CHAPTER REVIEW
Chapter Review-Journal
Chapter 2
There are three phases of the purchase process, naming awareness, consideration, and decision. In the first phase, the buyer is trying to consider his need for the product and his decision for purchase. The second stage is about the evaluation for making the final decision. The final stage is about making the right choice after reviewing the options, investing time in research, and gaining confidence.
Marketers use visual stimuli to make the product more engaging to the consumers. It is known that 93% of the communication is done via non-verbal means. The visuals help the buyer make sense of the message and decode text easily. Colors help in enhancing emotions and stirring the imagination. For example, certain logos specifically use certain colors to instill cravings, such as the pairing of yellow and red in Mcdonalds, where red depicts desire, authority, and affection.
Operant conditioning commonly refers to behavioral psychology where marketers could gain profits by giving such voluntary, favorable and positive stimulus to the consumers who worked in the past. It is done to encourage customers to buy their product and try afterward, free trials. People cannot know the product well through advertising unless they have used it. The free trials could cost initially, but results could be maximized if the customers become lifelong brand loyal and lucrative profits through word-of-mouth.
Chapter 3
Mass marketing is about selling a product to all types of consumers, while one-to-one marketing sells a single product to one type of customer. In one-to-one marketing, the companies make sure that the maximum number of customers buy the maximum number of products. For example, a tissue paper brand would want to mass market its product to all consumer types. In contrast, a soap for dry skin would want those consumers to buy it who have dry skin only however, the single type of consumer would buy the same product for a long time in maximum amounts.
The marketers segment a market based on certain parameters, such as behavioral, demographic, psychographic, and geographic. Creating value for them is inherent in the capacity of the marketer to identify their needs based on these factors since gathering information about the consumers becomes convenient. The qualitative and quantitative information is better analyzed so that sales of the product are maximized, and brand loyalty is sustained.
The reasons for the failure of segmentation schemes could entail defining the segmentation too largely, non-alignment of business goals and the market segments, inefficient global management of the segments, and inappropriate use of segmentation for unclear strategic direction. Improper implementation with lack of accurate preparation concerning correctly defined target market causes problems and ends up in massive fails.
Chapter 6
A product is an article that is manufactured to sell to the target consumers. The differences between product and service are tangibility of product. In contrast, the service lacks it, needs fulfillment via product. In contrast, service helps in relationship building. Quality evaluation of service is harder than that of a product, with innumerable variations in the product lines and types while less differentiation in service and the returnability of a product. In contrast, a service cannot be returned.
Core values are the basic or fundamental characteristics of a product that the customers want, and value-added values are the additional benefits they would gain from the same product. The core value would be providing rooms, food, and necessities in-room service in terms of hotel services. The value-added service can include offering a postal card for a touristic experience and facilitation.
Deepening product ix depth could be less efficient since offering more product lines in an existing product would incur more costs....
…hyperlink keywords like Technical programs etc.
The ranking system on Google comprises several algorithms that help search for the right results when keywords are entered in the search bar. The factors that are taken into consideration by these algorithms are relevance, usability, number of words in the query, sources that match, locality, and settings. Strict guidelines are followed by search quality raters worldwide to ensure the laborious process of Google searching gives relevant and quality results.
Chapter 14
Low-involvement purchase is the one in which the risk is low. It is less costly for the buyer if he makes a mistake in his purchase decision, for example, impulse purchase of the chocolate when you are about to pay bills on the grocery store counter. On the contrary, a high-involvement purchase is the one that has a high risk due to high costs if he fails to make the right decision, for instance, buying a car at the showroom.
The three types of expectations of the customer are desired, adequate, and predicted. The desired expectation is how the customer wants a specific standard from the product to qualify or perform the service. The adequate expectation is which the customer would accept, while the predicted expectation is with which the customer is satisfied.
A CRM program is the customer relationship management process in which the database is managed by collecting information regarding business projections, clienteles, product demand, and buying historical accounts.
The lifetime customer value is known as the total amount of money a consumer is anticipated to devote to a companys products or a business during his entire lifetim. The business needs to know which customer s are highly valuable and retained on a long-term basis. For instance, if the customer is to buy a notebook for $10 but his lifetime value is $20, then he would be…
