The document discusses consumer decision making. It outlines the consumer decision making process which includes need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. It also discusses the types of consumer decisions and factors that influence consumer decision making like marketing efforts, psychological factors, and socio-cultural environment. The goal is to understand the "how" and "why" of consumers' experiences with products and services.
Influence of culture on consumer behavior by jayshah316Jay Shah
The role culture plays in building a sound brand strategy is more important than ever. Think beyond demo and psychographic insights. While those elements still play an important role, savvy brand builders are layering in the measurable impact consumer’s culture has on what brands they support.
Consumer perception the base for decision making. People make decisions instantly within 20 seconds about other person, yet when it comes to product they take more time. If the perception tone is set right by the companies consumer will not have any confusions. This presentation explores the ways and means of consumer perception and ends with the application of perception at large by organizations around the globe.
Meaning and nature of buyer behavior, differences between consumer buying and organizational buying in terms of characteristics and process, Strategic use of consumer behavior knowledge in marketing and public policy decisions. Modern Consumerism and the global consumer movement
Influence of culture on consumer behavior by jayshah316Jay Shah
The role culture plays in building a sound brand strategy is more important than ever. Think beyond demo and psychographic insights. While those elements still play an important role, savvy brand builders are layering in the measurable impact consumer’s culture has on what brands they support.
Consumer perception the base for decision making. People make decisions instantly within 20 seconds about other person, yet when it comes to product they take more time. If the perception tone is set right by the companies consumer will not have any confusions. This presentation explores the ways and means of consumer perception and ends with the application of perception at large by organizations around the globe.
Meaning and nature of buyer behavior, differences between consumer buying and organizational buying in terms of characteristics and process, Strategic use of consumer behavior knowledge in marketing and public policy decisions. Modern Consumerism and the global consumer movement
Stimulus-response Model Of Buyer Behavior
The Five Values Influencing Consumer Choice Behavior
Solomon Model Of Comparison Process
Nicosia Model
Howard-sheth Model
Engel-kollat-blackwell Model
Taming the ever-evolving Compliance Beast : Lessons learnt at LinkedIn [Strat...Shirshanka Das
Just when you think you have your Kafka and Hadoop clusters set up and humming and you’re well on your path to democratizing data, you realize that you now have a very different set of challenges to solve. You want to provide unfettered access to data to your data scientists, but at the same time, you need to preserve the privacy of your members, who have entrusted you with their data.
Shirshanka Das and Tushar Shanbhag outline the path LinkedIn has taken to protect member privacy in its scalable distributed data ecosystem built around Kafka and Hadoop.
They also discuss three foundational building blocks for scalable data management that can meet data compliance regulations: a centralized metadata system, a standardized data lifecycle management platform, and a unified data access layer. Some of these systems are open source and can be of use to companies that are in a similar situation. Along the way, they also look to the future—specifically, to the General Data Protection Regulation, which comes into effect in 2018—and outline LinkedIn’s plans for addressing those requirements.
But technology is just part of the solution. Shirshanka and Tushar also share the culture and process change they’ve seen happen at the company and the lessons they’ve learned about sustainable process and governance.
Assignment needs to make sure it relates to this week’s readings a.docxrock73
Assignment needs to make sure it relates to this week’s readings and lecture. The assignment also needs demonstrate an understanding of lesson concept and clearly present well-reasoned ideas and concepts.
Consumer Decision Making
Welcome class to week six of the course, we only have three weeks left to go, yeah. We have officially covered over the last five weeks the foundations of what marketing is, along with discussing in depth the elements (four P’s) of the marketing mix. This week, we are going to discover what I like to call the fifth P of the marketing mix, “people.” We are going to learn all about the consumer this week and the vital role “People,” also known as the consumers play within the wonderful world of marketing. Let’s not waste anymore time and jump right into the role of a consumer.
The Importance of Understanding Consumer Behavior
Consumers’ product and service preferences are constantly changing. Marketing managers must understand these desires in order to create a proper marketing mix for a well-defined market. So it is critical that marketing managers have a thorough knowledge of consumer behavior. Consumer behavior describes how consumers make purchase decisions and how they use and dispose of the purchased goods or services. Understanding how consumers make purchase decisions can help marketing managers know how to meet the demands, needs, and criterion of the consumer.
The Consumer Decision Making Process
When buying products, particularly new or expensive items, consumers generally follow the consumer decision-making process, a five-step process used by consumers when buying goods or services. The five steps of the consumer decision-making process are: (1) need recognition, (2) information search, (3) evaluation of alternatives, (4) purchase, and (5) post-purchase behavior.
These five steps represent a general process that can be used as a guide for studying how consumers make decisions. It is important to note, though that consumers’ decisions do not always proceed in order through all of these steps. In fact, the consumer may end the process at any time or may not even make a purchase. Let’s discuss the five steps of the consumer decision-making process in greater detail.
1. Need Recognition
The first stage in the consumer decision-making process is need recognition. Need recognition is the result of an imbalance between actual and desired states. The imbalance arouses and activates the consumer decision-making process. Need recognition is triggered when a consumer is exposed to either an internal or an external stimulus, which is any unit of input affecting one or more of the five senses: sight, smell, taste, touch, and hearing.
Internal stimuli are occurrences you experience such as hunger or thirst. External stimuli are influences from an outside source such as someone’s recommendation of a new restaurant, the color of an automobile, the design of a package, a brand name mentioned by a friend, or a ...
This presentation was given at the conference- Two day International Conference on Multidisciplinary Research “A tool for Socio-Economic Development” in Mumbai University
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. Why study Consumer Decision Making
What is consumer mind (Black Box)
Concepts - consumer decision, purchase involvement and
product involvemt
Types of consumer decisions
Roles of Consumer in C.D.M
Consumer Decision Making process
Need Recognition process
Information search process
Evaluation process
Purchase
Post-purchase
Factors influencing C.D.M
3. Opening Case on Aarey Milk Diary.
So firms that choose not to understand their consumers
purchasing behaviour often lose out of the market.
An excellent engineered product may fail just because the
customer does not identify himself or herself with it.
(share examples)
The firm must understand the buyers purchasing
behaviour. Specially how the buyer decides, what
motivates him and who influences him.
The marketer needs to focus on “how and “why” of the
total experience consumers have with products and
service. (share examples)
4. Buyers continues to be an Enigma- sometimes responding the
why the marketer wants and on other hand occasions just
refusing to buy the product from the same marketer.- Black
Box
The marketers provide stimuli but he is uncertain of the
buyers response. This stimuli is a combination of product
price etc.
Stimulus
Company controlled Buy
Product
Price
Advertising
Sales Promotion Response
Display
Distribution
Consumer mind(Black Box) No Buy
Social
Word of mouth
Reference Group
5. A decision is a set of an options from two or more alternatives
choices.
So consumer decision produces an image of an individual
carefully evaluating the alternatives of a set of
products, brand or services and rationally selecting the one
that solves a clearly recognized need for the least cost.
Purchase involvement is the level of concern for, or interest
in the purchase process triggered by the need to consider a
particular purchase.
Product involvement is the level of concern for a particular
brand or a product category.
Examples: Juice (purchase involvement ) Slice,
Mirinda, Thums up etc. (product involvement)
6. Nominal decision Limited decision Extended
making making decision making
Problem recognition Problem recognition
Problem recognition
Information search Information search
Internal Internal
Limited external External
Alternative evaluation Alternative evaluation
Information search Few attributes Many attributes
Limited internal Simple decision making Complex decision making
Few alternatives Many alternatives
Purchase
8. Consumer decision processes are the decision making
processes undertaken by consumers in regard to a potential
market transaction before, during, and after the purchase of
a product or service.
The focus of this process, forms an integral part of consumer
behaviour on how consumers spend their available resources
(such as time and money) on personal and household products
and services so as to satisfy their needs.
The decision-making processes that consumers use when
making purchases vary, particularly with regard to the time
and effort that they take to reach a decision.
9.
10. Problem recognition is the first stage in C.D.M process.
Problem recognition is the result of a discrepancy between a
desired state and a actual state that is sufficient to arouse
and activate the decision process.
Eg: Feeling Bored- actual state. Listening music/Call friend –
desired state.
Types of Consumer Problem
Consumer problem may be either active problem or inactive
problem.
Active problems only require the marketers to convince
consumers that its brand is the superior solution.
Inactive problems require the marketer to convince
consumers that they have the problem and the marketers
brand is a superior solution to the problem which is more
difficult task.
11. Marketing Strategy used problem recognition
Discover Consumers problem
Activity analysis
Product analysis
Problem analysis
Responding to Consumer problem
Helping Consumer recognize problem
Suppressing problem recognition
12. Once problem is recognized relevant information from
long-term memory is used to determine if a satisfactory
solution is known, what are the characteristics of potential
solution are, what are appropriate ways to compare
solutions and so forth- This is called Internal search.
If a resolution is not reached through internal search, then
external search is focused.
It is important to note that even in extended decision
making with extensive external search, the initial internal
search generally produces a set of guides or decision
constraints that limit and guide external search.
Examples of External search: web, books, articles
newspaper, friends etc.
13. Types of Information
Evaluative Criteria: The desired characteristics are the
consumers evaluative criteria. Ex: Laptop or Computer
Appropriate Alternative: Here the consumer seeks for
different companies or brand Ex: Dell, HP Asus, Toshiba,
,
Apple, Fuji.
Evoked Set Inert Set Inept Set
Asus
Dell Fuji
Toshiba
HP Apple
These are the Which are Which are not
brands which known but not known
are know very the
well performance
14. Alternative Characteristics: Here the consumer compares
the different features of the selected evoked set
Ex: price, memory, processor etc.
15. When potential consumers have all the necessary internal
and external information on alternatives, they have to
evaluate the alternatives in order to make a purchase.
Information will lead to an evoked set(familiar brands) of
alternative products from which a choice will then have to
be made.
Theory of Evoked Set- By Howard and Sheth’s
Total Set Awareness Consideration
Decision Set
(all brands) Set Set
(brands
(brands (brands
decided)
aware off) considered)
Purchase
Set
16. Consumers use several attributes when they are evaluating
alternative products and they are more interested in a
specific attribute that brings the sought benefits.
Example: Price, Quality, availability, service, performance
etc
The number of criteria used in decision making are
relatively limited, usually less than six.
Also, not all criteria are equally important.
The criteria used to make a decision change depends on
the consumer, the product, and the situation.
17. Consumers generally make three types of purchase:
trial purchase, repeat purchase and long term
commitment purchase.
Trial purchase would be in smaller in quantity and it would
be also termed as Exploratory phase.
Repeat purchase is very closely related to brand
loyalty, which firms try to encourage because it
contributes to greater stability in the market share.
18. The purchasing process does not end when a consumer buys
a product . After the purchase consumers tend to evaluate
their experience to decide if they are satisfied or
dissatisfied.
The information will be used in future decision-making.
The performance of the product or service will be compared
with consumers expectations. There are three possible
outcomes of these evaluations:
Perceived performance meeting expectations
Perceived performance exceeding expectations
Perceived performance being lower than expectations
When a consumer thinks of the unique, positive qualities of
the brand not selected, it is known as cognitive dissonance.
When cognitive dissonance occurs Marketing can minimize through:
after a purchase, it is called Effective Communication
Follow-up
post purchase dissonance. Guarantees
Warranties
19. External Influence
Socio cultural Environment
Firms Marketing Efforts 1. Family I
1. Product 2. Informal sources N
2. Promotion 3. Other non commercial P
3. Price sources U
4. Channel of distribution 4. Social class T
5. Sub culture and culture
Consumer Decision Making
Need Psychological Field P
Recognition 1.Motivation R
Information 2.Perception O
Search 3.Learning C
Evaluation of 4. Personality E
Alternatives 5. Attitude S
Purchase S
Post-purchase
Experience
Purchase
1. Trial
2. Repeat purchase OUT PUT