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Consumer Mark Ex 4
| Question | Answer |
|---|---|
| What are the different decision-making perspectives? | 1. Rational decision-making perspective 2. Experiential decision-making perspective 3. Behavioral influence decision-making perspective |
| What is the Rational Decision-Making Perspective? | Consumers diligently gather info about purchases Compare various brands of products on salient attributes Make informed decisions regarding what brand to buy Assumes that human beings are rational creatures who carefully consider their decisions |
| What is the Experiential decision-making perspective? | Consumers make purchases & reach decisions based on the affect/ feeling, attached to a prdct or behavior Focuses on hedonic value Variety seeking behavior: Consumers seek new products as a response to boredom / to satisfy a perceived need for change |
| What is the Behavioral influence decision-making perspective? | Consumer decisions are learned responses to environmental influences |
| What are the stages of the Consumer Decision Process? | 1. Problem Recognition 2. Info Search 3. Alternative Evaluation/ Selection 4. Post Consumption/ Evaluation 5. Consumption 6. Outlet Selection and Purchase 7. Divestment |
| What is Problem Recognition? (1) | Occurs when an individual senses a discrepancy between what he or she perceives to be the desired versus the actual state Homer thinking about a donut) |
| What is Informational Search? (2) | (Once need recognition occurs, consumers begin searching for information & solutions to satisfy unmet needs) - A receptivity to info that solves problems/ needs rather than specific products Begins internally and progresses to external if necessary |
| What is Internal, External Search and Informational overload (Informational Search) | Internal search: Search of long-term memory External search: Search of market and non-market sources Information Overload: Occurs when consumers acquire more information than they can complete process to make the purchase decision. |
| What is Alternative Evaluation and Selection ? (3) | Evaluative criteria: The standards and specifications used to compare different products & brands. Attributes: Characteristics or features of a given product the decision rules for making the selection can be simple heuristics or very complex |
| What is Outlet Selection & Purchase? (4) | The point at which the consumer selects a product from available alternatives, the outlet from which to purchase the product, and completes the exchange. Not the same as consumption |
| What is Consumption (5) | After the purchase is made and the consumer takes possession of the product consumption can take place. The actual point at which consumers use the product. |
| What is Post-Consumption Evaluation? (6) | Satisfaction: Expectations are matched by perceived performance. Dissatisfaction: Experiences and/ performance fall short of expectations. |
| What is Post-Consumption Evaluation (PPD) | Postpurchase Dissonance: Anxiety, regret/ remorse after a purchase. Consumer second guessing their purchase decision. |
| What is Divestment? | When the consumer is finished with the product, they have several options Outright disposal Recycling Remarketing |
| What is Consumer Involvement | The degree of interest or personal relevance a consumer finds in an object or experience associated with consumption. An important motivator determining consumer effort during various stages of the decision making process. |
| 1 .What is Product Involvement (Type of Consumer Involvement) | A consumer’s level of interest in a product category. |
| 2. What is Brand Involvement? (Type of Consumer Involvement) | .A consumer’s level of interest in a specific brand. |
| 3. What is Shopping Involvement? (Type of Consumer Involvement) | A consumer’s level of enthusiasm in the shopping experience. |
| 4. What is Enduring Involvement? (Type of Consumer Involvement) | A consumer’s long-term interest or enthusiasm for a product, brand, or experience. Product, brand, and/or shopping involvement can be enduring |
| What is Situational Involvement? (Type of Consumer Involvement) | Temp. interest in a product, brand or experience motivated by a temp. need/ circumstance. |
| What are the to types of Situational Involvement? (Type of Consumer Involvement) | A. Purchase Involvement: A consumer’s degree of concern with making the right choice in a buying decision. B. Consumption Involvement: A consumer’s level of interest in the nature of the usage situation. |
| What is perceived risk ? | A consumer’s perception of the potential negative consequences associated with a consumption activity. |
| What are the different types of perceived risk? | 1. Financial Risk: Risk associated with the cost of the product 2. Social Risk: Risk associated with how other consumers will view the purchase. 3 Performance Risk: Risk associated with the likelihood of a product performing as expected |
| What are the different types of perceived risk? (Part 2) | Physical Risk: Risk associated w/ the safety of the prduct and/or the likelihood that harm will result from its consumption Time Risk: Risk associated w/ the time required to acquire the product and/or the time needed to service or maintain the product |
| What are the three types of decision making that occur under the Consumer Decision Process Pontinuum? | Low Involvement= low risk 1. Habitual decision 2.Limited Decision Making 3.Extended Decision Making High Involvement = High Risk |
| What is Habitual decision making? | nominal decision making or routine decision making) in effect involves no decision per se. Choice is based on habit or routine. Occurs under low-involvement and/or low perceived risk. Examples: Milk, paper towels, sandwich bags, toothpaste, etc. |
| What are the two types of Habitual decision making? | 1. Brand Loyal Purchases: Commitment to the brand because the consumer has an affective (emotional) attachment. 2. Brand inertia: Occurs when a consumer simply buys a product repeatedly without any real attachment |
| What is a Limited Decision Making? | 1) Problem is recognized (MED) 2) Internal search (LTM) and limited external search 3) Selection is made on the basis of a few simple decision criteria or beliefs about the product or brand. Ex: Fast-food restaurant, movie rental, car wash, etc. |
| What is Extended Decision Making? | 1) Problem is recognized (High INVOL) 2) Extensive internal and external information search 3) Complex, sometimes lengthy evaluation of multiple alternatives on many attributes 4) Selection 5) Significant post-purchase evaluation |
| What is an Active Problem? | An active need is one the consumer is aware of or will become aware of in normal course of events. Marketing strategy: Only require marketer to convince consumers that its brand is the superior solution |
| What is an Inactive Problem? | An inactive need is one of which the consumer is not aware. Marketing strategy: Marketer must convince consumers that they have the problem AND that their brand is a superior solution |
| What are the Categories of Decision Alternatives ? | Universal Set (all potential alternatives.. brands/products) Awareness Set (Alternatives the consumer is aware of) Evoked Sets (Alternatives given consideration) Specific Alternative Purchased |
| What are the Categories of Decision Alternatives ? (Part ) | (universal set)= unawareness: Alternatives the consumer does not know about (Awareness set) 1: inert set (Back up alternatives) 2. inept set (Avoided alternatives) (Specific Alternative Purchased)=Alternatives considered , but not purchased. |
| What are the five primary sources of information available to consumers | 1. Memory of past searches, personal experiences, and low-involvement learning 2.Personal sources, such as friends, family, and others. 3. Independent sources, such as magazines, consumer groups, and government agencies |
| What are the five primary sources of information available to consumers? (Part ) | 4 .Marketing sources, such as sales personnel, websites, and advertising 5. Experiential sources, such as inspection or product trial |
| What are the factors that influence consumers’ choice of information sources? | 1. The EASE of obtaining information from the source. 2. The OBJECTIVITY of the source. 3. The TRUSTWORTHINESS of the source. 4. The SPEED at which information can be obtained. |
| What is the role of price and quality in the search process? | 1. Price: Info. that signals the amount of potential value contained in a prdct Negative role - Higher price indicates greater sacrifice to get prdct Positive role - Price signals the desire of a prdct & prestige associated w/ owning the prdct |
| What is the role of price and quality in the search process? (part 2) | 2. Quality: Perceived overall goodness or badness of a product. Consumers do not always seek high quality In the absence of other information, consumers assume that higher prices mean higher quality |
| What are behavioral targeting? | involves tracking consumer click patterns on a website and using that information to decide on banner ad placement |
| What is search engine optimization ? | techniques to ensure that a company's web pages are accessible to search engines and improving the chances they are found. |
| What is QR Codes? | (Quick Response Codes) Using a QR code reading app, a consumer could get more information about a product. QR codes are rapidly decreasing in popularity due to other emerging technologies |
| What is Mobile Visual Search? | MVS technologies allow consumers to take a photo of a product and find information about it via mobile search (e.g., Google Goggles, CamFind, etc.) |
| What is Augmented Reality? | Apps that blend the mobile and physical world together can help consumers visualize how products will look in their homes. |
| What is GPS-Based Technologies? | Location based technologies that help consumers conduct searches in real time while out and about. |
| What is bounded rationality? | A limited capacity for processing information |
| What are decision heuristics? | (i.e., mental shortcuts) to make decisions such as a single attribute or handful of attributes. |
| Consumers seek one optimal solution to a problem and choose on that basis | Reality: Consumers have all sorts of “metagoals” that are different from this |
| Assumption: Consumers have the skill and motivation to find the optimal solution | Reality: Consumers often lack both the skill or motivation to do so due to bounded rationality |
| Assumption: The optimal solution does not change as a function of situational factors such as time pressure, task definition, or competitive context | Reality: Context effects are common |
| What are the three types of consumer choice processes? | 1. Affective Choice 2. Attitude-Based Choice 3. Attribute-Based Choice |
| What is an example of Affective Choice? | A camera catches a consumer. She feels like the camera looks sleek, cool. She looks at another camera, bt thinks it looks too serious & boring. She thinks about the impression she would make on her friends & decides to buy it. Holistic How you feel |
| What is an example of Attitude-based Choice? | Consumer remembers that her friend’s Olympus Stylus (camera) worked well and looked “good”; her parents had a Kodak Easyshare that worked, but was large & bulky. At the store, Olympus & Kodak models at about the same price and chooses the Olympus. |
| What is an example of Attribute-based Choice? | The Internet determined what features she is interested in, the consumer goes to her electronics store and compares the brands. She mentally ranks each model on these attributes of each model’s quality. She chooses the Olympus |
| What are evaluative criteria? | Various dimensions, features, or benefits a consumer looks for in response to a specific problem. Typically associated with desired benefits. (Features and Benefits and Value) |
| What are Features? | Performance characteristic of an object |
| What are Benefits? | Perceived favorable results derived from a particular feature |
| What is Value? | Value = What you get (benefits) - What you give (costs) |
| What is the difference between hedonic and utilitarian criteria? | 1. Hedonic criteria: Emotional, symbolic, and subjective attributes or benefits that are associated with an alternative 2. Utilitarian criteria: Functional or economic aspects associated with an alternative |
| What are Direct methods to determine consumers’ evaluative criteria? | include asking consumers what criteria they use in a particular purchase |
| What are Indirect methods to determine consumers’ evaluative criteria? | Assume consumers will not/cannot state their evaluative criteria. 1. Projective techniques - the respondent to indicate the criteria someone else might use. 2. Perceptual mapping - researcher uses judgment to determine consumer evaluations of brand sim. |
| What are the factors that influence the type of criteria used when evaluating alternatives? | 1. Situational influences 2. Product knowledge 3. Social influences 4. Expert opinions 5. Online sources 6.Marketing Communications |
| What are the different types of scales used to measure consumer judgments? | Measuring consumer judgments of brand performance on specific attributes can include: Rank ordering scales Semantic Differential Scales Likert Scales |
| What are the factors that influence consumers’ information search effort? | ??????? |
| What is postpurchase dissonance? | (a type of cognitive dissonance) occurs when a consumer has lingering doubts or anxiety regarding the wisdom of a purchase decision. |
| What is Postpurchase Dissonance Functions? | The degree of commitment or irrevocability of the decision The importance of the decision to the consumer The difficulty of choosing among the alternatives The individual’s tendency to experience anxiety |
| How do you reduce Postpurchase Dissonance? | complain about the purchase. Increase the desirability of the brand purchased Decrease the desirability of rejected alternatives Decrease the importance of the purchase decision Reverse the purchase decision (return before use) |
| What is use innovativeness? | Consumers using products in a new or different way Several products have a history of use innovativeness Arm & Hammer Baking Soda WD-40 Lubricant Bounce Laundry Sheets |
| What are the risk with use innovativeness? | NOT ONLY when the product is used as specified by the manufacturer, BUT ALSO in any reasonably foreseeable use of the products. |
| What is the expectancy disconfirmation model a | Richard Oliver: Satisfaction depends on a comparison of pre-purchase expectations to consumption outcomes ( post-consumption eval. of product performance). (Customer Satisfaction is good for customer loyalty bt does not guarantee customer loyalty.) |
| How does expectancy disconfirmation work? | Expectations (E) compared to Product Performance (P) P = E Satisfaction (Confirmation) P > E “Delight” (Positive Confirmation) [Highly Satisfied] P < E Dissatisfaction (Disconfirmation) |
| What is relationship marketing? | : A managerial philosophy and strategic orientation that prioritizes customer retention over customer acquisition and seeks to enhance existing customer relationships |
| Five key elements to Relationship marketing: | 1. Developing service /prdct around to build a cust. relationship 2. Customizing the relationship to the individual customer |
| Five key elements to Relationship marketing: Part 2 | 3. Argue. the core service/ prdct w/extra benefits 4. Pricing to encourage loyalty 5. Mktg to employees so they will perform for customers |
Created by:
alishabenefield
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