A MODEL OF CONSUMER DECISION MAKING The process of consumer decision making has 3 stages: input stage‚ process stage and output stage. The input stage influences the consumer’s recognition of a product need and consists of 2 major sources of information: 1) the company’s marketing efforts (product‚ price‚ promotion and price) and the external sociological influences on the consumer (family‚ friends‚ neighbours other informal and non-commercial sources‚ social class and cultural and subcultural
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may be defined as the “amount of satisfaction derived from a commodity or service at a particular time”. Assumptions: • UH:\Games.exetility can be measured. • Marginal Utility of money remains constant • No change in income of the consumer‚ his taste & fashion to be constant • No substitute • Independent marginal utility of each unit of commodity Utility Characteristics: • Utility is subjective/not measurable • Utility is variable • Utility is different
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4 Consumer Motivation 1. Key Concepts Innate needs Acquired needs • Consumers have both innate and acquired needs. Give examples of each kind of need and show how the same purchase can serve to fulfill either or both kinds of needs. • Specify both innate and acquired needs that would be useful bases for developing promotional strategies for: o global positioning systems o sunglasses with built-in earphones and an MP3 player o recruiting high school
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access to information and brings people together from different places. The galloping development of technology has no doubts bringing benefits to average people’s life. Diverse high-tech gadgets applying the latest technologies therefore have emerged. Consumers integrate those high-tech gadgets into their daily life. Nowadays‚ high-tech gadgets are an integral part of the life of mankind. Smartphone is one of the most distinguished technological gadgets in the digital era. It is a mobile phone that
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effective target and creating more creative communication strategy. Keywords: Working wife‚ Perception‚ Norm‚ Schwartz Value‚ Household Purchase Decision‚ Family Decision Making Process 1. Introduction Family is an important unit of analysis in consumer decision-making field (Xia et al.‚ 2006)‚ but the vast interest in family as unit of analysis in research has not happened only until recently (So and Yao‚ 2006). Family is a main reference group when individual family member is
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Teknologi Bandung 2012 School of Business and Management Institut Teknologi Bandung 2012 MM6052 – Consumer Behavior Profiling Potential Customer for Buying‚ Having‚ and Disposing of Laptop Syndicate 7 | Friska Ardniyani | [29111380] | Reski Mapriharto | [29111326] | Hanna Friska | [29111020] | Gilang Surawijaya | [29111350] | Hilda | [29111304] | | | MM6052 – Consumer Behavior Profiling Potential Customer for Buying‚ Having‚ and Disposing of Laptop Syndicate 7 |
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Strategy and Buying Decision Making The purchase of a refrigerator is a high involvement buying decision and it requires a lot of deliberation on the consumer’s part. There are a lot of challenges involved in such a purchase which include not getting complete information about the market‚ not being able to define the parameters on which that they should base their decision on and finding out ways to overcome the risks involved. It is an extensive problem solving procedure and a long term commitment
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emphasis on health care and authenticity of its products where they have introduced into the market: Kellogg’s Special K brand a ‘good source of fibre’ is targeted at women who are health conscious about their body weight attracting a lot of consumers and therefore has been a success to the company. The Special K brand has a variety of products; Cereals Original Cereal Low Fat Granola. Red Berries Cinnamon Pecan Protein cereal Chocolatey Delight Blueberry Fruit and
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Consumer Behaviour Assignment Part A Q 1 – Describe the inter-relationship between consumer behavior as an academic discipline and the marketing concept Ans The study of consumer behavior enables marketers to understand and predict consumer behavior in the marketplace; it is concerned not only with what consumers buy but also with why‚ when‚ where‚ and how they buy it. Consumer research is the methodology used to study consumer behavior; it takes place at every phase of the consumption process: before
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WEMC FS#5-08 Strategies for Competitive Advantage Cole Ehmke‚ M.S. Extension Educator‚ Department of Agricultural and Applied Economics University of Wyoming Overview A competitive advantage is an advantage gained over competitors by offering customers greater value‚ either through lower prices or by providing additional benefits and service that justify similar‚ or possibly higher‚ prices. For growers and producers involved in niche marketing‚ finding and nurturing a competitive advantage
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