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

Denomination of export contracts, Denomination of Export Contracts: All ex...

Denomination of Export Contracts: All export contracts and invoices shall be denominated in freely convertible currency and export proceeds shall be realised in freely convertible

Internal and external criterai of research problem, AskWhat are the interna...

AskWhat are the internal and external criteria of selecting a research problem?

Commercial perspective, Commercial Perspective : Trade between two busines...

Commercial Perspective : Trade between two business firms located in different countries begins with the conclusion of an export contract. Under the contract, the duty of the expo

What are the benefits of using projective techniques, What are the benefits...

What are the benefits of using projective techniques in comparison to focus groups and in-depth interviews? Answer Projective techniques have a major benefit over focus gro

Export promotion capital goods scheme, Export promotion Capital Goods Schem...

Export promotion Capital Goods Scheme: Capital goods both new and second hand, may be imported under the Export promotion Capital Goods (EPCG) Scheme. The import of second hand ca

INTEGRATED BRAND PROMOTIONS, WHAT ARE THE IMPLICATIONS OF INTGRATDE BRAND P...

WHAT ARE THE IMPLICATIONS OF INTGRATDE BRAND PROMOTION FOR MEDIA

Sources of information comprise, Once the buyer has recognised a problem th...

Once the buyer has recognised a problem they search for information on products and services that can solve that problem. Belch and Belch (2007) describe that consumers undertake b

Foreign exchange transactions, Foreign Exchange Transactions : A foreign e...

Foreign Exchange Transactions : A foreign exchange transaction is ultimately the purchase or sale of one national currency against another arising out of import or export of goods

Why export? a firm''s perspective, WHY EXPORT? A FIRM'S PERSPECTIVE : Th...

WHY EXPORT? A FIRM'S PERSPECTIVE : There are a number of factors which may motivate a firm to export. Let us discuss them in detail. i) Relative profitability: The price re

Forward contracts-foreign exchange risks, Forward Contracts : As you have ...

Forward Contracts : As you have learnt that entering into forward contract is one of the important method of dealing with the foreign exchange risk. Let us also remind you that in

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