DM 272 1st Edition Lecture 10Outline of Last Lecture I. Product KnowledgeII. Purchase KnowledgeIII. Consumption and Usage KnowledgeIV. Persuasion KnowledgeOutline of Current Lecture I. Self KnowledgeII. Sources of Consumer KnowledgeIII. Benefits of Understanding Consumer KnowledgeCurrent LectureSelf Knowledge- Understanding of his or her own mental processeso Your beliefso Your desireso Your sensations o Your personality traits- Types of Self Knowledgeo Example: care instructions symbolso Objective knowledge (OK): Actual amount of accurate information stored in memoryo Subjective knowledge (SK): Perception of the amount of information you knowo The question: which knowledge would be more influential in determining our choice/behavior? OK Reduces consumer perceived risk regarding purchase of genetically modified (GM) food- It is really the objective knowledge that is more importanto SK influences consumer information searchSources of Consumer Knowledge- PersonalThese 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 Business-controlled Sales personnel Service personnel Paid product endorserso Non-business controlled Family and friends Coworkers Other shoppers Experts, opinion leaders, and influencers Internet forums and bulletin boards- Impersonalo Business controlled Products Point-of-purchase materials (ex. Displays, store signage, advertising circulars) Advertising Catalogs Corporate websites Yellow pageso Non-business controlled Television and radio shows Non-corporate websites (ex. Blogs, government sites) Books Government reports- Business sources of knowledge are often viewed with suspicion- Consumers have more faith in personal source that are not controlled by businesses Benefits of Understanding Consumer Knowledge- Implications for businesseso Discover new useso Identify purchase barriers Help close the knowledge gapo Gauging the product’s positioning success Application of associative networks (brand image)o Enhance the effectiveness of customer recruitment activities Understand
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