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“Once you remove an article from Facebook or Google, by not being a noun, you open yourself up to being a verb. You can Google something now.”. News. The Facebook. The University of Oregon. The Google. Today’s agenda…. Team Kisch mini presentation on purchase momentum

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  1. “Once you remove an article from Facebook or Google, by not being a noun, you open yourself up to being a verb. You can Google something now.” News The Facebook The University of Oregon The Google

  2. Today’s agenda… • Team Kisch mini presentation on purchase momentum • Talk about group project update: DUE Wednesday! • Decision making presentation

  3. Group Project Update • A note on meeting with your companies: • PROFESSIONALISM! (just remember, I talk with your companies) • Due Wednesday BEFORE class • ½ - 1 page single spaced • Things to consider including: • Who have you spoken with at the company? What did they say? • What specific product/aspect of the company are you working with? • Started developing your questionnaire? Consider including a copy. • Survey results already? • If so, similarities/differences between those and current marketing efforts? • Flaws in current marketing plan? Initial recommendations? • If relevant, conducted a sit-in observation?

  4. Decision Making OR October 31, 2011

  5. Just to get you thinking… Which burger is bigger?

  6. Chocolate Activity

  7. Types of DM • Extended: full, involved • Limited: use heuristics • For example, availability heuristic • Habitual: automaticity • How to stop this?

  8. Decision making process

  9. Decision making process • Opportunity vs. need recognition

  10. Decision making process • Prepurchase vs. ongoing • Internal vs. external • Variety seeking

  11. Decision making process

  12. Decision making process • Types of risk: • Monetary • Functional • Physical • Social • Physiological

  13. Decision making process • Evoked vs. consideration set • Knowledge structure: think positioning

  14. Decision making process • Evaluative vs. determinant criteria • Marketing should focus on determinants • Internet influences • Cybermediaries, intelligent agents, & electronic recommendation agents

  15. Decision making process • Repeat purchase • Discontinue use • Complaint behavior • WOM (pos/neg)

  16. Decision making process:Activity - Evaluative vs. determinant criteria - Purchase location (inc. internet influences) - Repeat purchase - Discontinue use - Complaint behavior - WOM - Opportunity vs. need recognition - Prepurchase vs. ongoing - Internal vs. external - Variety seeking - Length of search - Types of risk - Evoked vs. consideration set - Knowledge structure Think back to the last computer you purchased. Get in small groups and detail how you went through each stage of the DM process. Think about what we have already talked about. Turn in with all group member’s names.

  17. Influencers to DM:Too much choice • Hyperchoice

  18. Influencers to DM:Purchase momentum • How many of you have left the grocery store with more than you expected to buy? ???

  19. Influencers to DM:Mental accounting/framing • Which is more influential? ??? If you buy this electric car, you will save $50 in gas per month If you don’t buy this electric car, you will lose $50 in gas per month

  20. Influencers to DM:Feature creep 2 lbs., 11 oz. 11.8 x 10.8 x 4.3 in. Age: 18+ 87 implements 141 functions

  21. Influencers to DM:Ethnocentrism

  22. Influencers to DM:Decision rules What are the most important things you look for when you buy a puppy? • Noncompensatory decision rules • Lexicographic: highest on top attribute • Elimination by aspects/conjunctive: minimum standards • Compensatory decision rules • Simple additive • Weighted additive

  23. Dan Ariely on decision making

  24. Things you should be working on… Reading: • Chapter 10 (Buying & Disposing) Assignments: • News article (& response) and recent ad (& response) blog posts due in a week and a half BEFORE class • Market research studies THIS WEEK Final Project: • Group project update due Wednesday BEFORE class!

  25. Today’s key tidbits on DM • The DM process is Problem recognition  Information search  Evaluation of alternatives  Product choice  Outcomes • We are easily overwhelmed (think hyperchoice) and use decision aids and heuristics to help with choice • We are NOT rational shoppers

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