2nd Midterm Marketing Strategy

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2nd Midterm Marketing Strategy
2013-05-20 15:22:00
Marketing Strategy

This is for the 2nd midterm in Marketing Strategy
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  1. What are the five stages of buyer behavior?
    Need recognition, information search, evaluation of alternatives, the purchase decision, and postpurchase evaluation.
  2. Talk about need recognition stage
    Illustrates that customer needs and wants are not the same.  An understanding of consumer wants is essential for market segmentation and development of the marketing program.  Marketers must create the appropriate stimuli to foster need recognition.
  3. Explain information search
    Consumers trust internal and personal sources of information more than external sources. The amount of time effort, and expense dedicated to the search for information depends on (1) the degree of risk involved in the purchase, (2) the amount of experience the consumer has with the product category, and (3) the actual cost of the search in terms of time and money.  Consumers narrow their potential choices to an evoked set of suitable alternatives that may meet their needs.
  4. Explain the evaluation of alternatives
    Consumers translate their needs into wants for specific products or brands.  Consumers evaluate products as bundles of attributes that have varying abilities to satisfy their needs. Marketers must ensure that their product is in the evoked set of potential alternatives. Marketers must take steps to understand consumers' choice criteria and the importance they place on specific product attributes.
  5. Explain purchase decision
    A consumer's purchase intention and the actual act of buying are distinct concepts. Several factors may prevent the actual purchase from taking place. Marketers must ensure that their product is available and offer solutions that increase possession utility.
  6. Explain postpurchase evaluation
    Postpurchase evaluation is the connection between the buying process and the development of long-term customer relationships. Marketers must closely follow consumers' responses (delight, satisfaction, dissatisfaction, cognitive dissonance) to monitor the product's performance and its ability to meet customers' expectations.
  7. What is cognitive dissonance?
    It's also known as Postpurchase doubt.  The buyer is unsure of the product's performance relative to his or her expectations.