MGMT 105 1st Edition Lecture 20Outline of Last Lecture I. Principles of Marketing – Marketing Processes and Consumer BehaviorOutline of Current Lecture II. Principles of Marketing – Marketing Processes and Consumer Behavior (Continued)Current Lecture- Consumer Buying Process *PowerPoint picture*o stages of the consumer buying process Problem/need recognition (need to replace old shoes) Information seeking (search for shares, styles, prices, opinions of others) Evaluation of alternatives (which are comfortable/affordable? how will others react to them?) Purchasing decisions (choose rationally or emotionally) Post-purchase evaluation (observe reactions of others, test durability, compare with older shoes)- What is a product?o product features: tangible and intangible qualities that a company builds into its productso value package: product marketed as a bundle of value adding attributes, including reasonable cost- Categories of consumer products *PowerPoint picture*- Product life cycle *PowerPoint picture*: series of stages in a product’scommercial life. o Introduction: 1/50 ideas generated actually make it to stage oneo growthThese 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.o Maturity: sales have escalated and peaked. No need to come out with the new and
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