Buyer Behavior Test 4
Card Set Information
Buyer Behavior Test 4
Buyer Behavior Test #4 Chapters 16-19
The most powerful form of marketing
The act of one consumer talking to another about a brand.
Can be positive or negative
Word of mouth that occurs naturally.
opinion leaders recruited by a company to get products prominently seen and talked about.
actors put on the payroll for stealth buzz campaigns.
Best Paid Athlete Endorser is.....
Consumer Generated Marketing
The creation of advertising or other marketing content by consumers.
The insertion of branded goods and services within the content of popular media, including movies, video games, books, and music.
Components of a well-designed website
Choice and customization
Information Search and Navigation
Organization of Information
how much information consumers attempt to acquire.
an interactive decision aid that helps consumers eliminate unwanted options.
Amount of Information Search
Consumers search for more information when involvement is high.
building stronger relationships with consumers by using information technology and improved business processes to build consumer trust and brand loyalty.
Salience and Vividness Effects
Salient information stands out from its context or background.
Vivid information stands out regardless of its context or background.
Contrast Effect and Assimilation Effect
A shift in judgment away from a contextual reference point.
A shift in judgment toward a contextual reference point.
The illusion of perceived relevance.
Group Decision Making
Managers often make decisions in groups or committees because they believe that "many heads are better than one."
Common Knowledge Effect
Relatively little sharing of unique information
Group discussion often increases the extremity of the preferences shared by a majority of group members.
excessive conformity as the result of the illusion of group invisibility.
Biases from Underprocessing
Managers' over rely on cognitive heuristics, or strategies designed over simplify judgement and decision making.
the tendency to maintain closure as long as possible, even if this means being close-minded or unwilling to consider alternatives.
Increasing predictive accuracy
Planning Fallacy, Unreliable Information, Invalid Information and Linear Models.
the overconfident belief that a project will proceed smoothly as planned.
the result of poor measurement, even when the target does not change.
confounds measures of the target with measures of non-targets.
systematic and consistent decision aides involving equations comprised of important attributes, weighted for importance.
Overconfidence is dangerous because it discourages contingency plans.
Resisting Scenario Thinking
It is easier to think in scenarios that in terms of probabilities and statistics.
Good Storytellers can make an event seem inevitable.