Choice CriteriaRelying on a Product SignalMarket BeliefsCountry-of-OriginChoosing Familiar Brand NamesChapter 9 Buying and DisposingIssues Related to Purchase and Postpurchase ActivitiesA consumer’s choices are affected by many personal factors…and the sale doesn’t end at the time of purchaseSituational Effects on Consumer BehaviorMKTG 305 1st Edition Lecture 12Outline of Last Lecture I. Decision-Making PerspectivesII. Types of Consumer DecisionsIII. Consumers as Systematic Problem SolversIV. Steps in the Problem Solving ProcessOutline of Current Lecture I. Choice CriteriaII. Market Beliefs III. Choosing Familiar BrandsIV. Chapter 9, Buying and DisposingV. Situational EffectsCurrent LectureChoice CriteriaEvaluative criteria: Dimensions used to judge merits of competing optionsDeterminant attributes: features we use to differentiate among our choices, Criteria on which products differ carry more weightMarketers often point out significant differences among brands on relevant attribute…Relying on a Product SignalProduct signal: observable product attributes that communicate underlying qualitiese.g., Clean and shiny car = good mechanical conditionMarket BeliefsPrice-quality relationship: we tend to get what we pay for (e.g., high price means high quality)Other common marketing beliefs:-All brands are basically the same-Larger stores offer better prices than smaller stores-Items tied to “giveaways” are not a good valueCountry-of-OriginWe rate our own country’s products more favorably than do people who live elsewherehttp://www.cnn.com/2012/07/13/sport/us-uniform-controversy/index.html?iref=allsearchhttp://online.wsj.com/articles/made-in-america-from-sheep-to-shelf-zadys-feel-good-sweater-1416847912?KEYWORDS=sweaterThese 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.http://www.wsj.com/articles/companies-tiptoe-back-toward-made-in-the-u-s-a-1421206289?mod=trending_now_2Ethnocentrism: Tendency to prefer products or people of one’s own culture to those of other countriesChoosing Familiar Brand NamesWe tend to prefer a number one brand to the competitionBrands that dominate the market are sometimes 50% more profitable than their nearest competitorsConsumer inertia: the tendency to buy a brand out of habit merely because it requires less effortBrand loyalty: repeat purchasing behavior that reflects a conscious decision to continue buying the same brandChapter 9Buying and DisposingIssues Related to Purchase and Postpurchase ActivitiesA consumer’s choices are affected by many personal factors…and the sale doesn’t end at the time of purchaseSituational Effects on Consumer BehaviorConsumption situationWe tailor purchases to specific occasionsThe way we feel at a particular time affects what we buy or doSituational self-image (“Who am I right
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