Principles of Marketing, MKT301
Select TWO products which you have bought (or rented), ONE a High Involvement purchase, and ONE a Low Involvement purchase, in the following product categories A FOOD GOOD, A SERVICE OR A TRAVEL-RELATED GOOD. First Page
Applying the teaching materials, explain why the first product you chose was a High Involvement purchase and why the second was a Low Involvement purchase. (10%) Using the five stage model of the Purchase Decision Process in the model of consumer buying behavior described in Module 1, describe in detail the process you went through in buying each product. Bear in mind that the purpose of the assignment is to demonstrate the depth of your understanding of the teaching materials. (20%) Second Page
Identify and discuss the differences between the way you went through the purchase decision processes for the two products. (20%) Third and Fourth Pages
Assume now that you are a marketer of both of the two products that you have discussed in the previous pages. Applying only the teaching materials, (specifically the presentation "Uses of a Model of Buying Behavior"), explain how you might use your understanding of the Model of Consumer Buying Behavior for the two products. (Note [pic]that the presentation "Uses of a Model of Consumer Buying Behavior" is relevant to this part of the assignment). (50%) High Involvement: Service: Gieco Insurance
Low Involvement: Travel-Related Good: Gas
11 Oct 2012
After some thorough thought and reading I have chosen my insurance company to be my high involvement purchase. For many years I have had my insurance with USAA; my house, vehicles, boat and motorcycles were all insured with them. I was looking at my spending throughout the year and I couldn’t believe how much I was spending to insure all of our assets. So I decided to start shopping around. I checked with a few insurance companies and then landed on Gieco’s insurance page. I decided to see what they would offer, knowing that in the past they were even more expensive than USAA, but I gave it a shot. I was pleasantly surprised to find out that I would save 50% of my costs of insurance moving with them.
I looked at all the dividends, rebates and coverage’s that both offered before making my choice. It turned out the Gieco was the better option for my family. I have been with Gieco for over a month now and my family is already reaping the rewards with more money to spend and/or save.
For my now involvement purchase I chose the drive from Las Vegas to Oregon. I knew it would be more expensive to drive with the cost of fuel and towing a boat. However, I was able to pack all the food and supplies we needed that I already had rather than buying them there at the location. The decision to drive was also based on being able to bring our dogs and taking a road trip with my son to see the country side, which we would not have been able to do had we flown, and would not have been able to bring our dogs.
There were many differences in the way I did my high involvement and low involvement purchase. For the high involvement purchase there was a lot of research and calculating money. I had to research several different companies and compare the coverage’s, rebates and savings. The research required me to look at each section of coverage in my insurance to ensure that both companies matched the policy that I required. I also wanted to have all of my vehicles, to include boat and motorcycle under one company rather than being covered by a separate company that partnered with USAA. As for my house, even though it is not through Gieco completely it is with a partner of them and was still much cheaper with the same coverage that we needed. Once I switched companies I waited for a month to see how much money my family had left over for spending/saving and it was mind...