Marketing Week 5: Chapter 6: Consumer Decision Making1. Consumer Decision Making Processa. Cultural, social, individual and psychological factors affect all stepsi. Need Recognitionii. Information Searchiii. Evaluation of alternativesiv. Purchasev. Post-Purchase behavior 2. Factors Determining the Level of Consumer Involvement a. Previous Experienceb. Interestc. Perceived Risk of negative consequencesd. Social Visibility3. High Consumer Involvementa. Product Involvementb. Situational Involvementc. Shopping Involvementd. Enduring Involvement e. Emotional Involvement 4. Marketing Implications of Involvementa. Marketing is constantly changing, marketing professional must change and adapt to a changing external environment 5. Social Classa. Upper Classesi. Capitalistsii. Upper Middle Classb. Middle Classi. Middle Classii. Working Classc. Lower Classi. Working poorii. Underclassd. Miller High life story, butler with miller high life beers, asks guest for champagne or bottled beer, Pour beer into champagne. 6. Maslow’s Hierarchy of Needsa. Self Actualization of Needsb. Esteem needsc. Social needsd. Safety needse. Physiological needs Chapter 7: Business Marketing1. Business to Business electronic commercea. Use of the internet to facilitate activities between organizations2. Measuring Online Successa. Stickiness= Frequency * Duration * Site Reachb. Quantcast.com3. Strategic Alliance: Starbucks and United airlines 4. Producersa. Original Equipment Manufacturers: all individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers. 5. Business Versus Consumer Marketsa. Derived demand: organizations buy products to used in producing their customers’ products. b. Purchase Volume: c. Use of reciprocityd. Use of Leasing 6. Types of Business Materialsa. Major Equipmentb. Accessory Equipmentc. Raw Materialsi. Unprocessed d. Component Parksi. Finished items ready for assembly or products that need very little processing e. Processed Materialsf. Supplies g. Buying Centersi. Rules In the Buying Center1. Initiator 2. Influencers/Evaluatorsa. Technical personnel (especially important) 3. Gatekeepersa. Group members who regulate the flow of information.4. Decidera. Approve the selection of the supplier or brand 5. Purchasera. Negotiate prices6. Usersh. Evaluative Criteriai. Quality: technical suitability