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

Determining the prices and policy decisions, 1.  Your company manufactures ...

1.  Your company manufactures consumer products mostly in the pet products category. You have developed a new line of rather unique bird feeders for wild birds such as cardinals, f

Insurance claims, INSURANCE CLAIMS : When there is a loss, the insured i...

INSURANCE CLAIMS : When there is a loss, the insured is to proceed to claim the loss recovery from the insurer. The cardinal principle about insurance claims is that the insured

Duty exemption scheme, Duty Exemption Scheme: The Duty Exemption scheme co...

Duty Exemption Scheme: The Duty Exemption scheme consists of Duty Free Licence and Duty Entitlement Pass Book. Duty Free Licence includes Advance Licence, Advance Intermediate

What is historical research, What is Historical Research Any research ...

What is Historical Research Any research that makes use of observations based on past events is termed as historical approach.

Linear regression, Regression line drawn as Y=C+1075x,when x was 2, and y w...

Regression line drawn as Y=C+1075x,when x was 2, and y was 239, given that y intercept was 11. calculate the residual

Major products exported , MAJOR PRODUCTS EXPORTED : Look at Table which sh...

MAJOR PRODUCTS EXPORTED : Look at Table which shows the major products exported from India and the changing pattern thereof over the last 40 years. It is clear from the above ta

Common obstacles in consumer behaviour, Q. Common obstacles in consumer beh...

Q. Common obstacles in consumer behaviour? When first beginning to understand as well as apply Lifestyle and psychographics communicators often run into three impediments. *

Export trade control , Export Trade Control : Exports may be made freely e...

Export Trade Control : Exports may be made freely except to the extent they are regulated by the provisions of Import-Export policy, 1997-2002 or any other law for the time being

Foreign exchange-exchange control, FOREIGN EXCHANGE : Foreign exchange, as...

FOREIGN EXCHANGE : Foreign exchange, as defined under Foreign Exchange Regulation Act. 1973 is foreign currency and includes: i) All deposits credit and balance payable in fore

Determine the characteristics of research, Characteristics of Research:- ...

Characteristics of Research:- Characteristics of research are as below: - 1. Systematic Approach:- Each step should on your investigation be so planned that it lead to

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