Introduction to Factors Influencing Consumer Decisions The consumer decision process helps you understand the steps people go through when they are deciding whether and what to buy. Many different factors can influence the outcomes of purchasing decisions. Some of these factors are specific to the buying situation: what exactly you are buying and for what occasion. Other factors are specific to each person: an individual’s background, preferences, personality, motivations, and economic status. Because no two… Read More »Factors Influencing Consumer Decisions

Introduction to Low-Involvement vs. High-Involvement Decisions What you’ll learn to do: explain the different buying processes for low-involvement and high-involvement decisions In our discussion of the consumer decision process, we noted that not all purchasing decisions go through all six stages of the process. Some consumer decisions are quick and easy, requiring little if any focused attention. Others can be long, involved, and tough. The next section will explore each of these situations in… Read More »different buying processes for low-involvement and high-involvement decisions

The “Black Box” of Consumer Behavior LEARNING OBJECTIVES Describe theories of consumer decision-making The relationship between the customer (also called the buyer) and the provider (the seller) forms through a phenomenon called a market exchange. During the exchange process, each party assesses the relative trade-offs they must make to satisfy their respective needs and wants. On the part of the seller, the trade-offs are guided by company polices and objectives. For example, company policy… Read More »The “Black Box” of Consumer Behavior

Introduction to Buying Process Stages What you’ll learn to do: describe the stages of the buying process Take a moment to think about the last time you bought something. What factors played a role in your decision to buy? What process did you go through on the way to deciding? Were you on autopilot, or was it a thoughtful, deliberate decision? What alternatives did you consider? How did you know… Read More »Buying Process Stages

Why It Matters: Consumer Behavior Why learn about consumer behavior? Please welcome a new arrival At 1:26 a.m. this morning, in Houston’s Memorial Hermann Hospital, a consumer was born. His name is Finnegan Henry James. By the time he goes home three days later, some of America’s biggest marketers will be pursuing him with samples, coupons, and assorted freebies. Proctor & Gamble hopes its Pampers brand will win the battle for Finn’s bottom, but retailer Target has a… Read More »Why It Matters: Consumer Behavior

Putting It Together: Marketing Information and Research Back to Bookends Let’s pay Uncle Dan and his bookstore another visit, now that you’re a little further along in your understanding of marketing research. You’ll remember that you and Dan conducted both primary and secondary research to get a handle on who Bookends’ customers are—and who they aren’t. With the help of your cousin Marina, you crunched the data and identified three… Read More »Putting It Together: Marketing Information and Research

Introduction to Using Marketing Information What you’ll learn to do: use marketing information to inform the marketing strategy After you work through the process of identifying a problem, collecting and analyzing the best marketing information available, you arrive at the moment you’ve been waiting for: You can use this information to guide your decisions about marketing strategy. That strategy is aimed at getting you the results you need. We’ve already described… Read More »use marketing information to inform the marketing strategy

Using Marketing Information LEARNING OBJECTIVES Explain and provide examples of how marketers can use marketing information to improve the marketing mix Translating Marketing Information into Action With marketing information and research results collected, it’s now the responsibility of marketers to share this information internally with people who need to understand it. It’s standard practice to hold meetings with appropriate team members to walk through the research findings and brainstorm together… Read More »Using Marketing Information

Customer Relationship Management Systems LEARNING OBJECTIVES Define CRM systems and explain their purpose Describe the types of marketing information CRM systems can capture and why it is valuable for generating customer insights Marketing Information and Customer Relationship Management (CRM) Earlier in this course, we cited the American Marketing Association’s definition of customer relationship management: “a discipline in marketing combining database and computer technology with customer service and marketing communications.” The AMA’s definition goes on… Read More »Customer Relationship Management Systems

Introduction to Customer Relationship Management (CRM) Systems What you’ll learn to do: explain how customer relationship management (CRM) systems can help organizations manage and gain customer insights from marketing information To round out our discussion of marketing information and research, we need to add one more important tool to the mix: customer relationship management (CRM) systems. These increasingly prevalent systems are the centerpiece in how many organizations make sense of and… Read More »Introduction to Customer Relationship Management (CRM) Systems