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Marketing Exam Study!

    • The process by which people select, organize, and interpret information to form a meaningful picture of the world

    • People can form different perceptions of the same stimulus because of three perceptual processes: selective attention, selective distortion, and selective retention

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          Selective attention

          • The tendency for people to screen out most of the information to which they are exposed, meaning marketers have to work especially hard to attract the customer’s attention

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          Selective distortion

          • Describes tendency of people to interpret information in a way that will support what they already believe

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          Selective retention

          • People tend to select and retain information that supports their beliefs

  • Learning

    • Changes in an individual’s behaviour arising from experience

  • Beliefs and Attitudes

    • A belief is a descriptive thought that a person holds about something

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        May be based on real knowledge, opinion, or faith, and may or may not carry an emotional charge

    • An attitude is a person’s relatively consistent evaluations, feelings, and tendencies toward an object or idea

Consumer Buyer Decision Process Need recognition Information search Evaluation of alternatives Purchase decision Post purchase behaviour

Innovation Adopter Categorization

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    Fig 6.5

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    Innovators are defined as first 2.5% of buyers to adopt new idea; the early adopters are the next

    • 13.5

      %; the early majority are the next 34%; late majority is the next 34%; laggards are the last 16%

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        Innovators are venture some – they try new ideas at some risk

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          Early adopters are guided by respect, they’re opinion leaders in their communities adopting new ideas early but carefully

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          Early majority are deliberate – although they are rarely leaders, they adopt new ideas before the average person

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          Late majority are sceptical – they adopt an innovation only after majority of people have tried it

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          Laggards are suspicious of changes and adopt the innovation only when it has become something of a tradition itself

Product Life Cycle

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    All products will pass through the PLC

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      What’s different is

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How long it takes between stages How long it remains in each stage

  • no customers, no profits, heavy spending

Introduction – early adopter customer, no profits, high launch costs

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