MKT 300 1nd Edition Lecture 10 Outline of Last Lecture XVI Proctor and Gamble Presentation Outline of Current Lecture XVII Chapter 5 Terms part 2 XVIII Chapter 5 Concepts to Apply part 2 Current Lecture Chapter 5 Terms part 2 Attitude A person s point of view toward something Action implication Like or dislike Belief A person s opinion about something Less action orientated Believe Listerine strips taste like medicine but don t really care Expectation Meeting expectation is important Attitudes and beliefs sometimes combine to this An outcome or event that a person anticipates or looks forward to Built through trust Trust The confidence a person has in the promises or actions of another person brand or company Drives expectations because when people trust they expect the other party to fulfill promises or perform capably Psychographics Lifestyle analysis Analysis of a person s day to day pattern of living as expressed in that person activities interests and opinions something referred to as AIOs Lifestyle analysis Same thing as psychographics Empty nesters Kids are grown and can spend money in different ways High income period Social class 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 Group of people who have approximately equal social position as viewed by others in the society Reference group Refers to the people to whom an individual looks when forming attitudes about a particular topic Several reference groups Imitate these groups Opinion leader Person who influences others Culture Whole set of beliefs attitudes and ways of doing things of a reasonably homogeneous set of people Surrounds the other influences Extensive problem solving Much effort into deciding how to satisfy a need Limited problem solving Some effort required in deciding the best way to satisfy a need Routinized response behavior Regularly selects a particular way of satisfying a need when it occurs No new info needed usually Trust brand Low involvement purchases Purchases that have little importance or relevance for the customer Dissonance A feeling of uncertainty about whether the correct decision was made Buyer s remorse Adoption process The steps individuals go through on the way to accepting or rejecting a new idea Awareness Interest Evaluation Trial Decision Confirmation Chapter 5 Concepts to Apply part 2 What is the difference between attitude and a belief The sky is plaid is an example of a An attitude is more action orientated and is a person s point of view it relates to buying Belief is an opinion about something help shape consumer attitude but don t involve like or disliking What role do economic needs play in consumer buying decisions Why is it important for marketers to understand how social influence family class culture ethnicity and purchase situation influence their targets needs and wants Provide an example of how each can affect a marketing decision Family budgets discretionary income empty nesters growing singles market etc might look at social class or reference group and opinion leaders How does understanding the amount of effort your target will put into their decision to buy impact marketing strategy If extensive then much research will be involved and therefore need great customer service and advertising If not much then whatever is catchy low risk low involvement What is the benefit to investing in reducing purchase dissonance when the sale has already been completed Friends talk could hurt marketers in a negative image of their company or whatever