MKT 300 1nd Edition Lecture 10Outline of Last Lecture XVI. Proctor and Gamble PresentationOutline of Current Lecture XVII. Chapter 5 Terms (part 2)XVIII. Chapter 5 Concepts to Apply (part 2)Current LectureChapter 5 Terms (part 2)• AttitudeA 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 • ExpectationMeeting expectation is importantAttitudes and beliefs sometimes combine to thisAn outcome or event that a person anticipates or looks forward to Built through trust• TrustThe 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 • PsychographicsLifestyle analysisAnalysis 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 analysisSame thing as psychographics• Empty-nestersKids are grown and can spend money in different ways High-income period • Social classThese 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 groupRefers to the people to whom an individual looks when forming attitudes about a particular topicSeveral reference groups Imitate these groups• Opinion leaderPerson who influences others • CultureWhole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people Surrounds the other influences • Extensive problem solvingMuch effort into deciding how to satisfy a need• Limited problem solvingSome effort required in deciding the best way to satisfy a need • Routinized response behaviorRegularly selects a particular way of satisfying a need when it occurs No new info needed usually Trust brand • Low involvement purchasesPurchases 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 ideaAwarenessInterestEvaluationTrial DecisionConfirmation 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, ethnicityand 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 advertisingIf 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