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

Objective-export credit insurance, Objective After studying this unit, ...

Objective After studying this unit, you should be able to: 1.  Explain the meaning of credit risk; 2.  Describe various types of policies issued by ECGC; 3.  Explain t

Advance against goods sent on consignment, Advance against Goods Sent on Co...

Advance against Goods Sent on Consignment: Sometimes exports are affected on consignment basis. In such condition payment is receivable subject to sale of goods. Goods are exporte

Promoting products abroad, PROMOTING PRODUCTS ABROAD : The various methods...

PROMOTING PRODUCTS ABROAD : The various methods of export promotion usually adopted are advertising, direct mailing, point of purchase displays, and trade fairs and exhibitions. L

International mrketing, List out the secondary sources of information while...

List out the secondary sources of information while pursuing market research.

Specific policies of cover issued , Specific Policies : Contracts for expo...

Specific Policies : Contracts for export of capital goods or projects for construction works and for rendering services abroad are insured by ECGC on a case to case basis under sp

Construction works policy of current issue, Construction Works Policy : Co...

Construction Works Policy : Construction works policy has been designed to Indian Contractor who executes a civil construction job abroad. This policy protects the contractor from

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

Need and rationale, NEED AND RATIONALE : Export documentation is commonly ...

NEED AND RATIONALE : Export documentation is commonly considered to be the most complex and difficult part of overseas marketing. You may have come across such comments as "export

Model, model building is the essence of the operations research approach?

model building is the essence of the operations research approach?

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

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