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.