BUS 448 Lecture Notes - Lecture 5: Total Quality Management, Financial Risk

• School: Stony Brook University
• Department: Business Management
• Course: BUS 448
• Professor: Camille Abbruscato

Document Summary

Passive vs active: feedback from word of mouth vs consumer actively searching. 2 sources of info: internal use bg knowledge, external sampling products, Amount or time, effort and expense depends on. Degree of risk: social risk, financial risk, amount of expertise. Eval criteria: prod attributes that consumers believe will provide benefits they seek in prod. Marketers try to reduce risk of consumers leaving. Problem recognition = recog needs determined from internal and external sources. Vendor selection buying firm will select vendor that will best fit needs. Order processing - dealing with payment, dates for delivery, final technical assistance needed to complete purchase. Take tgt mkt and divide into diff groups. Can tailor products to fit specific needs. Ignore market seg differences and appeal whole market w/ one offer or one strategy. Broad in nature and not categorized by demographics. Used normally by new companies to get the word out.