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Lecture 4

MKT 220 Lecture Notes - Lecture 4: Selective Exposure Theory, Cognitive Dissonance, Consumer Behaviour


Department
Marketing
Course Code
MKT 220
Professor
Gardner
Lecture
4

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Ch 7
Consumer behavior- people who buy for personal use, gifting, and household use
Consumer-problem solving processes
Routinized- buying frequently purchased, low cost items w little search effort (bread, milk)
Limited purchase products occasionally or when info is needed about unfamiliar brand (clothes)
Extended- unfamiliar, expensive, or infrequently bought products (cars, phones, houses)
Stages of consumer buying decision process
Problem recognition: become aware that a problem exists (discrepancy)
Information search: internal (memory) and external (ask friends)
Evaluation of alternatives: use a consideration set; group of brands as alternative for purchase
Use evaluative criteria
Purchase: choosing the product to be bought based on evaluation- availability and choice of seller
Post- purchase evaluation: does actual product performance meet expectations?
Cognitive dissonance- buyer doubts the purchase was the right one- looks for reassurance
Influences on consumer buying behavior
Situational- may lengthen or terminate process
Physical surroundings, social, time, reason for purchase, mood
Psychological- determine by general behavior- perception, motives, attitudes, personality
Social- forces other people exert on buying behavior- roles, family, ref group, social class, culture
Importance of level of involvement
Enduring involvement- highly visible product w lots of complications; hold onto for a while
Situational involvement- doesn’t matter what type of product you buy
Selective exposure- process of selecting inputs to be exposed to and ignoring others
So when I only pay attention to important info that I KNOW will be on the test
Selective distortion- changing or twisting of info when it is inconsistent w your beliefs
Selective retention- remembering stuff that supports your beliefs and forgetting those that don’t
Maslow’s hierarchy of needs
Self-actualization- learning to learn; personal growth
Esteem- respect, recognition, self-worth
Social love, affection, belonging
Safety- security, freedom
Physiological food, water, shelter
Ch 8
Business market- purchase a product for resale, produce other products, use in daily operations
4 classifications of business markets and characteristics of each
Reseller- buy finished goods and resell them for profit
Wholesalers- sell to retailers; Retailers- sell to customers
Producer- purchase products to make products
Government- broad variety; buy basically everything
Institutional- non-business oriented goals; private college
Concept of reciprocity- “you scratch my back, I’ll scratch yours”- buyer and seller purchase from each
other
Differences between consumer buyers and business buyers
Business: LARGER AND MORE EXPENSIVE, more frequent, longer contracts, reciprocity
Consumer: basically buy for their own personal use
Business buying methods
Inspection- products w particular characteristics (real estate, used equipment)
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Description- products standardized by certain descriptions- eggs; anyone can deliver this
Sampling- product is homogeneous; single one can be evaluated as the entire product (grain)
Negotiation- asked to bid on particular product; specialized product
Types of business purchases: new task (first time), straight rebuy (same product), modified rebuy (same
product but with a big change in something)
Stages of business buying decision process
Problem recognition
Product specifications to solve problem
Evaluate possible products and suppliers
Select product and supplier and order product
Evaluate product and supplier performance
Value analysis- evaluation of each component of potential purchase
Vendor analysis- systematic evaluation of current and potential vendors
Roles in buying center
Users- those who actually use the products
Influencers- help develop specifications and evaluate alternative products
Buyers- select suppliers and negotiate terms of purchase
Deciders- choose the products
Gatekeepers- control flow of info to others
Ch 4
Define social responsibility- obligation to maximize positive impact and minimize negative impact
NAICS vs SIC
NAICS is used for administrative, regulatory, contracting, other NON-STATISTICAL purpose
SIC: classifies US businesses based on establishment to compare economic activity
What is a code of conduct and what is its purpose?
Formalized rules and standards that describes what company expects of employees
Three dimensions of social responsibility (consumerism, natural environment/green, and community
relations)
Natural environment- deals w pollution and conservation- quality of life and good environment
Eliminate concept of waste, reinvent concept of product, make prices reflect actual costs
Consumerism- protects the rights of consumers
Lobby, letter-writing, PSAs
Community relations- equality issues; solving social problems
Philanthropic contributions and volunteerism
Influences on ethical decision-making process
Individual- personal values and principles of right and wrong
Organizational- work groups, committees, coworkers
Opportunity- how ethical decision making is treated in the workplace
Define marketing ethics, ethics issue, marketing citizenship
Marketing ethics- define acceptable marketing conduct as determined by various stakeholders
Cause-related marketing: practice of linking products to a certain cause (Yoplait & breast cancer)
Strategic philanthropy: both organizational and social benefits by addressing stakeholder interests
Levels of the Pyramid of Social Responsibility
Philanthropic- be a good corporate citizen
Ethical- obligation to do what is right and just
Legal- obey what society considers to be right or wrong
Economic- be PROFITABLE
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