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32 Cards in this Set

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Heirarchy of Effects Model
Conjunctive Stage- FOcuses on building knowledge about a company or product...hardest for new companys
Affective Stage- focuses on building positive attitudes toward a company or product
Behavioral Stage- focuses on motivating a consumer to buy the product, usually with coupons or incentives
COnsultative Sales Model
Needs- Focuses on determining a consumers needs
Features- Matches desired features with the best product.
Benefits- What benefits will be derived from the features of the product.
Push Promotion vs. Pull Promotion
Push- manufacturers attempt to promote to wholesalers and retailers in order to push goods through to consumers
Pull- Manufacturers market directly to consumers, in order to have them pull products through the market.
Purchase
Occurs after the evaluation stage of the Complex Decision. This evaluation stage can take days, months or years.
COgnative Dissonance
A consumer wonders if they made the right decision
--can be reduced by selective advertising and by positive reaction from friends
Consumer Satisfaction
Is a function fo two items which are compared: a consumers expectations for a products perfomance and the percieved performance of a product while it is actually used
3 categories of Consumer Satisfaction
COnsumer Delight- performance is greater than expectance
COnsumer Satisfaction- performance meets expectancy
COnsumer Dissatisfaction- performance is less than expected
Options for dissatisfied customers
Stop buying brand, deal directly with company, legal action, negative word of mouth, and appeal to a goverment-regulated agency
---most consumers simply want an appology, a resolution, and a fair ammount of compensation
Habitual Decision Making steps
1. Need Recognition
2. Purchase
3. Post-Purchase Evaluation
Practical Necessity
Primarily for low-involvement decisions
Risk Reduction
Primarily for for high involvement decisions
Two aspects of brand loyalty
Attitude- having positive attitudes about a product
Behavior- consistently purchasing the product
Hostages
COnsumers who are dissatisfied with a service, but don't switch because of the hastle involved
Diff between Marketing and Advertising
Marketing facillitates exchange ebtween consumers with a need, and producers with a product. Advertising deals with communication and promotion
Marketing Responsibilities
Analyze Consumer behaviors and needs
Evaluate COmpetition in a market
Produce a product or service
Market product or service to target consumers
4 P's of organization
Price-What a good costs
Promotion- How a company is going to communicate with the target audience
Product- What is being sold
Placement-How and where a good is being distributed
Promotion Management
Communicating information about a product to potential consumers
Marketing Concept
THe most successful companies are those the focus solely on the consumer's needs. A company shoudl first identify these needs, then create a marketing mix tailored towards them
Sales Concept
Assumes a consumer won't make a purchase without being bombarded by advertising and sales techniques
Production COncept
Assumes a customer always wants the lowest priced, most convenient product
Product Concept
Assumes a customer always wants the highest quality product
Relationship between involvement and Percieved risk
As percieved risk increases, so too does involvement. A comsumer clearly doesn't behave the same for each purchase.
5 types of percieved risk
physical- will the product cause harm
physcological- what will I think of the product
Financial- what will the product cost
Functional- will the product perform as expected
Social- what will others think
Complex decision making
occurs during a higly involved decision, or when no habit or brand loyalty exists
5 steps to COmplex decision making
1. Need Recognition
2. Information Processing
3. Brand Evaluation
4. Purchase
5. Post-Purchase Evaluation
Problem Recognition
A consumer realizes that they have a need that can be satisfied by the purchase of a product.
--COmplex decision making often occurs when the need has never been faced before
Information Processing
Information gathered through External Searches and Internal Searches and can be gathered through Personal selling, Direct advertising, word of mouth, or from non-biased news reports
internal search
A form of information processign in which you remember everything you currently know about a product, through direct consumption, passive rememberence of advertising, or conversations with opinion leaders
Brand Evaluation
Typically a consumer establishes a set of criteria, ranks them in order of importance, and then choses based on them
expectancy value model
A consumer establishes a set of criteria, grades a product based on them, and then computes the weighted mean
conjunctive value model
A consumer focuses on several attributes of a product, in which they established required maximums or minimums, and choses the product that scores the highest
lexicographic model
The consumer establishes one critereon that is most important, and choses a product that scores best in this critereon.