[FM 117] - Final Exam Guide - Everything you need to know! (147 pages long)

• School: FIT
• Department: Fashion Business Management
• Course: FM 117
• Professor: liebmann

Document Summary

Consumer orientation is designed to help companies understand why consumers buy what they buy. Those within a company that are the decision makers are often very far removed from the consumer making the purchase. Make use of an opportunity or to see a problem more clearly. Empirical (based on observation and experimentation) can be generalized to larger populations. Experimental: can be used to evaluate such variables as pricing, packaging, advertising. Controlled experiment: causal only one variable is manipulated at a time as opposed to using different treatments of that one variable to determine if that affects the outcome. Test marketing: introducing a new product or revised product in a limited number of markets to evaluate consumer acceptance. Virtual reality: creating a setting that duplicates real life settings so that marketers can observe consumer behavior ( time spent inspecting the product). Virtual reality can also be applied to internet surveys. Defining purposes and objectives helps ensure an appropriate research design.