These 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. Lecture 8 Outline of Last Lecture I. Perceptual Positioning II. What is a Blind Taste Test? III. Perception vs. Preference IV. Why Blind Taste Testing? Outline of Current Lecture I. Memory II. Importance of Consumer Knowledge III. Consumer Knowledge IV. Types of Consumer Knowledge V. Product Knowledge VI. Current Lecture Memory - Traditional View o Short-term memory vs. long-term memory (LTM) o LTM- information warehouse through rehearsal and meaningful association. o Two separate systems - Recent Research o How you process information determines what aspect of memory  The more effort it takes to process information, the more likely to be LTM o Focus on interdependence - Representation of LTM o An associative network model in which LTM is a network of nodes and associative links. o Nodes are stored information or concepts  EX: an attribute; a brand; a celebrity; or a related product o Associative links: refers to the strength of association between nodes Importance of Consumer Knowledge - What we know or don’t know strongly influences our decision-making process o Amount of information search DM 272 1st Editiono How decisions are made o The “consideration set” Consumer Knowledge - Knowledge content o Information consumers have already learned  About product types, brand names, and retailers  Based on our personal experiences and sources available - Knowledge Structure o How consumers organize information in memory o Use of categories Types of Consumer Knowledge - Product knowledge - Purchase knowledge - Consumption/usage knowledge - Persuasion knowledge - Self-knowledge Product Knowledge - Levels of product knowledge o Product class/category (Abstract) o Product form o Brand o Model/Feature (Concrete) - Product class/category knowledge o Product novices possess very simple levels of knowledge o Product experts possess vast amounts of knowledge, including particular brands within a category - Brand knowledge o What consumers know about a specific breand within a category o The most fundamental aspect- awareness of the brand’s