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32 Cards in this Set
- Front
- Back
Heirarchy of Effects Model
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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 |
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COnsultative Sales Model
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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. |
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Push Promotion vs. Pull Promotion
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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. |
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Purchase
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Occurs after the evaluation stage of the Complex Decision. This evaluation stage can take days, months or years.
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COgnative Dissonance
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A consumer wonders if they made the right decision
--can be reduced by selective advertising and by positive reaction from friends |
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Consumer Satisfaction
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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
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3 categories of Consumer Satisfaction
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COnsumer Delight- performance is greater than expectance
COnsumer Satisfaction- performance meets expectancy COnsumer Dissatisfaction- performance is less than expected |
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Options for dissatisfied customers
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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 |
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Habitual Decision Making steps
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1. Need Recognition
2. Purchase 3. Post-Purchase Evaluation |
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Practical Necessity
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Primarily for low-involvement decisions
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Risk Reduction
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Primarily for for high involvement decisions
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Two aspects of brand loyalty
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Attitude- having positive attitudes about a product
Behavior- consistently purchasing the product |
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Hostages
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COnsumers who are dissatisfied with a service, but don't switch because of the hastle involved
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Diff between Marketing and Advertising
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Marketing facillitates exchange ebtween consumers with a need, and producers with a product. Advertising deals with communication and promotion
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Marketing Responsibilities
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Analyze Consumer behaviors and needs
Evaluate COmpetition in a market Produce a product or service Market product or service to target consumers |
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4 P's of organization
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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 |
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Promotion Management
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Communicating information about a product to potential consumers
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Marketing Concept
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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
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Sales Concept
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Assumes a consumer won't make a purchase without being bombarded by advertising and sales techniques
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Production COncept
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Assumes a customer always wants the lowest priced, most convenient product
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Product Concept
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Assumes a customer always wants the highest quality product
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Relationship between involvement and Percieved risk
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As percieved risk increases, so too does involvement. A comsumer clearly doesn't behave the same for each purchase.
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5 types of percieved risk
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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 |
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Complex decision making
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occurs during a higly involved decision, or when no habit or brand loyalty exists
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5 steps to COmplex decision making
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1. Need Recognition
2. Information Processing 3. Brand Evaluation 4. Purchase 5. Post-Purchase Evaluation |
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Problem Recognition
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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 |
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Information Processing
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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
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internal search
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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
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Brand Evaluation
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Typically a consumer establishes a set of criteria, ranks them in order of importance, and then choses based on them
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expectancy value model
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A consumer establishes a set of criteria, grades a product based on them, and then computes the weighted mean
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conjunctive value model
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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
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lexicographic model
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The consumer establishes one critereon that is most important, and choses a product that scores best in this critereon.
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