MKTG 311 1st Edition Lecture 8 Outline of Last Lecture I. Exploratory Research ContinuedII. Step 2: Develop Research Plan for Collecting Info.III. Step 3: Collect Relevant InformationOutline of Current Lecture I. QuestionsII. Data QualityIII. Step 4 and 5: Develop Findings, Then take Marketing ActionsIV. Chapter 5: The Consumer Decision-Making ProcessCurrent LectureI. Questions- 2 Basic types- Open-ended questions- No right or wrong, respondent supplies answer- Close-ended questions- Involves forced choiceso Dichotomous question- Most simple form- Yes/No. Example- Have youeaten Wendy’s in the past month? Yes or no o Semantic Differential Scale question- 5 point scale with 2 bipolar (opposite adjectives) and asks how you feel about something, check the space.o Liker Scale question- Measures level of agreement with a statement usually in a range from strongly agree to strongly disagreeII. Data Quality (Garbage in, Garbage out)- 3 Criteria for good data qualityo Validity- Does the research measure what it was intended to measure?o Reliability- Are the research measurement techniques free of error?o Representativeness- Extent to which the consumers in the study are similar to the larger population that the market researcher has an interestIII. Step 4 and 5: Develop Findings, Then take Marketing Actions- Involve the market researcher and manager making recommendations, implementing recommendations, evaluating resultsIV. Chapter 5: The consumer Decision-Making ProcessThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Consumer Behavior- Process that individuals and groups go through to select,purchase, use and dispose of goods, services, ideas, and experiences to satisfy their needs and wantso Ongoing Processo Many factors can influence the purchase process- The Consumer Decision- Making Process1. Problem Recognition- Consumer recognizes they have an unmet need or want. “Difference between where you are and where you want to be.”2. Information search- Look at all the information sources and pull together the choice possibilities. Personal sources (friends and family)Public sources: Consumer reports, online, and social sources.3. Evaluation of Alternatives- Take the choice possibilities and narrow them down to a choice set of 3-6 options, by weighing the pros and cons4. Purchase Decision- Purchase Choice, consumers use decision guidelines known as heuristics to determine purchase choice: Price= quality, Brand loyalty, Country of origin- assumptions consumers makebased on whose product is
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