Marketing 311 Study Guide Midterm 1

The decision-making process is the central component of any consumer behavior model; it is basically the process of perceiving and evaluating brand information, considering how brand alternatives meet the consumer's needs and deciding on a brand. Factors that influence the consumer's choice and the consumer-buying decision process are information, social influences, psychological factors, situational factors and marketing strategies.

The fundamental factors that were identified to develop the psychological processes include perception, learning, memory, thinking, emotion and motivation (Sternberg 1996). Following the structure of the SOR model, Howard first (1969) proposed the consumer decision-making model (Richarme, M., 2005), which was further developed to be the ‘Theory of Buyer Behaviour’ (Howard et al., 1973). The model considered environment stimulus as variables impacting consumes, and was triggered from various sources. These inputs included core elements of products such as price, quality that the buyer truly confronts (Loudon et al., 1993) as well as symbolic stimuli resulted from advertising. Besides, social stimuli including family, peer and other reference groups also influence consumers before entering the decision process (Foxall 1990). In contrast, Engel et al (1995) did not focus on environmental factors, but paid more attention to the hypothetical construction of the decision process that was the main organism being influenced by inputs. The entire organism was structured around a seven-point decision process: need recognition followed by an internally and externally information search, the evaluation of alternatives, purchase, post purchase reflection and disposal. Aligning with Howard (1973), mainly two factors significantly affected these decisions. First, market stimuli affected consumer’s information process which was

What I’ve learned over this course is how the different ways businesses effectively promote and avoid many pitfalls that marketers could make when endorsing organizations. Customer relationships are a very important value through marketing and knowing how to identify customer needs. This is important because even if you have a great marketing plan you cannot make

In order to do that, the company needs to pay attention to certain factors that can influence the success of the product on the market. These factors are: promotion and advertising, and the pricing of the

Economist, business analyst, and statisticians all are using consumer decision-making as a strategy. They use the information to ponder, “how different amounts of prior knowledge

These factors are target market, Nature of product and services, Stage of the product life cycle and budget available for promotion. A target market can be in any of six stages namely: awareness, knowledge, liking, preference, conviction and purchase. Product related issues to be considered are :Whether product is demonstrable or not, what kind of services are required, what price is acceptable by target market and how much customization is possible. Product life stage calls for understanding of various phases such as : Introduction, growth, maturity and decline. Last but not least is promotion budget. Different methods are available for preparing budgets. (gupta, 2010)

This reflection of decision in the particular products, and the impact on the market place.

Its goal is to make decisions that aim the four P's on the customers in the target market in order to generate perceived value and a positive response from customers. Marketing decisions generally include the following four controllable categories:

The most important factor that affects a person 's buying plans is the product itself. The type of products can be divided into two categories: "low-consideration purchase" and "high-consideration purchase". "Low-consideration purchase" are products involve low risks, e.g, buying soap. While "high-consideration purchase" are things involve high risks, like car or condominium. Therefore, it is rare for customers to seek influence or to be influenced by others when he or she is buying a "low-consideration purchase". On the other hand, a customer 's buying decision can be easily swayed when the product is a brand-new car since its maintenance costs or its reputation making it a "high-consideration purchase". (Singh, 2009, p.15)

1). Memorability: Brand elements should by nature be memorable and eye and attention getting, and thus accommodate recall or remembrance; Easily perceptible as well as recalled.

Therefore, giving most attention towards promotional of the products so as to get control on mass customers in the market.

According to Chan (2005), this is where all interactions should be tracked from distribution channels, sales and marketing, right through to the front of business service staff. As true feelings from customers can be captured through informal conversations with sales and service staff and using these inquiries can help build a customer’s profile. This is where the marketing concept is relevant, as to build these long-term, profitable relationships, the understanding of the customers’ needs is critical.

The purpose of this document is to understand the customer relationship management and how it impacts the overall organization’s objective.

So, Consumer Behavior can be defined as the study of when,why,where and how people buy or do not buy any products and services.

Consumer behaviour is the study of when, why, how, and where people do or do not buy a product. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups.