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Check Point 2 Essay

1471 words - 6 pages

| (TCOs C, H) Describe customer perceived value, total customer benefit, and total customer cost. How do the total customer benefit and the total customer cost affect the consumer’s perception? Explain. |
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  | |   | *Customer perceived value is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. *Total customer benefit is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the products, services, personnel, and image involved. *Total customer cost is the perceived bundle of costs customers ...view middle of the document...

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(TCOs C, H) What are the five stages in the buying decision process? Briefly describe each. |
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  | : |   | The five stages in the buying decision process are : 1- Problem recognition: The buying process starts when the buyer recognizes a problem or need triggered by internal stimulus (hunger, thirst...) or external stimulus (may admire a neighbor’s new car or see a television ad for a Hawaiian vacation). 2- Information search: The milder search state is called heightened attention. At this level a person simply becomes more receptive to information about a product. At the next level, the person may enter an active information search: looking for reading material, phoning friends, going online, and visiting stores to learn about the product. 3- Evaluation of Alternatives: the consumer forms preferences among the brands in the choice set. The consumer may also form an intention to buy the most preferred brand. its about the way the consumer processes competitive brand information and make a final value judgment 4- Purchase Decision: In executing a purchase intention, the consumer may make up to five subdecisions: brand (brand A), dealer (dealer 2), quantity (one computer), timing (weekend), and payment method (credit card). 5- Post-purchase Behavior: After the purchase, the consumer might experience dissonance that stems from noticing certain disquieting features or hearing favorable things about other brands and will be alert to information that supports his or her decision. Marketing communications should supply beliefs and evaluations that reinforce the consumer’s choice and help him feel good about the brand. |
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(TCOs C, H) What is a niche market? What does an attractive niche market look like? |
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  | |   | A niche market is a more narrowly defined customer group seeking a distinctive mix of benefits. Marketers usually identify niches by dividing a segment into subsegments. A niche is fairly small but has size, profit, and growth potential and is unlikely to attract many other competitors; and the nicher gains certain economies through specialization. The traffic volumes or demand, the number of competitors and product quality are the crucial, key factors when considering profitable niche markets. |
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(TCOs C, H) What is a market segment? What are some of the factors that may be used to narrow the market down into segments? |
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  | |   | Market Segment: A group of people that share one or more characteristics. Each market segment is unique. To meet the most basic criteria of a market segment, three characteristics must be present: * Homogeneity (common needs within segment) * Distinction (unique from other groups) * Reaction (similar response to market) Some of the factors that may be used to narrow the market down into segments are: -Demographic Segmentation: This segment involves categorization of customers based on...

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