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This 38 page Study Guide was uploaded by Javier Villa on Monday December 8, 2014. The Study Guide belongs to 3023 at Florida State University taught by Tim Birritella in Spring2013. Since its upload, it has received 129 views. For similar materials see Marketing in Business at Florida State University.
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Date Created: 12/08/14
Marketing Management Prof Birrittella MAR 3023 Exam 2 Review Sheet 0 Specialty products are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort Not frequent I Medical services I Designer clothes Bosh Oprah Tall fat I High end electronics 0 Product Attributes o Product attributes are the benefits of the product or service I Quality 0 Product quality includes level and consistency o Quality level is the level of quality that supports the product s positioning o Performance quality is the ability of a product to perform its functions I Features 0 Product features are a competitive tool for differentiating a product from competitors products 0 Product features are assessed based on the value to the customer versus the cost to the company I Style and design 0 Brand o Brand is the name term sign or design or a combination of these that identi es the maker or seller of a product or service EX JetBlue KFC 0 Packaging o Packaging involves designing and producing the container or wrapper for a product ex Paul Mitchell I Primary container just the Zephrehills bottle alone I Secondary container 12 pack packaging I Shipping package Shipped to publix in a cardboard box 0 Effective Labeling o Label identifies the product or brand describes attributes and provides promotion I Identifies product I Grade product Grade A I Describe product what s inside calorie content milk I Promote product with graphics I New Product Development o Acquisition refers to the buying of a whole company a patent or a license to produce someone else s product 0 New product development refers to original products product improvements product modifications and new brands developed from the firm s own research and development o 1 Idea generation I New idea generation is the systematic search for new product ideas Toilet seat that automatically goes down Car start from miles away to warm up 0 Sources of new product ideas 0 Intemal I Internal sources refer to the company s own formal research and development management and staff and intrapreneurial programs 0 Extemal I External sources refer to sources outside the company such as customers competitors distributors suppliers and outside design firms o 2 Idea screening I Idea screening refers to reviewing new product ideas in order to spot good ideas and drop poor ones as soon as possible What do people think Drop bad ideas take good ideas o 3 Concept development and testing I Concept testing refers to newproduct concepts with groups of target consumers I We want to create a doll that looks like this Ask people what it should look like o 4 Marketing strategy development I Marketing strategy development refers to the initial marketing strategy for introducing the product to the market o 5 Business analysis Marketing Management Prof Birrittella MAR 3023 Exam 2 Review Sheet 0 Samples offer a trial amount of a product 0 Coupons 0 Coupons are certificates that give buyers a saving when they purchase specified products 0 Cash Refund rebates 0 Cash refunds are similar to coupons except that the price reduction occurs after the purchase 0 Contests Sweepstakes Games o Contests sweepstakes and games give consumers the chance to win something such as cash trips or goods by luck or through extra effort I Contests require an entry by a consumer I Sweepstakes require consumers to submit their names for a drawing I Games present consumers with something that may or may not help them win a prize 0 DirectMail marketing o Directmail marketing involves an offer announcement reminder or other item to a person at a particular address I Personalized I Easy tomeasure results I Costs more than mass media I Provides better results than mass media 0 Catalog marketing 0 Catalog direct marketing involves printed and Web based catalogs I Benefits of Web based catalogs Lower cost than printed catalogs Unlimited amount of merchandise Realtime merchandising Interactive content 0 Promotional features I Challenges of Web based catalogs 0 Require marketing 0 Difficulties in attracting new customers 0 Telephone marketing o Telephone direct marketing telemarketing involves using the telephone to sell directly to consumers and business customers I Outbound telephone marketing sells directly to consumers and businesses I Inbound telephone marketing uses toll free numbers to receive orders from television and print ads direct mail and catalogs 0 Direct Response TV marketing o Directresponse television DRTV marketing involves 60 to 120 second advertisements that describe products or give customers a toll free number or Web site to purchase and 30minute infomercials such as home shopping channels I Less expensive than other forms of promotion I Easier to track results 0 Kiosk marketing o Kiosk marketing involves placing information and ordering machines in stores airports trade shows and other locations 0 Mobile phone marketing o Ringtone giveaways 0 Mobile games o Ad supported content 0 Contests and sweepstakes 0 Podcasts amp Vodcasts o Podcasts and Vodcasts involve the downloading of audio and video files via the Internet to a handheld device such as a PDA or iPod and listening to them at the consumer s convenience 0 Interactive TV Marketing Management Prof Birrittella MAR 3023 Exam 2 Review Sheet o Interactive TV ITV lets viewers interact with television programming and advertising using their remote controls and provides marketers with an interactive and involving means to reach targeted audiences 0 Online shopping I Businessto Business B2B o Business to business B2B involves selling goods and services providing information online to businesses and building customer relationships I BusinesstoConsumer BZC o Business to consumer B2C involves selling goods and services online to final consumers I Consumer to Business CZB 0 Consumer to business CZB involves consumers communicating with companies to send suggestions and questions via company Web sites I Consumer to Consumer C2C 0 Consumer to consumer C2C occurs on the Web between interested parties over a wide range of products and subjects I Blogs 0 Offer a fresh original and inexpensive way to reach fragmented audiences I Difficult to control I Click only marketers o Clickonly marketers operate only online without any brick and mortar presence I E tailers I Search engines and portals I Shopping or price comparison sites I Intemet service providers ISP I Transaction sites I Content sites I Click and mortar o Clickandmortar companies are brick and mortar companies with an online presence I Advantages of click and mortar companies include 0 Known and trusted brand names Strong financial resources Large customer bases Industry knowledge Reputation Strong supplier relationships More options for customers I E tailers o E tailers are dot coms that sell products and services directly to final buyers via the Intemet I Amazon I Expedia Module 9 Promotional Mix o The promotion mix is the specific blend of advertising public relations personal selling and directmarketing tools that the company uses to persuasively communicate customer value and build customer relationships 0 Advertising o Advertising is any paid form of non personal presentation and promotion of ideas goods or services by an identified sponsor I Broadcast I Print I Intemet I Outdoor 0 Personal Selling Marketing Management Prof Birrittella MAR 3023 Exam 2 Review Sheet o Personal selling is the personal presentation by the firm s sales force for the purpose of making sales and building customer relationships I Sales presentations I Trade shows I Incentive programs 0 Sales Promotion 0 Sales promotion is the short term incentives to encourage the purchase or sale of a product or service I Discounts I Coupons I Displays I Demonstrations 0 Public Relations o Public relations involves building good relations with the company s various publics by obtaining favorable publicity building up a good corporate image and handling or heading off unfavorable rumors stories and events I Press releases I Sponsorships I Special events I Web pages 0 Direct Marketing o Direct marketing involves making direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships by using direct mail telephone direct response television e mail and the Intemet to communicate directly with specific consumers I Catalog I Telemarketing I Kiosks I 9 Steps in Communication Process 0 Sender is the party sending the message to another party Encoding is the process of putting thought into symbolic form Message is the set of symbols the sender transmits Media is the communications channels through which the message moves from sender to receiver Decoding is the process by which the receiver assigns meaning to the symbols Receiver is the party receiving the message sent by another party Response is the reaction of the receiver after being exposed to the message Feedback is the part of the receiver s response communicated back to the sender Noise is the unplanned static or distortion during the communication process which results in the receiver s getting a different message than the one the sender sent o Most important encoding decoding Response and feedback 00000000 I Rational Appeals o Rational appeal relates to the audience s self interest ex Pine Sol 0 Emotional Appeals o Emotional appeal is an attempt to stir up positive or negative emotions to motivate a purchase ex Alarms 0 Moral Appeals o Moral appeal is directed at the audience s sense of right and proper ex AIDS 0 Advertising Objectives o An advertising objective is a specific communication task to be accomplished with a specific target audience during a specific time I Objectives are classified by primary purpose 0 Inform 0 Persuade I Remind 0 Informative Advertising o Informative advertising is used when introducing a new product category the objective is to build primary demand 0 Persuasive Advertising Marketing Management Prof Birrittella MAR 3023 Exam 2 Review Sheet o Persuasive advertising is important with increased competition to build selective demand 0 Comparison Advertising o Comparative advertising directly or indirectly compares the brand with one or more other brands 0 Reminder Advertising o Reminder advertising is important with mature products to help maintain customer relationships and keep customers thinking about the product 0 Reach o Reach is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time 0 Frequency o Frequency is a measure of how many times the average person in the target market is exposed to the message Module 10 0 Distribution Channels o Distribution channel OR Marketing channel is a set of independent organizations that help make a product or service available for use or consumption by the consumer or business users 0 Market Intermediaries o Market Intermediaries are people or organizations that help get products to the final consumer They are sometimes called middle men One point to the other 0 Direct Marketing Channel o Direct marketing channel has no intermediary levels the company sells directly to consumers 0 Company to you 0 Indirect Marketing channel o Indirect marketing channels contain one or more intermediaries o Company to distribution channels to you 0 Intensive Distribution o Intensive distribution is a strategy used by producers of convenience products and common raw materials in which they stock their products in as many outlets as possible o Being in every store possible Not good because of perception DampG at Walmart No o Ex Snickers 0 Exclusive Distribution o Exclusive distribution is a strategy in which the producer gives only a limited number of dealers the exclusive right to distribute its products in their territories I Luxury automobiles Rolls Royce Lambo I High end apparel EX Piaget Watches 0 Selective Distribution 0 Selective distribution is a strategy when a producer uses more than one but fewer than all of the intermediaries willing to carry the producer s products o Ex TV s Appliances o Ex Acura Cars 0 Physical Distribution 0 Physical Distribution Marketing logistics involves planning implementing and controlling the physical ow of goods services and related information from points of origin to points of consumption to meet consumer requirements at a pro t 0 Retailing o Retailing includes all the activities in selling products or services directly to final consumers for their personal non business use o Retailers are businesses whose sales come primarily from retailing Specialty stores 0 Department stores o Department stores carry a wide variety of product lines 0 Supermarkets 0 Convenience stores Marketing Management Prof Birrittella MAR 3023 Exam 2 Review Sheet o Convenience stores carry a limited line of high tumover convenience goods 711 0 Superstores o Superstores offer a large assortment of routinely purchased food products non food items and services 0 Supercenters have very large combination food and discount stores 0 Discount stores o Discount stores sell standard merchandise at lower prices by accepting lower margins and selling higher volume I Marshalls TJMaxx 0 Direct marketing o Direct Marketing selling your product directly to consumers 0 Direct selling 0 Wholesaling o All the activities involved in selling goods and services to those buying for resale or business use I Selling to other businesses who sell to consumers 0 Micromarketing Is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations gt Local marketing gt Individual marketing Chapter 6 Product Is anything that can be offered in a market for attention acquisition use or consumption that might satisfy a need or Want Consumer Products Are products and services for personal consumption Classified by how consumers buy them 0 Convenience Product Are consumer products and services that the customer usually buys frequently immediately and with a minimum comparison and buying effort Ex newspaper candy fast food 0 Shopping Product Are consumer products and services that the customer compares carefully on suitability quality price and style EX furniture cars 0 Specialty Product Are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchases effort Ex medical services designer clothes high end electronics Products Attributes Are the benefits of the product or service Quality features style and design Brand Is the name term sign or design or a combination of these that identifies the maker or seller of a product or service Ex J etBlue KFC Packaging Involves designing and producing the container or Wrapper for a product 0 Primary container 0 Secondary container 0 Shipping Package J Identifies the product or brand describes attributes and provides promotion 0 Identifies product 0 Grade product Grade A 0 Describe product 0 Promote product with graphics gt When to launch gt Where to launch gt Planned market rollout Product Life Cvcle PLC Is the course that a product s sales and profits take over its lifetime 5 stages 1 Product development Refers to the original products product improvements product modifications and new brands developed from the firm s own research and development 2 Introduction Stage Is when the new product is first launched 0 Takes time 0 Slow sales growth 0 Little or no profit 0 High distribution and promotion expense 3 Growth Stage Is when the new product satisfies the market 0 Sales increase New competitors enter the market Price stability or decline to increase volume Consumer education Profits increase Promotion and manufacturing costs gain economies of scale Product quality increases New features 0 New market segments and distribution channels are entered 4 Maturity Stage Is a long lasting stage of a product that has gained consumer acceptance 0 Slowdown in sales 0 Many suppliers 0 Substitute products 0 Overcapacity leads to competition 0 Increased promotion and RampD to support sales and profits 5 Decline Stage Is when sales decline or level off for a extended time creating a weak production 0 Maintain the product 0 Harvest the product 0 Drop the product Chapter 7 Price Is the amount of money charged for a product or service It is the sum of all the values that consumers give up in order to gain the benefits of having or using a product or service Price is the only element in the marketing mix that produces revenue all other elements represent costs Coupons Are certificates that give buyers a saving when they purchased specified products Cash refunds Are similar to coupons except that the price reduction occurs after the purchase Contests sweepstakes and games Give consumers the chance to win something such as cash trips or goods by luck or through extra effort Contests require an entry by a consumer Sweepstakes require consumers to submit their names for a drawing Games present consumers with something that may or may not help them win a prize Direct mail Marketing Involves an offer announcement reminder or the item to a person at a particular address Personalized Easytomeasure results Costs more than mass media Provides better results than mass media Catalog direct marketing Involves printed and Web based catalogs Bene ts of webbased catalogs lLLower cost than printed catalogs LUnlimited amount of merchandise LRealtime merchandising LInteractive content LPromotional features Challenges of web based catalogs lLRequire marketing LDifficulties in attracting new customers Telephone Direct Marketing telemarketing 1 Involves using the telephone to sell directly to consumers and business customers Outbound telephone marketing sells directly to consumers and businesses Inbound telephone marketing uses tollfree numbers to receive orders from television and print ads direct mail and catalogs Direct Response TV Marketing DRTV 1 Involves 60 to 120 second advertisements that describe products or give customers a tollfree number or web site to purchase and 30 minute infomercials such as home shopping channels Less expensive than other forms of promotion Easier to track results Freguency Is a measure of how many times the average person in the target market is exposed to the message Chapter 10 Distribution Channel Is a set of independent organizations that help make a product or service available for use or consumption by the consumer or business users Market intermediaries Are people or organizations that help get products to the final consumer They are sometimes called middle men Direct marketing channel Has no intermediary levels the company sells directly to consumers Indirect marketing channel Contain one or more intermediaries Intensive Distribution Is a strategy used by producers of convenience products and common raw materials in which they stock their products in as many outlets as possible Exclusive Distribution Is a strategy in which the producer gives only a limited number of dealers the exclusive right to distribute its products in their territories 0 Luxury cars 0 Highend apparel Selective Distribution Is a strategy when a producer uses more than one but fewer than all of the intermediaries willing to carry the producer s product 0 Televisions 0 Appliances Physical Distribution Involves planning implementing and controlling the physical ows of goods services and related information from points of origin to points of consumption to meet consumer requirements at a profit Retailing Includes all the activities in selling products or services directly to final consumers for their personal nonbusiness use Snecialtv stores Carry narrow product lines with deep assortments Within the product lines Department stores Carry a Wide variety of products lines Convenience stores Carry a limited line of high turnover convenience goods Production Concept Is the idea that consumers will favor products that are available or highly affordable Ex Will buy because available and cheap Product Concept Is the idea that consumers will favor products that offer the most quality performance and features for which the organization should therefore devote its energy to making continuous improvements Ex Better mousetrap Selling Concept Is the idea that consumers will not buy enough of the firm s products unless it undertakes a large scale selling and promotion effort Marketing Concept Is the idea that achieving organizational goals depends on knowing the need and wants of the target markets and delivering that desired satisfaction better than competitors Social Marketing Concept Is the idea that a company should make good marketing decisions by considering consumers wants company s requirements consumers long ter1n interests and society s long run interests Customer Relationship Management Is the overall process of building and maintaining profitable customers relationships by delivering superior value and satisfaction Customer Perceived Value Is the difference between total customer value and total customer cost Ex FedEx Customer Satisfaction Is the extent to which a products perceived performance matches a buyer s expectation Ex Your car Total Quality Management Designed to constantly improve the quality of products services and marketing process 1 Rapid Globalization The world is smaller Think globally act locally Marketers are being called upon to take greater responsibility for the social and environmental impact of their actions in a global economy Social Marketing Campaigns Encourage energy conservation and concern for the environment or discourage smoking excessive drinking and drug use Chanter g Comngnv Strategy Strategic Planning Is the process of developing and maintaining a strategic fit between the organization s goals and capabilities and its changing marketing opportunities 4 Steps in Strategic Planning 1 Stars Are highgrowth highshare business or products requiring heavy investment to finance rapid growth They will eventually turn into cash cows 2 Cash Cows Are lowgrowth highshare business or products that are established and successful SBUs requiring less investment to maintain market share 3 Question Marks Are low share business units in highgrowth markets requiring a lot of cash to hold their share 4 Dogs Are low growth low share business and products that may generate enough cash to maintain themselves but do not promise to be large source of cash BCG Market Strategies 0 BUILD Invest more money to build share 0 HOLD Invest just enough to hold share 0 HARVEST Take out cash regardless of the effect 0 DIVEST Sell off or close down Problems with Matrix ADDroach 0 Difficulty in defining SBUs and measuring market share and growth 0 Time consuming O Expensive 0 Focus on current business not future planning ProductMarket expansion grid Is a tool for identifying company growth opportunities through market penetration market development product development and diversification 1 Product Is the goods and services in combination that the company offers to the target market 2 Price Is the amount of money customers have to pay to obtain the product 3 Place Is the company activities that make the product available to target customers 4 Promotion Is the activities that communicate the merits of the product and persuade target customers to buy it The 4P s Vs The 4C s 0 Product Vs Customer Solution 0 Price Vs Customer Cost 0 Place Vs Convenience 0 Promotion Vs Communication Marketing Management Reguires gLAnalysis Is the complete analysis of the company s situation in a SWOT analysis that evaluates the company s 0 Strengths 0 Weaknesses 0 Opportunities 0 Threats bLPlanning Is the development of strategic and marketing plans to achieve company objectives Marketing Strategy Consists of the specific strategies for target markets positioning the marketing mix and marketing expenditures levels Sections of Marketing plan include 0 Executive summary 0 Current marketing situation 0 Threats and opportunities 0 Objective and issues 0 Action programs 0 Budgets 0 Controls C Implementing Is the process that tums marketing plans into marketing actions to accomplish strategic marketing objectives 2 Deals with the WHO WHERE WHEN and HOW d Controlling Is measuring and evaluating results and taking corrective action as needed 0 Operating Control 0 Strategic Control Chapter 2 Marketing Environment The marketing environment Includes the actors and forces outside marketing that affect marketing management s ability to build and maintain successful relationships with customers Ex Green movement Organic Foods Microenvironment Consists of the actors close to the company that affect its ability to serve the company the suppliers marketing intermediaries customers competitors and publics a The Company Internal environments includes 0 Top management 0 Finance 0 RampD 0 Purchasing 0 Operations 0 Accounting b Suppliers Provide the resources to produce goods and services Treated as partners to provide customers value Ex gasoline c Marketing Intermediaries Help the company to promote sell and distribute its products to final buyers Ex Resellers marketing services agencies financial intermediaries physical distribution firms d Customers Customer Markets Consist of individuals and households that buy goods and services for personal consumption ALL OF US Business Markets Buy goods and services for further processing or for use in their production process e Competitors Firms must gain strategic advantage by positioning their offerings against competitor s offerings f Publics Any group that has an actual or potential interest in or impact on an organization s ability to achieve its objective Technological environment Most dramatic force in changing the marketplace With many positive and negative effects 0 Rapid change 0 Provides new markets and new opportunities 1 Internet 2 Medicine 3 Miniaturization 4 Weapons 5 Credit cards 6 Communication d Political Environment Consists of laws government agencies and pressure groups that in uence or limit various organizations and individuals in a given society Changing Government Agency Enforcement 0 Federal Trade Commission 0 Food and Drug Administration 0 Federal Communications Commission 0 Federal Energy Regulatory Commission 0 Federal Aviation Administration 0 Consumer Product Safety Commission 0 Environmental Protection Agency e Cultural Environment Consists of institutions and other forces that affect society s basic values perceptions and behaviors Core beliefs and values Have a high degree of persistence are passed on from parents to children and are reinforced by schools churches businesses and govemment Ex Very difficult to change racial sexual political beliefs Secondary beliefs and values Are more open to change Ex Much easier to change Chapter 4 Manage Marketing Marketing Information System gMIS Consists of people equipment and procedures to gather sort analyze evaluate and distribute needed timely and accurate information to marketing decision makers 0 Assess the information needs 0 Develop needed information 0 Analyze information 0 Distribute information NOTE MIS provides information to the company s marketing and other managers and external partners such as suppliers resellers and marketing service agencies Marketing Research Is the systematic design collection analysis and reporting of data relevant to a specific marketing situation facing an organization Steps of the marketing research process 1 Defining the problem and research objectives 2 Hardest step in the process If you fail to recognize the correct problem you may end up researching something unnecessary Ex New Coke Developing the research plan Research Plan Outlines sources of existing data and spells out the specific research approaches contact methods sampling plans and instruments that researchers will use to gather data Secondary Data Consists of information that already exists somewhere having been collected for another purpose Primary Data Consists of information gathered for the special research plan Primary data collection Research approaches contact methods sampling plan research instruments Observational Research Involves gathering primary data by observing relevant people actions and situations Survey Research Is the most widely used methods and is best for descriptive information knowledge attitudes preferences and buying behavior 0 Flexible 0 People can be unable or unwilling to answer 0 Gives misleading or pleasing answers 0 Privacy concerns Experimental Research Is the best for gathering casual information cause and effect relationships Ex New drugs Sample Is a segment of the population selected for the marketing research to represent the population as a whole Research Instruments 0 Questionnaires 0 Mechanical devices Ex Nielsen ratings grocery scanners Closedend questions Include all possible answers and subjects make choices among them Provide answers that are easier to interpret and tabulate Open end questions Allow respondents to answer in their own words Useful in exploratory research NOTE Social class is measured by a combination of occupation income education wealth and other variables The major American social classes Upper class Middle class Working class Lower class Social Factors Groups a Membership groups Have a direct in uence and to which a person belongs Ex AMA b Aspirational groups Are groups to which an individual wishes to belong Ex Frat c Reference groups Are groups that form a comparison or reference in forming attitudes or behavior Ex Oprah or Howard Stern d Opinion leaders Are people within a reference group with special skills knowledge personality or other characteristics that can exert social in uence on others Buzz Marketing Enlists opinion leaders to spread the word Social Networking Is a new form of buzz marketing 0 MySpace 0 Facebook 0 Twitter Family Is the most important consumer buying organization in society Social roles and status Are the groups family clubs and organizations to which a person belongs that can define role and social status Ex Woman mother daughter etc Personal Factors 0 Age and Wecycle stage Buyers are affected by changes in their age and family structure over time 0 Occupation Affects the goods and services bought by consumers EX WhiteBlue collar 0 Economic situation Includes trends in a Personal income b Savings c Interest rates Lifestyle Is a person s pattern of living as expressed in his or her psychographics Measures a consumer s AIOs activities interest and opinions to capture information about a person s pattern of acting and interacting in the environment Personality and selfconcept Refers to the unique psychological characteristics that lead to consistent and lasting responses to the consumer s environment Ex Coffee drinkers sociable Brand Personal Refers to the specific mix of human traits that may be attributed to a particular brand Sincerity Excitement Competence Sophistication Rug gedness Selfconcept Refers to people s possessions that contribute to and re ect their identities Ex Cars art books etc Psvchological Factors Motivation Is something inside of us that makes us buy the product or use the service Ex Hunger pains dry mouth dry breath Innate needs which sustain biological life a Food b Water c Air d Clothing e Sleep f Shelter g Sex Perception Is the process by which people select organize and interpret information to form a meaningful picture of the world Ex 1500 ads daily Learning Is the changes in an individual s behavior arising from experience Belief Is a descriptive thought that a person has about something based on a Knowledge b Opinion c Faith Attitudes Describe a person s relatively consistent evaluations feelings and tendencies toward an object or idea Types of Buving Decision Behavior a Complex buying behavior b Dissonance reducing buying behavior c Habitual buying behavior d Varietyseeking buying behavior aLComplex Buying Behavior When consumers are highly motivated in a purchase and perceive significant differences among brands Purchase are highly motivated When 0 Product is expensive 0 Product is risky 0 Product is purchased infrequently 0 Product is highly selfexpressive bLDissonancereducing buying behavior Occurs when consumers are highly involved With an expensive infrequent or risky purchase but see little difference among brands Ex carpet gLHabitual buying behavior Occurs when consumers have low involvement and there is little significant brand difference EX Salt d Variety seeking buying behavior Occurs when consumers have low involvement and there are significant brand differences EX cookies Five stages in the buver decision process 0 Need recognition Occurs when the buyer recognizes a problem or need Ex Wedding invitation 0 Information Search Is the amount of information needed in the buying process and depends on the strength of the drive the amount of information you start
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