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COMM 132 Final: Marketing Final Exam Notes

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COMM 132
Laurence Ashworth

Briney Gerlock April 2017 Comm 132: Markeng II Final Exam Notes Weeks 1 2: Value Sasfacon Segmentaon What needs does this product fulll what problem does it solve? Who has this needproblem? Is the group suciently similar or should we subsegment? Which subsegment should be selected and why? Markeng: the pracce of creang value for a specic group of consumers and communicang value to them consumers must recognize your oering think about how to reach the right people (communicaon) Atudes: a tendency to evaluate something posively or negavely; expression of liking create psychological precursors to buying evaluang sasfacon > meeng expectaons; predicve of repurchase atude is a less important predictor of repurchase Psychological Model 1. Product Pricing, Product Features, Promoon Aempts 2. (Expectaons of) Goal Fulllment 3. Compeve Oerings (moderator) 4. Value Judgement, Product Atude, Product Sasfacon 5. Choice Percepons of Value Perceived benets relave to perceived costs Value = benet cost relave to other products in the category > focus on opportunity cost to inuence perceived cost depends on reference price Methods to increase percepons of value: 1. Highlight customer problem illustrate soluon 2. Segregang gains 3. Remove percepons of uncertainty (warranty) 4. consensus informaon (peer liking) 5. repeon Methods to decrease percepons of cost: 1. High withincategory reference prices anchoring adjustment eect 2. Split cost extending the payment period 3. Favourable opportunity costs Sasfacon predicve of repurchase and word of mouth markeng
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