Marketing
Table of Contents
Chapter I * Consumer decision making model * Need recognition and problem awareness * Information search * Evaluation and alternatives * Purchase * Post purchase evaluation
Chapter 2
A thorough critique of the consumer decision-making model. Chapter 3
Market segmentation * Geographic segmentation * Demographic segmentation * Psychographic segmentation * Positive market segmentation * Behavioral segmentation * Occasions
“consumer behaviour is the study of the processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires.” (Solomon,Bamossy et al. 2006, p6).
Process by which consumers identify their needs, collect information, evaluate alternatives, and make the purchase decision. These actions are determined by psychological and economical factors, and are influenced by environmental factors such as cultural, group, and social values.
The Business decision making has following parts
The first stage involves information search, where the consumer recognizes a problem and tries to search for solution (purchase). According to Belch and Belch (2007) consumers use both internal (memory) search as well as external search. There are various sources available to consumers for information gathering like personal sources (family, friends), commercial sources (advertisements), public sources (announcements) or past experience (memory).
The information is evaluated by the consumer by brand to brand or product to product comparison between the options selected in terms of the benefits, both functional (usage) and psychological (satisfaction) being offered.
After the evaluation of options, Purchase decision (Jakola, 2008) is made by the consumers. Which can be influenced by the organization in terms of the sales promotion, ease of payment or any other incentive. The purchase decision is very
Chapter I * Consumer decision making model * Need recognition and problem awareness * Information search * Evaluation and alternatives * Purchase * Post purchase evaluation
Chapter 2
A thorough critique of the consumer decision-making model. Chapter 3
Market segmentation * Geographic segmentation * Demographic segmentation * Psychographic segmentation * Positive market segmentation * Behavioral segmentation * Occasions
“consumer behaviour is the study of the processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires.” (Solomon,Bamossy et al. 2006, p6).
Process by which consumers identify their needs, collect information, evaluate alternatives, and make the purchase decision. These actions are determined by psychological and economical factors, and are influenced by environmental factors such as cultural, group, and social values.
The Business decision making has following parts
The first stage involves information search, where the consumer recognizes a problem and tries to search for solution (purchase). According to Belch and Belch (2007) consumers use both internal (memory) search as well as external search. There are various sources available to consumers for information gathering like personal sources (family, friends), commercial sources (advertisements), public sources (announcements) or past experience (memory).
The information is evaluated by the consumer by brand to brand or product to product comparison between the options selected in terms of the benefits, both functional (usage) and psychological (satisfaction) being offered.
After the evaluation of options, Purchase decision (Jakola, 2008) is made by the consumers. Which can be influenced by the organization in terms of the sales promotion, ease of payment or any other incentive. The purchase decision is very
References: Sandhusen S. L. (2000). Marketing. 5th ed. NewYork. Barron’s Educational Series Belch G Baines P, Fill C and Page K - Marketing (Oxford University Press, 2008 ISBN 978- 0199290437 Kotler P et all - Principles of Marketing, 5th Edition (Financial TimesjPrentice Hall, 2010) ISBN 978-0273743279 Levens M - Marketing (Pearson Education, 2009) ISBN 978-0137013296 Pride W F and Ferrell 0 C - Marketing (Houghton Mifflin, 2007 ISBN 978-0618799701 Solomon M R et al - Marketing: Real People, Real Decisions (Financial TimesjPrentice Hall, 2009) ISBN 978-0273708803 Wood N T - Marketing in Virtual Worlds (Prentice Hall, 2010 ISBN 978-0136117179 Ray Wright. 2003. Business to business marketing: a step by step guide. London: Pearson Don E