Chapter 3 and 4
Chapter 3 and 4 MKT 423 Market Strategy
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This 1 page Class Notes was uploaded by Samantha Bressler on Friday October 7, 2016. The Class Notes belongs to MKT 423 Market Strategy at College of the Ozarks taught by Mrs. Emily Emery in Fall 2016. Since its upload, it has received 3 views. For similar materials see Market Strategy in Business Administration at College of the Ozarks.
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Date Created: 10/07/16
High vs Low involvement : High involvement: purchases involve goods or services that are psychologically important to the buyer because they address social or ego needs and therefore carry social and psychological risks. Usually uses a lot of money. Process of selling: Problem ID unsatisfied need Info search varies based on importance Opportunity cost Psychological cost: frustration from research Sources of info: Personal source: family and friends Commercial: Public: Doctor or lawyer Evaluation of Alternatives: Evoked Set: limits the number of choices. Product attributes: process of elimination that takes place Determine Attitude: decision time Purchase Post Purchase Evaluation: Such as online reviews Expectations Product performance Low Involvement: apply to products that aren't as important to customers, the search for information to evaluate alternative brands is minimal Impulse buys: on sale or discounted products. Inertia: no compelling reason to purchase anything else. Purchase Decision Making process Exhibit 5.4 on page 131 Recognition of a problem or a need Requirements planning: what requirements does a customer have Determine product specifications: a products features Search for information about products and suppliers Make or buy decisions Information about potential suppliers Evaluation and Selection of suppliers Vendor Analysis What if the customer makes unethical demands of its suppliers? Reciprocity: when an organization favors a supplier that is also a customer or potential customer for the organization's own products or services. The Purchase Exhibit 5.6 on page 140
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