Management and Organizational Studies 1021A/B Study Guide - Disposable And Discretionary Income, Opinion Leadership, Marketing Mix

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: James O' Brian

Document Summary

Chapter 1 - marketing fundamentals: marketing mix, product, price, place, promotion, marketing process, identifying consumer needs, managing the marketing mix to meet these needs, realizing profits. Chapter 2 the marketing environment: marketers look for, demographic forces, socio-cultural forces, economic forces. Inflation, recession, gross income, disposable income, discretionary income: technological forces, competitive forces, regulatory forces. Chapter 3 consumer behavior (incl. class notes) Purchase decision process: stages that a buyer passes through when making choices about which products or services to buy: five stages: Information search: seeking value: problem recognition: perceiving a need. 2: alternative evaluation: assessing value, purchase decision: buying value, post-purchase behavior: value in consumption or use. Satisfied buyers tell three other people about their experience. Behavioral learning the process of developing automatic responses to a type of situation built up through repeated exposure to it. Motivation: energizing force that stimulates behavior to satisfy a need; marketers try to arouse needs.