Marketing Study Notes

Topics: Marketing, Critical thinking, Project management Pages: 2 (343 words) Published: May 17, 2013
Information Search
* Information can be defined as the predictive value of a stimulus * The perceived stimuli are the data that composes information * Data is interpreted in relation to the problem recognised by the consumer * Selective exposure

* Stimuli that predict problem resolution contain information * Stimuli that do not predict problem resolution are just noise Note the influence of consumer goals on information value of a stimulus. * Information gathering is influenced by

* Types of information search
* Sources of information
* Amount of search
Marketing strategies must respond to the influences on information gathering. * Types of information Search
* Purchase related v. ongoing search (need to know v. interest) * Internal v. external (memory v. environment)
* Active v. passive (deliberate v incidental)

Sources of Information
* Source credibility is crucial to preference construction * Degree of belief in the accuracy and completeness of information

Amount of search
* Costly: physically and cognitively
* Consumers have limited resources and ability to process information Objectives
1. Maximise utility (i.e.: decision accuracy )
2. Minimise effort (i.e.: search costs)
Trade-off between 1 and 2 is called “satisficing” behaviour * Factors:
* Problem representation
* Involvement, perceived risk
* The consumer’s prior expertise
* Processing capacity
* Market characteristics
* Situation characteristics

Processing capacity:
* Consumers vary in their ability to process information. In most cases consumer will not be able to process more than 3-5 separate pieces of information at a time. * Consumers make poorer choices, or stop searching, with greater amounts of information available (threshold effects)

Market Characteristics:
* Price variation (potential saving)
* Product...
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