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Lecture 6 and 7 Notes

by: Alexis Cone

Lecture 6 and 7 Notes 86498 - MKT 3010 - 006

Alexis Cone
GPA 3.31
Principles of Marketing
Amanda Cooper Fine

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About this Document

This is the rest of the Chapter 6 notes that were finished on Tuesday as well as all of the Chapter 7 notes.
Principles of Marketing
Amanda Cooper Fine
Class Notes
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This 8 page Class Notes was uploaded by Alexis Cone on Thursday September 10, 2015. The Class Notes belongs to 86498 - MKT 3010 - 006 at Clemson University taught by Amanda Cooper Fine in Spring 2015. Since its upload, it has received 69 views. For similar materials see Principles of Marketing in Marketing at Clemson University.

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Date Created: 09/10/15
Chapter 6 Continued Types of Problem Solving 09082015 0 Degree of Problem Solving 0 Step 2 Information Search Factors Affecting Information Search U Perceived bene ts vs cost of search a Locus of control n Actual or perceived risk Performance risk if the product does not perform well what does it look like 0 Ex Christmas Tree Stand what happens if your tree stand doesn t work and your tree falls over 0 Ex Invisible Fence for dog what happens if fence doesn t work and dog gets out Financial Risk the more money related to the purchase the more risk that is associated with the purchase 0 Consumer wants best bang for the buck Psychological Risk functional vs psychological needs What is the risk of how others will perceive me if I don t buy the right thing 0 Ex College students wearing norts or vineyard vines ect Physiological Risk some sort of safety or harm concern 0 Ex What happens if your ladder doesn t perform well or is to heavy to pick up 0 Step 3 Evaluation of Alternatives Attribute Sets characteristics about the product brand name price quality color ect a Universal sets knowing every option within a set virtually impossible Retrieval sets options that you know about 0 product and services you like 0 products and services you know nothing about 0 products and services you don t like Evaluation Criteria n Determinant attributes deal breakers Attributes consumers care most about 0 Attributes that differentiate different products 0 Ex Why did you pick your houseapartment 0 You look at all attributes and then the determinant attributes help to break the tie between certain places a Decision Heuristics mental shortcuts Somatic markers 0 Choosing based on brand 0 Choosing based on price 0 Unsure about the brand so you look at price 0 Choosing based on packaging 0 ex Wine companies try to design interesting labels and names to catch consumers eye 0 Step 4 Purchase Decision and Consumption Choice is made Value a Decision is usually made on how consumer values the product 0 Step 5 Postpurchase Behavior This step is so important to marketers because you have gone from being a potential customer to being an actual customer Customer Satisfaction D What is customer satisfaction 0 As a consumer you have certain expectations so customer satisfaction is expectation vs perceived performance 0 Performance above expectations consumer is satis ed 0 Performance below expectations consumer is not satis ed a Companies have to manage expectations 0 Don t over hype products but still get consumers excited about your product a Customer feedback Helps to turn negative situations into positive situations Postpurchase Cognitive Dissonance a What you believe doesn t match up with your behavior a Buyers remorse Not feeling good about your purchase decision a Purchasing expensive items Infrequently purchased items 0 Consumers don t have a lot to compare that purchase too a Anytime risks are perceived to be high there is a greater likelihood of postpurchase cognitive dissonance Customer Loyalty Negative Word of Mouth amplor Reviews a Can impact sales a Companies have to know how to deal with this 0 Ex LL Bean uses this as an indicator 0 If anything gets 6 or more negative reviews they put the product immediately on sale donate it to charity or destroy the product Not everyone goes through every step or every step in the same order Factors In uencing The Consumer Decision Process Maslow s hierarchy of needs is about understanding the motives behind needs 0 Start at the bottom level and work your way up 0 Physiological l safety social l esteem l selfful llment Physiological most basic needs food water sex ect n Betty white snickers commercial you aren t you when your hungry Safety health wellbeing ect n ADT commercial Social love sense of belonging n eHarmony commercial Esteem personal needs status El n Audi commercial luxury has progressed SelfFul llment 1 Psychological Factors Motives Attitudes feelings towards and object that are usually constructed by our culture and beliefs 0 Cognitive What we believe to be true what we know 0 Affective Based on what we believe to be true do we like or dislike something 0 Behavioral Based on whether we like or dislike something how do we act towards it 0 From a marketing standpoint attitudes are usually very hard to change Perception 0 Something that really plays into what we think we need and how we make our purchase decisions Ex Keeping the same product but changing the name can either help or hurt sales 0 Learning 0 Refers to changes in your behavior based on experience or reasoning 0 Can be the reason why product extensions work Ex Children s Tylenol regular Tylenol cold and sinus Tylenol if you take Tylenol as you grow up you associate it with taking care of you which is why you might try cold and sinus Tylenol 0 Lifestyle 0 Made up of Activities Interest and Opinions 2 Social Factors 0 Family 0 Single most important buying organization in America 0 Reference Groups 0 Those we look too for information regarding what to buy Co workers friends peers celebrities ect UL 0 Can make us feel good about ourselves Culture 0 Where we grow up morals beliefs ect Situational Factors can override all psychological and social factors Purchase Situations 0 Shopping for others allows you to buy something you wouldn t usually buy Shopping Situations 0 Something about the store or website gets you to purchase something you wouldn t typically buy Temporal Situations state of mind 0 Something about your temporal state makes you more or less likely to buy something you wouldn t usually buy Chapter 7 BusinesstoBusiness Marketing 09102015 BZB Markets 0 Manufacturers or producers 0 Industrial markets 0 Manufacturer Nike Manufacturer there own goods Resellers 0 Buy product typically from a manufacturer and them resell it to another business Do not signi cantly altar the product Nike selling shoes to Zappos who them sells the shoes to an end user Institutions 0 Colleges or universities churches museums ect Government 0 Typically the largest purchaser of goods and services Characteristics of Organizational Buying 0 Demand characteristics 0 Consumer demand vs derived demand Consumer demand deals with consumption need recognition and is all about the end user and what type of demand they have for the product Derived demand looks at the link between consumer demand and the manufacturer I What does the rm have to do to meet consumer demand 0 Size of the orderpurchase 0 Amount of product being ordered by a company or a price tag 0 Some companies have certain regulations set in place on how much money can be spent Ex Oracle certain lower level project managers only have so much money they can spend on a project If they need more money they have to ask an upper level for more money 0 Number of potential buyers 0 BZB has way less potential buyers than BZC markets thus one customer can make or break you Ex Rubbermaid went bankrupt about 10 years ago because the commodity prices for certain raw materials went up and therefore Rubbermaid had to increase the price of their product WalMart dropped Rubbermaid because of the new prices and Rubbermaid went out of business within a year Organizational buying objective 0 Different rms have different objectives that must be met when buying certain things BZB Selling Process This process is much more formal than the buying and decision process of a consumer o This is because it is in regard to a whole rm not just an individual Stage 1 Need Recognition o Unful lled need Internal to the rm sales people tell you have a need sales data tells you of a need ect External to the rm suppliers people in the supply chain market factors ect Stage 2 Product Speci cations 0 What are the product speci cations of what we need Direction to suppliers helps suppliers understand if they can provide you with the product you need Collaborate with people to help come up with product speci cations Stage 3 Request For Proposals Process 0 RFP o Suppliers bid on the need We can supply you with this at this price Stage 4 Proposal Analysis Vendor Negotiation and Selection 0 Evaluate the proposals from the different suppliers 0 Negotiate the terms Against the different vendors o Selective Criteria Choose based on some sort of criteria One of the top criteria is price Value is also very important n Additional bene ts 0 Stage 5 Order Speci cation 0 Order placed Making a contract Details are speci ed 0 Stage 6 Vendor Analysis 0 Similar to postpurchase behavior and analysis 0 Formal evaluation of performance Do you want to renew Factors In uencing the Buying Process 0 The buying center 0 How many people are involved 0 Less people involved the less complicated o More people involved more complicated Organizational culture 0 Who gets to make the decision 0 Does everyone get a vote or say does just one person decide is it multiple people involved ect o If multiple people are involved do they all have equal say 0 Buying situation 0 Have we bought this product before or is it a rst time purchase o If we have purchased this product before we probably don t need to go through all 6 stages o If we haven t bought the product before we will most likely go through all six steps


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