MKT 401 C at Universität Mannheim

Flashcards and summaries for MKT 401 C at the Universität Mannheim

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Study with flashcards and summaries for the course MKT 401 C at the Universität Mannheim

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 Insights into customer behavior

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 Five-stage model of the customer decisions process

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 1. Problem recognition

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 2. Information search

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 2. Information search

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 2. Information search

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 2. Information search

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 3. Evaluation of alternatives

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 3) Evaluation of alternatives - Expectancy-value model

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 Steps between evaluation of alternatives and purchase decision

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C1 4. Purchase decision

Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

C1 4. Purchase decision

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Exemplary flashcards for MKT 401 C at the Universität Mannheim on StudySmarter:

MKT 401 C

C1 Insights into customer behavior
Def: " The study of individuals, groups, organizations and the processes they use to select, secure, use and dispose of products, services, experiences, ideas to satisfy needs and the impacts that these processes have on the customer and society" An understanding of - psychology of how customers think and feel, reason, select between different alternatives (e.g. brands, products) - psychology of how customers are influenced by their environment (e.g. culture, media, f-factors) - behavior of customers while shopping or making other marketing decisions Implications: An understanding of customer behavior enables firms and organizations to adapt and improve their marketing campaigns and strategies. It will enable them to more effectively reach and satisfy the needs of their customers

MKT 401 C

C1 Five-stage model of the customer decisions process
Def: The five-stage model describes how customers process information during a purchase decision Assumption: The customer is cognitive Illustration: 1) Problem Recognition: perceiving a need 2) Information search: seeking value 3) Evaluation of alternatives: assessing value 4) Purchase Decisions: buying value 5) Post Purchase behavior: value in consumption or use

MKT 401 C

C1 1. Problem recognition
The buying process begins when the customer acknowledges a problem or a need Needs.. .. arise when there is a perceived difference between the actual and desired states of being .. motivate individuals by inducing desire to meet these needs .. can be triggered by internal (appetite) or external (advertising) stimuli People first fill lower order needs before filling higher order needs - Products and services create benefits for customers through the satisfaction of their needs Understanding the sage of retail - Problem recognition a) Good example: IKEA Understood what customers brings to store: Seasonal products + food b) Negative example: Karstadt Failed to understand what customers brings to stores: Shop-in-shop concept failed, customers wants rather promotions

MKT 401 C

C1 2. Information search
Two stages of information search: 1) Heightened attention: Describes a person who is more open to information about products 2) Active information search: Describes the more intense searcher who seeks out reading material, assessing information from friends, peers and other users e.g. via Internet to learn about products Sources of Information a) Personal: e.g. family, friends, experts b) Commercial: e.g. websites, adverts c) Experimental: e.g. touching, examining d) Public: e.g. mass media, customer rating organizations

MKT 401 C

C1 2. Information search
Two stages of information search: 1) Heightened attention: Describes a person who is more open to information about products 2) Active information search: Describes the more intense searcher who seeks out reading material, assessing information from friends, peers and other users e.g. via Internet to learn about products Sources of Information a) Personal: e.g. family, friends, experts b) Commercial: e.g. websites, adverts c) Experimental: e.g. touching, examining d) Public: e.g. mass media, customer rating organizations

MKT 401 C

C1 2. Information search
Two stages of information search: 1) Heightened attention: Describes a person who is more open to information about products 2) Active information search: Describes the more intense searcher who seeks out reading material, assessing information from friends, peers and other users e.g. via Internet to learn about products Sources of Information a) Personal: e.g. family, friends, experts b) Commercial: e.g. websites, adverts c) Experimental: e.g. touching, examining d) Public: e.g. mass media, customer rating organizations Understanding the stage of retail - Information search + Warb parker realized how customer search for information when buying glasses: try glasses on - Media MarketSaturn Retail Group failed to realize that customers use stores as showrooms: Customer try products and buy cheaper online New strategy: lowest price guarantee

MKT 401 C

C1 2. Information search
Two stages of information search: 1) Heightened attention: Describes a person who is more open to information about products 2) Active information search: Describes the more intense searcher who seeks out reading material, assessing information from friends, peers and other users e.g. via Internet to learn about products Sources of Information a) Personal: e.g. family, friends, experts b) Commercial: e.g. websites, adverts c) Experimental: e.g. touching, examining d) Public: e.g. mass media, customer rating organizations

MKT 401 C

C1 3. Evaluation of alternatives
Total Set (Apple, Dell, Acer., HP., LG) = Number of generally available products/brands Awareness set (Apple, Dell,Acer, HP) = Number of products/brands the customer will become aware of Evoked Set (Apple, Dell, Acer,..) = Number of alternatives considered by the customer (satisfy buying criteria) Choice set (Apple, Dell) = Number of products/brands for which more information is processed Decision = product or brand the customer chooses Moreover, a company must - strategically achieve a place in a customer's awareness set, evoked set and especially, choice set: - Recognize its competitors in a customer's choice set - Identify customer's information sources and evaluate their relative influence

MKT 401 C

C1 3) Evaluation of alternatives - Expectancy-value model
Customers evaluate products and services according to evaluative criteria (attributes) which are weighted by their perceived importance

MKT 401 C

C1 Steps between evaluation of alternatives and purchase decision
3. Evaluation -> Purchase intention a) Attitudes of others b) Unanticipated situational factors -> 4. Purchase Decision

MKT 401 C

C1 4. Purchase decision
In executing a purchase decision, the customer make several sub-decisions: - Brand (apple) - Specific features (memory capacity) - Retailer (online shop) - Quantity (1 laptop) - Timing (tomorrow) - Payment method ( credit card) In some cases, a customer may decide not to evaluate each product and/or intervening factors may affect the decision Understanding the stage of retail: + Zipcar realized that customers not necessarily want to purchase cars: Many customers would rather rent a car than own a car

MKT 401 C

C1 4. Purchase decision
In executing a purchase decision, the customer make several sub-decisions: - Brand (apple) - Specific features (memory capacity) - Retailer (online shop) - Quantity (1 laptop) - Timing (tomorrow) - Payment method ( credit card) In some cases, a customer may decide not to evaluate each product and/or intervening factors may affect the decision Understanding the stage of retail: + Zipcar realized that customers not necessarily want to purchase cars: Many customers would rather rent a car than own a car

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