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Marketing Chapter 5 Notes

by: Melanie Guerrero

Marketing Chapter 5 Notes MAR 250

Marketplace > Pace University > Marketing > MAR 250 > Marketing Chapter 5 Notes
Melanie Guerrero
GPA 3.43
Principles of Marketing (20335)
Harvey Markowitz

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About this Document

These notes cover all of chapter 5 in detail and includes a separate vocabulary sheet for easy studying!
Principles of Marketing (20335)
Harvey Markowitz
Class Notes
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This 5 page Class Notes was uploaded by Melanie Guerrero on Sunday February 21, 2016. The Class Notes belongs to MAR 250 at Pace University taught by Harvey Markowitz in Winter 2016. Since its upload, it has received 15 views. For similar materials see Principles of Marketing (20335) in Marketing at Pace University.


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Date Created: 02/21/16
I n39 This file was edited using the trial version of Nitro Pro 7 Buy now at wwwnitropdfcom to remove this message favorable or unfavorable way Beliefs a consumer s subjective perception of how a product or brand performs on different attributes Brand community a specialized group of consumers with a structured set of relationship involving a particular brand fellow consumers of that brand and the product in use Brand loyalty favorable attitude toward and consistent purchase of a single brand over time Cognitive dissonance the feeling of postpurchase psychological tension or anxiety Consideration set the group of brands a consumer would consider acceptable from among all the brands in the product class of which he or she is aware Consumer behavior the actions a person takes in purchasing and using products and services Consumer socialization process by which people acquire the skills knowledge and attitudes necessary to function as consumers Evaluative criteria represent both the objective attributes of a brand display and the subjective ones prestige Family life cycle concept that describes the distinct phases that a family progresses though from formation to retirement each phase bringing with it identi able purchasing behaviors Involvement the personal social and economic signi cance of the purchase to the consumer Learning those behaviors that result from repeated experience and reasoning Lifestyle a mode of living that is identi ed by how people spend their time and resources what they consider important in their environment and what they think of themselves and the world around them Motivation the energizing force that stimulates behavior to satisfy a need Opinion leaders considered to be knowledgeable about or users of particular products and services so their opinions in uence others choices Perceived risk represents the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences Perception the process of which an individual selects organizes and interprets information to create a meaningful picture of the world Personality a person s consistent characteristics within a person or in his or her relationships with others Purchase decision process the stages a buyer passes through in making choices about which products and services to buy Reference groups people to whom an individual looks as a basis for selfappraisal or as a source of personal standards Selfconcept the way people see themselves and the way they believe others see them I n39 This file was edited using the trial version of Nitro Pro 7 Buy now at wwwnitropdfcom to remove this message Subliminal perception that you see or hear messages without being aware of them Word of mouth the most powerful and authentic information source for consumers because it typically involved friends Viewed as trustworthy I n39 This file was edited using the trial version of Nitro Pro 7 Buy now at wwwnitropdfcom to remove this message 1 Internal search 2 External search a Personal sources b Public sources c Marketerdominated sources C Alternative Evaluation 1 Suggesting criteria to use for the purchase 2 Yielding brand names that might meet the criteria 3 Developing consumer value perceptions 4 Evaluative criteria v0cab 5 Consideration set v0cab D Purchase Decision 1 From Whom to buy 2 When to buy E Postpurchase Behavior 1 Cognitive dissonance v0cab F Consumer involvement affects problem solving 1 Involvement v0cab 2 Extended Problem solving 3 Limited problem solving 4 Routine problem solving 5 Consumer involvement and marketing strategy a Maintaining product quality b Avoiding stock out situations so that buyers don t substitute a competing brand c Repetitive advertising messages that reinforce a consumer s knowledge or assure buyers they made they made right choice G Situational In uences that affect purchase decisions 1 The purchase task 2 Social surroundings 3 Physical surroundings 4 Temporal effects 5 Antecedent states II Psychological in uences on consumer behavior A Consumer motivation and personality I n39 This file was edited using the trial version of Nitro Pro 7 Buy now at wwwnitropdfcom to remove this message 2 Perceived risk v0cab AVOIDING RISK a Obtaining seals of approval b Securing endorsements from in uential people c Providing free trials of the product d Providing warranties and guarantees C Consumer Learning 1 Behavioral learning a Drive b Response c Reinforcement 2 Cognitive Learning a Thinking b Reasoning c And mental problem solving 3 Brand loyalty a v0cab D Consumer values beliefs and attitudes l Attitude formation a Attitude v0cab b Beliefs v0cab 2 Attitude change a Changing beliefs about the extent to Which a brand has certain attributes b Changing the perceived importance of attributes c Adding new attributes to the product E Consumer Lifestyle 1 Lifestyle v0cab 2 Segments based on consumer s primary motivation for buying and having certain products and services and their resources a Idealsmotivated groups b Achievementmotivated groups c Selfexpressionmotivated groups d High and lowresource groups III Sociocultural In uences on Consumer Behavior I n39 This file was edited using the trial version of Nitro Pro 7 Buy now at wwwnitropdfcom to remove this message 2 Brand community vocab C Family In uence 1 Consumer socializations vocab 2 Family life cycle vocab 3 Family decision marking D Social Class in uence 1 Social class vocab E Culture and subculture In uences l Subcultures vocab 2 Hispanic buying patterns a Are more qualitybrandconscious b Are strongly in uenced by family and peers 3 African American buying patterns a Are more priceconscious b Respond more to products that appeal to their pride and heritage 4 Asian American buying patterns a Characterized by i hard work ii strong family ties iii appreciation for education


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