Marketing week 3

1. problem recognition 2. Information Search 3. evaluation of alternatives 4. purchase decision 5. post-purchase assessment

5 step purchase decision process

environmental scanning

An ongoing situation analysis thats focused on whats going on outside the company and how it will affect your company, customers and suppliers

No! consumer's involvement and the brand differences will dictate their purchase decision process

Are all buying decisions created equally?

5 Cs of Marketing

Commonly used SITUATION ANALYSIS technique, interchangeable with the environment scanning framework, they are focused on INTERNAL FORCES

post-purchase assessment

Encourage product usage and help them feel good about their decision to drive loyalty

Technological

Google Nest Protect, an alarm system that sends alerts of smoke or carbon monoxide to your phone, is easily muted and has a "heads-up" warning before triggering its siren. It also self-tests and has a motion-activated path light. These innovations are an example of a(n)________ force that could impact other industries: Competitive Social Technological Regulatory

A few

In routine problem solving, the number of external information sources used is typically which of these? a few one many none

Purchase decision process

Jimbo cracked the glass on his smartphone. He had hoped it was just the screen protector, but he saw that he really could not do much with his phone in that condition. Jimbo knew he'd need to get a new one; he had just begun the

Environmental scan

Marketers can identify key trends such as the growing popularity of personal shoppers, the increasing emphasis on reuse rather than disposal of products and resources, and the importance of new e-commerce purchasing alternatives by conducting

Help consumers make comparisons that address their important evaluation criteria

Marketers role in evaluation of alternatives?

Create product awareness and educate on benefits

Marketers role in information search?

Identify new or existing consumer need

Marketers role in problem recognition?

trademarks

Not only do businesses see benefits from the protections of ________, consumers do as well; they allow consumers to correctly identify the products they want to purchase.

knowledgeable about or users of particular products

Opinion leaders are considered to be ________, so their opinions influence others' choices.

purchase decision

Prompt consumers to purchase

Nice to have, must have

Social responsibility has gone from _________ to ___________ today as consumers expect companies to give back to society

Consumer behavior

The study of consumers and the processes they use to choose, consume, and dispose of products and services, including consumers' emotional, mental, and behavioral responses

False

True or False? According to the lecture, consumers are willing to pay more for products that are charitable and socially responsible vs. products that provide friendly service and convenience.

True

True or False? High involvement purchases with significant brand differences usually have a longer buying cycle than low involvement purchases with few brand differences.

customer, company, context, collaborators, competitors

What are the 5 C's of marketing?

Market Scanning

What is NOT one of the steps in the purchase decision process?: Market scanning Evaluation of alternatives Problem recognition All of these are steps

triple bottom line

What is the metric called when companies not only try to deliver shareholder value, but also stakeholder and social value?

Evaluative criteria

When Sadie was buying new soccer cleats at the start of the season, she considered comfort, durability, color, and price, which were her: Cognitive cluster Value attributes Evaluative criteria Consideration set

Four influences: -Marketing mix influences (4 Ps) -Sociocultural Influences -Situation influences -phycological influences It is NOT: Positioning influences

Which is not one of the four influences on the consumer purchase decision process?

Differentiation, retention, more relevant advertising, more relevant innovation, more $$

Why does consumer behavior matter?

It takes decades to build a strong reputation and only 5 min to ruin it

Why is a culture of ethical marketing critical to organizational success?

it allows a company to identify the right ways and moments to introduce consumers to their products

Why is the purchase decision process a foundational element of consumer behavior?

Context

You research social and economic trends as part of a 5 C analysis. Which category does this cover?

Consumer Behavior

________ is the study of consumers and the processes they use to choose, consume and dispose of products and services?

selective exposure

__________ occurs when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent with them.

Reference group

_______are people to whom an individual looks as a basis for self-appraisal or as a source of personal standards.