* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Personal Decision Making
Product lifecycle wikipedia , lookup
Visual merchandising wikipedia , lookup
Service parts pricing wikipedia , lookup
Planned obsolescence wikipedia , lookup
Marketing communications wikipedia , lookup
Ambush marketing wikipedia , lookup
Street marketing wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Product placement wikipedia , lookup
Direct marketing wikipedia , lookup
Food marketing wikipedia , lookup
Advertising management wikipedia , lookup
Pricing strategies wikipedia , lookup
Target audience wikipedia , lookup
Advertising wikipedia , lookup
Target market wikipedia , lookup
Youth marketing wikipedia , lookup
Multicultural marketing wikipedia , lookup
Green marketing wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Product planning wikipedia , lookup
Marketing strategy wikipedia , lookup
Neuromarketing wikipedia , lookup
Personal branding wikipedia , lookup
Global marketing wikipedia , lookup
Consumer behaviour wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Sensory branding wikipedia , lookup
Targeted advertising wikipedia , lookup
Personal Decision Making Chapter 20 Goals for Chapter 20.1 Apply the decision-making process to solve consumer problems. Explain economic needs and wants that influence consumer decision making. The Decision Making Process Step Step Step Step Step Step 1: 2: 3: 4: 5: 6: Define the Problem Obtain Accurate Information Compare Choices Make a Decision Take Action Re-evaluate Economic Wants and Needs Basic needs are the ingredients necessary for maintaining physical life. Life-enhancing wants include, but are not limited to: Food, clothing and shelter beyond what is necessary for survival. Medical care to improve quality of life. Education to achieve personal goals Travel and vacations Individual Wants Factors affecting individual wants: Values. Values are the principles by which a person lives. Personal Preferences. Personal preferences or tastes are your likes and dislikes. Income. The amount you earn will influence the type of consumer choices you make. Leisure Time. The amount of free time you have and the kinds of activities you enjoy also affect how you choose to spend your money. Collective Values Collective values are those things important to society as a whole. Legal Protection Employment Progress Innovations are new ideas, methods, or devices that bring about changes in the way we live. Quality of Environment Public and Government Services Goals for Chapter 20.2 List and describe factors that influence spending decisions. Analyze marketing strategies that influence spending decisions. Factors that Influence Spending Personal Factors Personal Resources Position in life Customs, Background and Religion A custom is a long-established practice that takes on the force of an unwritten law. Values and Goals Outside Factors The Economy Technological Advances The Environment Social Pressures Planning Major Purchases Questions to ask yourself: Why do I need or want this product? How long will this product last? What substitutes are available and at what cost? By postponing this purchase, is it likely that I will choose not to buy it later? What types of additional costs are involved, such as supplies, maintenance etc..? For what other purposes might I use the money spent or committed for this purchase? What is the total cost of this product? Marketing Strategies that Influence Spending Advertising Advertising intended to convince consumers to buy a specific good or service is called product advertising. A target market is the specific consumer group to which the advertisements are designed to appeal. Advertising intended to promote the image of a store, company, or retail chain is known as company advertising. Advertising intended to promote a general product group without regard to where these products are purchased is called industry advertising. Pricing Odd-number pricing is the practice of setting prices at uneven amounts rather than whole dollars to make them seem lower. Sales A loss leader is an item of merchandise marked down to an unusually low price. Any customer who only buys loss leaders is called a cherry picker. Promotional Techniques Displays Contest and Games Coupons Frequent Buyer Cards Packaging Sampling Micromarketing Micromarketing is a marketing strategy designed to target specific people or small groups with products that they are likely to want.