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Consumer Decision Making Process, Neurotic Needs, Reaction to the…
Consumer Decision Making Process
Need Recognition
Family & Social
Family / Reference Groups
Social Class
Informal Sources
Maslow's Pyramid
Marketing Mix
Place
Exclusive Outlets
Channels
Vertical Marketing System
Distribution is integrated, close to customer
High Customization/ Information Product
Not viable for less margin manufacturers
Traditional
Less control over product and market
More retailer more outreach
Multiple Channel Retailing/ Hybrid Channel
Title Transfer
Inventory
Avoid Stock Out
Channel vs Central Inventory
Product
Consumer Need & Benefits
Classification
Features
Core
Expected
Augmented
Potential
Purchasing Context
Convenience Goods
Shopping Goods
Specialty Goods
Others
Industry vs. Consumer
Durable vs FMCG
Products vs Services
Benefit Realization
Search Goods
Experience Goods
Credence Goods
Services
Perishable
Intangible
Heterogeneous
Promotion
Sales Promotion
(PLC: Growth > Maturity)
Advertising
(PLC: Introduction > Growth)
Consumer Promotion
Direct/Telemarketing
Publicity/ Relations
Communication
Impersonal
(TC High, Conversion Low)
Personal
(TC Low, Conversion High)
Price
Should not be Firm Focused, i.e. Cost based
Should be Customer/ Competition Focused
Target Costing
(Willingness to pay)
Perceived Value pricing
(High Quality should be expensive)
Going Rate
(Competition)
Bundling
(Combo)
Auction type
(e.g. eBay)
Pricing for a New Product
Penetration Pricing
Skimming strategy
Physical Evidence
People
Process
Drivers
Maslow's Pyramid
Drive (Gap)
Psychoanalytic
Expectancy Theory
Expectancy
Instrumentality
Valence
Types
Goal
Approach
Avoidance
Source
Intrinsic
(inner-driven)
Extrinsic
(reward/punish driven)
Trade-off
(Healthy & Tasty)
Root
Rational
Emotive
Evaluation
Perception
Just Noticeable Difference
(Threshold relative to ambient condition)
Weber's Law
Selection of Stimulus
More
stimulus than original
Less
stimulus than original
Absolute threshold > Sensory Adaptation
Cosmetic variation
(same ad with change in color, print)
Substansive variation
(ad on price, ad on quality)
Pricing
Reference Price
(Internal/External)
Transaction Utility
Acquisition Utility
Assimilation - Contrast Theory
Plausible (High/ Low)
Implausible (High/Low)
Learning
Conditioning
Classical
Stimulus Generalization
Extension
(Line, Form, Category)
Instrumental
Vicarious
3 Hit Theory
Awareness
Relevance
Reminding
Attitude
A
ctivity-
I
nterest-
O
pinion
Sequence of Object
Consumption > Product > Brand
Situation impact on attitude
Personality
Freud
Ego
Superego
Id
Karen Horney
Compliance
Aggression
Detachment
Carl Jung
Archetypes
Persona
Anima/Animus
Shadow
Self
Trait theory
Intro/Extrovert
Innovative
Self-conscious
Cognitive
Issues in the theory
Generalized, no context
Can't be scaled
some sections have disorder
Self/Selves
Multiple
(father/friend/husband)
Extended
(attribution to a concept)
Expected
(GNIIT)
Neurotic Needs
Healthy Needs
Reaction to the environment
Conscience
Immediate Gratification
Balance: vicarious gratification
Mask
Opposite Sex traits
Animal Instinct (Freudian Id)
Self Actualization
Moving Towards / Giving In
Moving Against/ Control or Exploit
Moving Away / Independence/ Personal Achievement/ Power
Moving with / Compromising
Unconscious Instinct and sexual needs
Social Relationships
Notice
JND proportional to original stimulus
Colorful ad in B&W newspaper
Advertorials
Internal Reference Price ~Purchase Price
Experience ~ Purchase Price
Generalization based on a context, and then Contrasting specific cases from that general set
Point of Difference
Point of Parity
Associative
Experiential
Observational
Study done for market sentiment
Embed situation in Promotion/ Place
Dis-aggregation & Convenience
Social Media - Personal WOM
Training
: To handle Simultaneity of Services
Standardization
: To handle Heterogeneity of Services
Injection
: To handle Intangibility of Services
(Creator)
Souvik Banerjee