Summary
Summary MKT 3000 Final Review Notes
- Course
- Mkt 3000
- Institution
- Baruch College
Final review notes for Mkt 3000.
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*Chap 7, 9, 10, 11MKT 110 Final
The five major stages of the consumer buying decision process (chap 7)
1. Problem recognition
○ occurs when a buyer becomes aware of a difference between a desired state and an
actual condition
○ The speed of consumer problem recognition can be quite rapid or rather slow
○ Sometimes a person has a problem or need but is unaware of it
■ Marketers use sales personnel, advertising, and packaging to help trigger
recognition of such needs or problems
2. Information search
○ After recognizing the problem or need, a buyer will decide whether to pursue satisfying
that need
■ If the consumer chooses to move forward, he or she will next search for product
information to help resolve the problem or satisfy the need
○ Has two aspects:
■ Internal search
■ External search
3. Evaluation of alternatives (steps)
4. Purchase decision
5. Post-Purchase evaluation
○ After the purchase, the buyer evaluates the product to ascertain if its actual
performance meets expected levels
○ The outcome of this stage is either satisfaction or dissatisfaction
Internal search - An information search in which buyers search their memories for
information about products that might solve their problem
External search - an information search in which buyers seek information from sources
● Personal contacts often are influential sources of information
● The Internet has become a major resource during the consumer buying decision process
● Buyers can also obtain information from independent sources, such as government reports,
news presentations, publications such as Consumer Reports, and reports from product-testing
organizations
Cognitive dissonance - A buyer's doubts shortly after a purchase about whether the decision was
the right one
● Most likely to arise when a person recently bought an expensive, high-involvement product
that is found to be lacking some of the desirable features of competing brands
● A buyer who is experiencing cognitive dissonance may attempt to return the product or may
seek out positive information, such as reviews, to justify choosing it
Consumer misbehavior - Behavior that violates generally accepted norms
of a particular society
, ● Shoplifting
● Organizing retail crime
● Consumer fraud
● Piracy
● Abusive customers
Benefits of e-marketing
● Electronic marketing (e-marketing) - The strategic process of distributing, promoting, and
pricing products, and discovering the desires of customers using digital media and digital
marketing
● Is the most popular social networking site in the world
○ Has surpassed 2 billion users and is still growing
● Many marketers are turning to Facebook to market products, interact with consumers, and
take advantage of free publicity
○ Consumers can become fans of companies by clicking on the like" icon on their
Facebook pages
○ Useful for relationship marketing, beneficial for both the business and the customer
E-tailing: the sale of goods and services through the internet
The internet - "pull" medium
● Online fraud - Any attempt to conduct fraudulent activities online, including deceiving
consumers into releasing personal information
○ Hacking attacks-in which criminals break into company computers to steal
information--have almost become the norm
● Mobile applications: Software programs that run on mobile devices and give users access to
certain content
Applications & Widgets
● Approximately 77 percent of all American, adult cell phone users have applications on their
mobile devices
● The most important feature of apps is the convenience and cost savings they offer to the
consumer
● Companies are beginning to use mobile marketing to offer additional incentives to consumers
● Companies are taking advantage of beacon technology to target and communicate with app
users based on their location
● Widgets - Small bits of software on a website, desktop, or mobile device that performs a
simple purpose, such as providing stock quotes or blog updates
○ Are an innovative digital marketing tool to personalize webpages, alert users to the
latest company information, and spread awareness of the company's products
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