for new products that could appeal to its current customers, although technologically unrelated to its current product line. c. Conglomerate Diversification Strategy. The company might seek new businesses that have no relationship to the company’s current technology, products, or markets. 3. Integrative Growth. Opportunities in diversification, market development, and product development can be seized through integrating backward, forward, or horizontally within that business’s industry. a. Backward Integration. Acquiring a supplier. b. Forward Integration. For example, a hotel might acquire tour wholesalers or travel agents. c. Horizontal Integration. Acquiring one or more competitors. III. Marketing Strategy and the Marketing Mix A. Customer-Driven Marketing Strategy. Before it can satisfy consumers, a company must first understand their needs and wants. Thus sound marketing requires a careful customer analysis. Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. 1. Market Segmentation. The market consists of many types of customers, products, and needs. The marketer must determine which segments offer the best opportunities. Consumers can be grouped and served in various ways based on geographic, demographic, psychographic, and behavioral factors. 2. Market Targeting. Market targeting involves evaluating each market segment’s attractiveness and selecting one or more segments to enter. A company should target segments in which it can profitably generate the greatest customer value and sustain it over time. 3. Market Differentiation and Positioning. After a company has decided which market segments to enter, it must decide how it will differentiate its market offering for each targeted segment and what positions it wants to occupy in those segments. 4. B. Developing an Integrated Marketing Mix. The marketing mix is the set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market. The marketing mix consists of everything the firm can do to influence the demand for its product. Product. The goods-and-services combination the company offers to the target market. 7 | P a g e Price. The amount of money customers must pay to obtain the product. Place. Company activities that make the product available to target customers. Promotion. Activities that communicate the merits of the product and persuade target customers to buy it. IV. Managing the Marketing Effort A. Marketing Analysis. Managing the marketing function begins with a complete analysis of the company’s situation. The marketer should conduct a SWOT analysis, by which it evaluates the company’s overall strengths (S), weaknesses (W), opportunities (0), and threats (T). 1. Internal Environmental Analysis (Strengths and Weaknesses Analysis) a. Strengths. Internal capabilities, resources, and positive situational factors that may help the company to serve its customers and achieve its objectives. b. Weaknesses. Internal limitations and negative situational factors that may interfere with the company’s performance. 2. External Environmental Analysis (Opportunity and Threat Analysis) a. Opportunities. Favorable factors or trends in the external environment that the company may be able to exploit to its advantage. b. Threats. Unfavorable external factors or trends that may present challenges to performance. B. Goal Formulation. After the business unit has defined its mission and conducted a SWOT analysis, it can proceed to develop specific objectives and goals. Overall cost leadership. The real key is for the firm to achieve the lowest costs among those competitors adopting a similar differentiation or focus strategy. Differentiation. The business concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market. Focus. The business focuses on one or more narrow market segments rather than going after a large market. Marketing Planning. Marketing planning involves deciding on marketing strategies that will help the company attain its overall strategic objectives. A detailed marketing plan is needed for each business, product, or brand. Implementation. To implement a strategy, the firm must have the required resources, including employees with the necessary skills to carry out that strategy. E. Feedback and Control. All companies need to track results and monitor new developments in the environment. The environment will change. When it does, the company will need to review its strategies or objectives. 8 | P a g e 1. Measuring and Managing Return on Marketing Investment. Marketing managers must ensure that their marketing dollars are being well spent. V. Unique Challenges of the Hotel Industry A. Major chains commonly do not own all the properties they manage. B. Owners of hotels and resorts often show surprisingly little interest or knowledge of their properties. C. Occasionally, owners complain that hotel management companies are nonresponsive, have little expertise in planning, and do not work closely with owners or their representatives. D. Hotel management companies that are generally unknown or invisible to the general public may own or manage many diverse properties, such as Ramada, Holiday Inn, or Days Inn hotels. E. Professional managers of individual properties have commonly been educated and trained to manage properties with concern for areas such as maintenance and front desk operations but with little or no training in strategic planning. F. Hotel management companies often have little real power to force owners to make necessary investments or the strategic changes deemed essential. G. Hotels may or may not own or manage secondary properties within the hotel, such as restaurants, retail stores, health and business centers, and nightclubs. H. Strategic alliances between hotel chains on a global basis may further complicate the planning process. Chapter 4: Developing Hospitality and Tourism Marketing Opportunities and Strategies Chapter Outline I. Microenvironment. The microenvironment consists of actors and forces close to the company that can affect its ability to serve its customers. The actors in the microenvironment include the company, suppliers, market intermediaries, customers, and publics. [Slide 4-4] A. The company. Marketing managers work closely with top management and the various company departments. B. Existing competitors are part of the microenvironment and must be monitored closely. [Slides 4-5 to 4-6] C. Suppliers. Firms and individuals that provide the resources needed by the company to produce its goods and services. D. Marketing intermediaries. Firms that help the company promote, sell, and distribute its goods to the final buyers. [Slide 4-7] E. Disintermediation. The elimination of intermediaries. F. Marketing services agencies. Marketing research firms, advertising agencies, media firms, and marketing consulting firms help companies to target and promote their products to the right market. 9 | P a g e G. Financial intermediaries. Includes banks, credit companies, insurance companies, and other firms that help hospitality companies to finance their transactions or insure risks associated with the buying and selling of goods and services. H. Customers. Managers must understand the different types of customers: consumers, business markets, government markets, resellers, and international markets. I. Publics. A public is any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives. [Slide 4-8] II. Macroenvironment. The macroenvironment consists of the larger societal forces that affect the whole microenvironment: demographic, economic, natural, technological, political, competitor, and cultural forces. Following are the seven major forces in a company’s macroenvironment. [Slide 4-9] A. Competitive environment. Each firm must consider its size and industry position in relation to its competitors. A company must satisfy the needs and wants of consumers better than its competitors do in order to survive. B. Demographic environment. Demography is the study of human populations in terms of size, density, location, age, sex, race, occupation, and other statistics. The demographic environment is of major interest to marketers because markets are made up of people. [Slides 4-10 to 4-11] C. Economic environment. The economic environment consists of factors that affect consumer purchasing power and spending patterns. Markets require both power as well as people. Purchasing power depends on current income, price, saving, and credit; marketers must be aware of major economic trends in income and changing consumer spending patterns. [Slide 4-12] D. Natural environment. The natural environment consists of natural resources required by marketers or affected by marketing activities. [Slide 4- 13] E. Technological environment. The most dramatic force shaping our destiny today is technology. F. Political environment. The political environment is made up of laws, government agencies, and pressure groups that influence and limit various organizations and individuals in society. [Slide 4-14] G. Cultural environment. The cultural environment includes institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors. [Slide 4-15] III. Linked Environmental Factors. The change in food consumption patterns relates to economic, demographic, technological, cultural, and competitive trends. IV. Responding to the Marketing Environment. Many companies view the marketing environment as an “uncontrollable” element to which they must adapt. Other companies take an environmental management perspective. Rather than simply watching and reacting, these firms take aggressive actions to affect the public and forces in their marketing environment. These 10 | P a g e companies use environmental scanning to monitor the environment. [Slide 4- 16] Chapter 5: Marketing Information Systems and Marketing Research Chapter Outline I. Marketing Information and Customer Insights II. Assessing Information Needs. A good marketing information system balances information that managers would like to have against that which they really need and is feasible to obtain. III. Developing Information. Information needed by marketing managers can be obtained from internal company records, marketing intelligence, and marketing research. The information analysis system processes this information and presents it in a form that is useful to managers. A. Internal records. Internal records information consists of information gathered from sources within the company to evaluate marketing performance and to detect marketing problems and opportunities. B. Guest Information Management IV. Marketing intelligence. Marketing intelligence includes everyday information about developments in the marketing environment that help managers to prepare and adjust marketing plans and short-run tactics. Marketing intelligence can come from internal sources or external sources. A. Internal sources. Internal sources include the company’s executives, owners, and employees. B. External sources. External sources include competitors, government agencies, suppliers, trade magazines, newspapers, business magazines, trade association newsletters and meetings, and databases available on the Internet. C. Sources of Competitive Information V. Marketing research. Marketing research is a process that identifies and defines marketing opportunities and problems, monitors and evaluates marketing actions and performance, and communicates the findings and implication to management. Marketing research is project oriented and has a beginning and an ending. It feeds information into the marketing information system that is ongoing. The marketing research process consists of four steps: defining the problem and research objectives, developing the research plan, implementing the research plan, and interpreting and presenting the findings. 11 | P a g e A. Defining the problem and research objectives. There are three types of objectives for a marketing research project: 1. Exploratory. To gather preliminary information that will help define the problem and suggest hypotheses. 2. Descriptive. To describe the size and composition of the market. 3. Causal. To test hypotheses about cause-and-effect relationships. 4. B. Developing the research plan for collecting information 5. Determining specific information needs. Research objectives must be translated into specific information needs. To meet a manager’s information needs, researchers can gather secondary data, primary data, or both. Secondary data consist of information already in existence somewhere, having been collected for another purpose. Primary data consist of information collected for the specific purpose at hand. 6. Gather Secondary Information 7. Research approaches. Three basic research approaches are observations, surveys, and experiments. a. Observational research. Gathering of primary data by observing relevant people, action, and situations. b. Survey research (structured/ unstructured, direct/indirect). Best suited to gathering descriptive information. c. Experimental research. Best suited to gathering causal information. 4. Contact methods. Information can be collected by mail, telephone, or personal interview. a. Sampling plan. Marketing researchers usually draw conclusions about large consumer groups by taking a sample. A sample is a segment of the population selected to represent the population as a whole. Designing the sample calls for four decisions: .1 Who will be surveyed? .2 How many people should be surveyed? .3 How should the sample be chosen? .4 When will the survey be given? .5 b. Ethnographic Research .6 c. Research instruments. In collecting primary data, marketing researchers have a choice of primary research instruments: the interview (structured and unstructured), mechanical devices, and structured models such as a test market. Structured interviews employ the use of a questionnaire. .7 d. Presenting the research plan. At this stage the marketing researcher should summarize the plan in a written proposal. .8 C. Implementing the research plan. The researcher puts the marketing research plan into action by collecting, processing, and analyzing the information. .9 D. Interpreting and reporting the findings. The researcher must now interpret the findings, draw conclusions, and report them to management. .10 Information analysis. Information gathered by the company’s marketing intelligence and marketing research systems can often benefit 12 | P a g e from additional analysis. This analysis helps to answer the questions related to “what if” and “which is best.” .11 Distributing information. Marketing information has no value until managers use it to make better decisions. The information that is gathered must reach the appropriate marketing managers at the right time. .12 VI. International Marketing Research .13 VII. Marketing Research in Smaller Organizations Chapter 6: Consumer Markets and Consumer Buying Behavior Chapter Objectives 1. Explain the model of buyer behavior. 2. Outline the major characteristics affecting consumer behavior, and list some of the specific cultural, social, personal, and psychological factors that influence consumers. 3. Explain the buyer decision process and discuss need recognition, information search, evaluation of alternatives, the purchase decision, and postpurchase behavior. Chapter Outline I. Model of Consumer Behavior. The company that really understands how consumers will respond to different product features, prices, and advertising appeals has a great advantage over its competitors. As a result, researchers from companies and universities have heavily studied the relationship between marketing stimuli and consumer response. The marketing stimuli consist of the four Ps: product, price, place, and promotion. Other stimuli include major forces and events in the buyer’s environment: economic, technological, political, and cultural. All these stimuli enter the buyer’s black box, where they are turned into a set of observable buyer responses: product choice, brand choice, dealer choice, purchase timing, and purchase amount. II. Personal Characteristics Affecting Consumer Behavior [ A. Cultural factors 1. Culture. Culture is the most basic determinant of a person’s wants and behavior. It compromises the basic values, perceptions, wants, and behaviors that a person learns continuously in a society. 2. Subculture. Each culture contains smaller subcultures, groups of people with shared value systems based on common experiences and situations. 3. Social classes. These are relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors. Social class in newer nations such as the United States, Canada, Australia, and New Zealand is not indicated by a single factor such as income but is 13 | P a g e measured as a combination of occupation, source of income, education, wealth, and other variables. 4. B. Social factors 5. Reference groups. These groups serve as direct (face-to-face) or direct point of comparison or reference in the forming of a person’s attitude and behavior. 6. 1. Online social networks are online communities where people socialize or exchange information and opinions. Social networking media range from blogs to social networking Web sites, such as MySpace.com and YouTube, to entire virtual worlds, such as Second Life or World of Warcraft. 2. Family. Family members have a strong influence on buyer behavior. The family remains the most important consumer-buying organization in American society. 3. Role and status. A role consists of the activities that a person is expected to perform according to the persons around him or her. Each role carries a status reflecting the general esteem given to it by society. People often choose products that show their status in society. C. Personal factors 1. Age and lifecycle stage. The types of goods and services people buy change during their lifetimes. As people grow older and mature, the products they desire change. The makeup of the family also affects purchasing behavior. For example, families with young children dine out at fast food restaurants. 2. Occupation. A person’s occupation affects the goods and services bought. 3. Economic situation. A person’s economic situation greatly affects product choice and the decision to purchase a particular product. 4. Lifestyle. Lifestyles profile a person’s whole pattern of acting and interacting in the world. When used carefully, the lifestyle concept can help the marketer understand changing consumer values and how they affect buying behavior. 5. Personality and self-concept. Each person’s personality influences his or her buying behavior. By personality we mean distinguishing psychological characteristics that disclose a person’s relatively individualized, consistent, and enduring responses to the environment. Many marketers use a concept related to personality: a person’s self-concept (also called self-image). Each of us has a complex mental self-picture, and our behavior tends to be consistent with that self-image. 6. D. Psychological factors 7. Motivation. A need becomes a motive when it is aroused to a sufficient level of intensity. Creating a tension state causes a person to act to release the tension. 14 | P a g e 0 Perception. Perception is the process by which a person selects, organizes, and interprets information to create a meaningful picture of the world. [Slide 6-9] 1 Learning. Learning describes changes in a person’s behavior arising from experience. 2 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. III. Buyer Decision Process A. Problem recognition. The buying process starts when the buyer recognizes a problem or need. B. Information search. An aroused consumer may or may not search for more information. How much searching a consumer does will depend on the strength of the drive, the amount of initial information, the ease of obtaining more information, the value placed on additional information, and the satisfaction one gets from searching. C. Evaluation of alternatives. Unfortunately, there is no simple and single evaluation process used by all consumers or even by one consumer in all buying situations. There are several evaluation processes. D. Purchase decision. In the evaluation stage, the consumer ranks brands in the choice set and forms purchase intentions. Generally, the consumer buys the most preferred brand. E. Postpurchase behavior. The marketer’s job does not end when the customer buys a product. Following a purchase, the consumer will be satisfied or dissatisfied and will engage in postpurchase actions of significant interest to the marketer. 15 | P a g e
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