Information search as well as decision making, Marketing Research

Assignment Help:

Consumers are connect in both internal and external information search.

Internal search engages the consumer identifying alternatives from his or her memory. For certain small involvement products it is extremely important that marketing programs achieve 'top of mind' awareness. For instance few people will search the Yellow Pages for fast food restaurants therefore the consumer must be able to retrieve one's restaurant from memory before it will be considered. For high participation products consumers are more likely to use an external search. Previous to buying a car for instance the consumer may ask friends opinions read reviews in Consumer Reports consult several web sites and visit several dealerships. Therefore firms that make products that are selected predominantly through external search should invest in having information available to the consumer in need-example through web sites, brochures or news coverage.

A compensatory decision engages the consumer trading off good and bad attributes of a product. For instance a car may perhaps have a low price and good gas mileage but slow acceleration. If the price is adequately inexpensive and gas efficient the consumer may then select it over a car with better acceleration that costs more and uses more gas.

Sometimes a decision will involve a non-compensatory strategy. For instance a parent may reject all soft drinks that contain artificial sweeteners. At this time other good features such as taste and low calories cannot overcome this one 'non-negotiable' attribute.

The quantity of effort a consumer puts into searching depends on a number of factors such as the market (how many competitors are there as well as how great are differences between brands expected to be?) product characteristics (how significant is this product? How difficult is the product? How clear are indications of quality?) Consumer characteristics (how involved is a consumer generally in analyzing product characteristics and making the best possible deal?) as well as situational characteristics (as previously discussed).


Related Discussions:- Information search as well as decision making

Explain different market segments in given problem, Q. Explain different ma...

Q. Explain different market segments in given problem? You should identify two competing products or services that aim at different market segments. Ideally one of these should

Indemnity and insurable value, Indemnity and Insurable Value : The insuran...

Indemnity and Insurable Value : The insurance contract is in the nature of indemnity. The literal meaning of indemnity is protection against loss or making good the loss. The obje

Basic principles of ecgc operation, BASIC PRINCIPLES OF ECGC OPERATION : T...

BASIC PRINCIPLES OF ECGC OPERATION : There are two basic principles on which ECGC works: i) Spread of risks: An exporter is required to insure all the shipments that may be m

Exploratory research, Here the hypothetical solution or actions are explore...

Here the hypothetical solution or actions are explored and evaluated by the decision marker. These studies do not require extensive efforts as information from previous studies can

Sports marketing firm, You are interested in purchasing a new minor league ...

You are interested in purchasing a new minor league baseball franchise. The franchise will be located in your area. To reduce the risk in your decision making, you have requested t

Determine the primary editing problem, Determine the primary editing proble...

Determine the primary editing problem One of the primary editing problem concerns with faking of an interview. Such fake interviews are difficult to spot till they come to edit

Prepare a note for declining sales of your products, Q. Prepare a Note for ...

Q. Prepare a Note for information of the Board of Directors on the reasons for declining sales of your Company's products for the quarter ending March 31, 2003? Ans. A p

Define the sub-culture categories, Q. Define the Sub-culture categories? ...

Q. Define the Sub-culture categories? A sub-culture is an identifiable cultural group, distinct which while following the dominant cultural values of the overall society as wel

State the term- production, State the term- Production Research assist...

State the term- Production Research assists you in an enterprise to decide in the field of production on:- What to produce How much to produce When to produce

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd