chapter 6 notes.txt

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chapter 6 notes.txt
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2011-04-03 17:23:49
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marketing chapter 6
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  1. Consumer Buying process
    • 1. Need recognition
    • 2. Information search
    • 3. Evaluation of alternatives
    • 4. Purchase decision
    • 5. Post purchase evaluation
  2. Three aspects of need recognition
    • 1. Need
    • 2. Want
    • 3. Demand
  3. Need
    Occurs when consumer�s current level of satisfaction doesn�t equal their desired level of satisfaction.
  4. Want
    Specific product that will satisfy the need
  5. Passive information search
    Marketing information comes to us
  6. Active information search
    Looking for information on purpose
  7. Two sources of information
    • 1. Internal- things remembered, experiences
    • 2. External- family, television ads, friends
  8. What factors affect the time, effort and expense dedicated to information search?
    • 1. Degree of risk involved in the purchase
    • 2. Amount of expertise with the product category
    • 3. Actual cost of the search
  9. Evoked set
    Narrowed down set of alternatives that the customer is considering
  10. 2 key issues in the purchase decision stage
    • 1. Product availability
    • 2. Possession utility
  11. Four buyer outcomes in the post purchase stage
    • 1. Delight
    • 2. Satisfaction
    • 3. Dissatisfaction
    • 4. Cognitive dissonance
  12. When does cognitive dissonance most likely to occur?
    • 1. Dollar value of the purchase increases
    • 2. Opportunity costs of rejected alternatives are high
    • 3. Purchase decision is emotionally involving
  13. Decision-making complexity
    Primary reason for variations in the buying process
  14. Individual differences
    Demographics, perceptions, motives, interests, attitudes, opinions, lifestyles
  15. Social influences
    Culture, subculture, social class, reference groups, opinion leader�s e
  16. Factors that affect the consumer buying process
    • 1. Decision-making complexity
    • 2. Individual influences
    • 3. Social influences
    • 4. Situational influences
  17. Common situational influences in the consumer buying process
    • 1. Physical and spatial
    • 2. Social and interpersonal influences
    • 3. Temporal(time)
    • 4. Purchase task or product
    • 5. Consumer disposition
  18. 4 types of business markets
    • 1. Commercial markets
    • 2. Reseller markets
    • 3. Government markets
    • 4. Institutional markets
  19. Unique characteristics of business markets
    • 1. Buying center
    • 2. Hard and soft costs
    • 3. Reciprocity
    • 4. Mutual dependence
  20. Stages of the business buying process:
    • 1. Problem recognition
    • 2. Develop product specifications
    • 3. Vendor id and qualification
    • 4. Solicitation of proposals or bids
    • 5. Vendor selection
    • 6. Order processing
    • 7. Vendor performance review
  21. Traditional Market segmentation approaches
    • 1. Mass marketing
    • 2. Differentiated marketing
    • 3. Niche marketing
  22. Mass Marketing- Traditional Segmentation
    Involves no segmentation whatsoever and is an undifferentiated approach. Works best with homogeneous market. Results in low marketing costs
  23. Differentiated marketing
    Involves dividing the total market into groups of customers with common or homogeneous needs and developing a strategy to pursue one or more of these groups
  24. Multi-segment approach
    Attract buyers in more than one segment by offering a variety of products that appeal to different needs
  25. Market concentration
    Focusing on a single marketing segment and attempting to gain maximum share in the segment.
  26. Niche marketing
    Focuses marketing efforts on one small, well-defined market segment or niche that has a unique, specific set of needs.
  27. Individual segmentation approaches
    • 1. One-to-one marketing
    • 2. Mass customization
    • 3. Permission marketing
  28. One to one marketing
    Creating an entirely unique product offering for each customer
  29. Mass customization
    Extension of one-to-one marketing; refers to providing unique solutions to individual customers on a mass scale
  30. Permission marketing
    Customers choose to become part of a firm�s market segment; customers give companies permission to specifically target them in their marketing efforts. For example: opt-in email list.
  31. Criteria for successful segmentation
    • 1. Identifiable and Measurable
    • 2. Substantial
    • 3. Accessible
    • 4. Responsive
    • 5. Viable
    • 6. Responsive
    • 7. Viable and sustainable
  32. Common segmentation variables used in consumer markets
    • 1. Behavioral segmentation
    • 2. Demographic segmentation
    • 3. Psychographic
    • 4. Geographic
  33. Vals consumer profiles
    • 1. Innovators
    • 2. Thinkers
    • 3. Achievers
    • 4. Experiencers
    • 5. Believers
    • 6. Striver
    • 7. Makers
    • 8. Survivors
  34. Target Marketing Strategies
    • 1. Single segment targeting
    • 2. Selective targeting
    • 3. Mass market targeting
    • 4. Product specialization
    • 5. Market specialization
  35. Business buyer can be segmented by
    • 1. Type of organization
    • 2. Organizational characteristics
    • 3. Benefits sought or buying processes
    • 4. Personal and psychological characteristics
    • 5. Relationship intensity
  36. Behavioral segmentation variables
    • 1. Benefits sought
    • 2. Product usage
    • 3. Occasions or situations
    • 4. Price sensitivity
  37. Hard costs
    Physical dollars
  38. Soft costs
    Reliability, integration ability
  39. Demographic segmentation variables
    • 1. Age
    • 2. Gender
    • 3. income
    • 4. Occupation education
    • 5. Family life cycle
    • 6. Generation
    • 7. Ethnicity
    • 8. Religion
    • 9. Nationality
    • 10. Social class
  40. Psychographic segmentation variables
    • 1. Lifestyle
    • 2. Motives
    • 3. Personality
  41. Geographic segmentation variables
    • 1. Regional
    • 2. City/county size
    • 3. Population density
  42. Marketing
    • Chapter 6 class notes
    • 1

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