Lecture 3 Flashcards Preview

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Flashcards in Lecture 3 Deck (14):
1

4) Consumer value based on

1. Economic Value
2. Experiential Value
3. Social Value
4. Functional Value

2

4) Consumer Decision Process

1. Need Recognition
2. Information Search
3. Evaluation and Purchase
4. Post-choice Evaluation

3

5) Maslow Fundamental motives

Psychogenic needs -
1. Self-Actualization
2. Ego
3. Social
4. Safety and Security
Biogenic needs -
5. Physiological

4

4) ways consumers recognize a need?

1. Deprivation
2. Context
3. Product
4. Direct Highlighting

5

2) Information Search Types

1. Memory Based
2. Stimulus Based

6

4) Perception types

1. Selective Retention
2. Selective Distortion
3. Selection Attention
4. Basic Perception

7

Traditional VS Emerging view on choice

Traditional = based on options
Emerging = includes loyalty loop

8

Downstream vs Upstream competitive advantage

Downstream = consumer connection
Upstream = assets

downstream is more important

9

2) Companies ability to provide valued benefits depends on

1. Companies competencies
2. Competition

10

2) How to asses Core Competencies

1. SWOT analysis
2. Areas of assessment (upstream and downstream)

11

2) Sources of competitive advantages

skills and resources

12

2) Why Market Leaders wait

1. Not our market
2. Misunderstanding competitors (strategy or tactic)

13

2) Analytic Methods for Identifying Closest Competitors

1. Customer Judgement
2. Purchase Records

14

3) Competitive Strategies

1. Low Cost
2. Differentiation
3. Customization