Marketing foundations notes assignment

Any group to which an individual looks for guidance Membership reference groups: groups the individual belongs to Aspiration reference groups: would like to belong Dissociation reference groups: does not wish to belong Opinion leader is reference group member who provides relevant and influential advice about a specific topic of interest to group members Family life cycle is series of characteristic stages most families pass through Family decision-making roles is differing responsibilities for specific types of decisions Pester power is influence of children on parents’ purchasing decisions

Types of consumer decision making Habitual: low engagement, small, routine, low-risk products Limited: infrequently bought but familiar products Extended decision making: high engagement, high price, high-risk and/or infrequent and unfamiliar products Consumer decision making steps Need/want recognition Become aware of unsatisfied wants/needs Marketer stimulates/creates awareness of new need/want Information search Seeks information from sources about how to solve the problem Evaluation of opinions Develop evaluation criteria, rank alternatives, consider not purchasing/other uses of none Purchase Choose product and brands, decide to purchase or not to purchase, purchase Post- purchase evaluation Continue to evaluate product, deal with post-purchase cognitive dissonance, assess attitude towards product/bank/seller in relation to future purchases Cognitive dissonance: when purchaser has second thoughts or doubts 4.