The Customer Decision-Maing Process

In this weeks chapter, it focuses on the consumer decision-making process. The text elaborates on the five steps of the consumer decision-making process: (1) Need recognition, (2) Information Search, (3) Evaluation of Alternatives, (4) Purchase, and (5) Post-purchase Behavior (pg. 85).

It is implied that customers go through this five step idea when purchasing a product, and that can overall determine the success or failure of their purchase. Each step is then broken down into how it actually affect the consumer, and what occurs during each step.

In the second step, information search which is made up of two different types of information searching; these include internal information search and external information search. Internal information search is defined as the process of recalling past information stored in the memory. External information search is defined as the process of seeking information in the outside environment. 

The texts says that a consumer can use either one of the above mentions information searches, however, do you believe one way of information searching, being that of internal or external in more beneficial in the consumer decision-making process, or should they both be considered equally?

Response to Tammy Chou

I believe that the most popular products, or even sometimes the most successful products are additions to existing product lines, or improvements or revisions of existing products. I feel as those these two are the more popular and have the highest potential for success because they are not brand new, they are instead related products to another product.

This means that the success and or failure of a products has already been determined; it has been put on the market for sale and it can be evaluated. Once a product had already been exposed and evaluated, it can be much easier to move on in expanding a product on fixing a product that may have had some imperfections. Thus, improving a product and overall importing profits.

Also, new lines can come out of already existing products, specializing products for each individual.

I think that changing a design for a products can be very beneficial in selling the products, because no only would you be selling a product, but you're selling it for a specific individual. By slightingly altering a design of a products because the line is different, shows that the product has adjusted to fit the needs of it's consumers.In turn making it more appealing for customers.

New Products

In chapter for this week, they discuss the importance of something referred to as a 'new product'. A 'new product' is defined as a product new to the world, the market, the producer, the seller, or some combination of these. In other words, a new product is not necessarily a brand new product concept, but can simply be an already well-known product that a new company has decided to sell for the first time.

No obviously not every single 'new product' is guaranteed to either fail or succeed, however, it is clear that all marketers have a different approach when it comes to a new product. Some like to slowly introduce the product, such as initiating samples here and there, or doing a lot more free trials. Maybe even adding a new product into an old product to promote it, making it eventually successful on it's own one day. While on the other hand, some marketers have been known for just dropping everything and completely devoting their product line to this new idea, leading them so sometimes fail because the product may have inevitable been a failure.

When it comes to introducing a 'new product' into the market place, what is the best way to expose it, with hopes of it being successful? Will it be more successful introduces slowly, or have a greater impact if it is the main idea of a company, or could there be a middle line of how to properly introduce a product so it does not inevitable fluke?

Response to Katie O'Hurley

I loved that Captain Morgan commercial! I have never seen that one before and I thought it was very clever. I literally laughed out loud at it and have showed it to others. As far as the Progressive Insurance commercials, those are also fairly humorous as well.

I think that when a company can show it's humor in it's advertisings, as well as make light of a serious topic without going too far, can really make a difference in their marketing and their relationships with their consumers.

One commercial that I happen to love because I think it is absolutely hysterical is the Jack Links beef jerky commercials involving Sasquatch. I especially think this one has a great impact on it's audience because it is so funny and inappropriate. I don't want to ruin it, but watch the commercial all the way to the end:

What are your thoughts on the effectiveness of this commercial?

Global Marketing

Chapter five discusses global marketing; what it is, why we have it, how it exists, who participates, as well as it's benefits and costs.

According to our text, global marketing is defined as marketing that targets markers throughout the world (pg. 63). In other words, when a product or service is targeted to a larger market in which it involves going international and expanding a companies overall target market.

When a company is to partake in global marketing, it is said to have something referred to as a global vision. A global vision is defined as recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets (pg. 63). 

In a perfect world it would appear that if a business is partaking in global marketing, then it would hope to have a positive global vision. This being so that a company completely understand the circumstances of becoming a part of the global market, and can be the most successful it can be. However, if this is the case, that wouldn't all global businesses be successful, yet it does not seem that simple.

If a business is partaking in a global vision of understanding it's market as well as it's foreign competitors properly, then do you believe it is more likely to succeed? Or is it that the global visions is nothing more than a sheer precaution companies are recommended to take?

Response to Katie Longchamp

For the Ford F-150, like Katie said, it had many different competitors in the market place, a few more examples include the following:

-Brand Competitor: Dodge Ram

-Product Competitor: Toyota 

-Generic Competitor: A smart car

-Total Budget Competitor: A used truck

Every product had a range of competitors like the Ford F-150 does, another example that has various competitors would be Maxwell coffee:

-Brand Competitor: Folgers coffee

-Product Competitor: Lipton Tea 

-Generic Competitor: Lemonade

-Total Budget Competitor: Cheapest drink

When it comes to global competition, I feel as though every product is affected in some way, shape, or form. However, some products are more impacted than others. For instance a product that is provided from a different countries resources may be impacted more, such as the price of oil varying. On the other hand, soda companies that are based in the United States might not be affected as much. Though, when it comes to stocks that are impacted world wide, everything will be effected.

Target Market

In chapter four, the beginning of the reading begins by discussing the importance of a target market when selling a product or service. The books goes on to describe a target market as 'a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges' (pg. 45).

Therefore it would seem as though every single product or service is said to have a specific group of people, the target market, in which they are aiming to sell towards.

What I am wondering though is that it would seem as not all products or services have just one target market, some may have many. Therefore if a company need to target more than one market, it is in turn going to have more advertisements, as well as a much more divisive selling view.

Some companies on the other hand have only one identified target market to focus their product or services towards, however some companies try to expand their markets in hope of reaching new customers and overall expanding their product or services outputs as well. However this does not always seem like it would be the best decision for all customers to make.

If there is one target market then it will be easier for a company to focus it's efforts in one direction, on the other hand, if a company has multiple markets then it has a higher chance of reaching a larger audience.

Do you think it is more beneficial for a company to have only one specific target market, or rather have a range of different target markets?