DM 272 1st Edition Lecture 8Outline of Last Lecture I. Perceptual PositioningII. What is a Blind Taste Test?III. Perception vs. PreferenceIV. Why Blind Taste Testing?Outline of Current Lecture I. MemoryII. Importance of Consumer KnowledgeIII. Consumer KnowledgeIV. Types of Consumer KnowledgeV. Product KnowledgeVI.Current LectureMemory- Traditional Viewo Short-term memory vs. long-term memory (LTM)o LTM- information warehouse through rehearsal and meaningful association.o Two separate systems- Recent Researcho How you process information determines what aspect of memory The more effort it takes to process information, the more likely to be LTMo Focus on interdependence- Representation of LTMo 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 producto Associative links: refers to the strength of association between nodesImportance of Consumer Knowledge- What we know or don’t know strongly influences our 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.o Amount of information searcho How decisions are madeo The “consideration set”Consumer Knowledge- Knowledge contento Information consumers have already learned About product types, brand names, and retailers Based on our personal experiences and sources available- Knowledge Structureo How consumers organize information in memoryo Use of categoriesTypes of Consumer Knowledge- Product knowledge- Purchase knowledge- Consumption/usage knowledge- Persuasion knowledge- Self-knowledgeProduct Knowledge- Levels of product knowledgeo Product class/category (Abstract)o Product formo Brando Model/Feature (Concrete)- Product class/category knowledgeo Product novices possess very simple levels of knowledgeo Product experts possess vast amounts of knowledge, including particular brands within a category- Brand knowledgeo What consumers know about a specific breand within a categoryo The most fundamental aspect- awareness of the brand’s
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