Principles of Marketing CA - Essay Example

Trident International Number: MKT301 Term: Fall Module Number: Module One Topic:  MKT301 - Principles of Marketing CA   In bold below there is a list of three product categories. Within the product categories listed below identify TWO purchases you have made. ONE must be a High Involvement purchase, and ONE a Low Involvement purchase. The two purchases can be from the same product category, or from two different product categories, as appropriate:  • Computer software (e.g. game or app/application)  • Underwear  • Restaurant  Excluding the title page, any appendices or references, write a four page paper in which you do the following:  First Page  Applying the teaching materials, explain why one product purchase was a High Involvement purchase and the other was a Low Involvement purchase. (10%)  Using the five stage model of the Purchase Decision Process in the model of consumer buying behavior described in Module 1, describe in detail the process you went through in making each purchase. Bear in mind that the purpose of the assignment is to demonstrate the depth of your understanding of the teaching materials. (20%)  Second Page  Identify and discuss the differences between the ways you went through the purchase decision processes for the two products. (20%)  Third and Fourth Pages  Assume now that you are marketing brands in two of the product categories listed above. Applying only the teaching materials, specifically the presentation "Uses of a Model of Buying Behavior", explain how you might use your understanding of the Model of Consumer Buying Behavior in marketing the two products. (Note that you are asked to APPLY the teaching materials, and thus simply listing what marketers can do in general is not sufficient. You should think about what is explained in the teaching materials and then apply that learning to two of the product categories listed above). (50%)   High Involvement: Computer software: Windows XP operating system. Low Involvement: Restaurant: Domino’s pizza Student’s Name: Name of Instructor: Date: High & Low Involvement Purchase I purchased windows XP operating system for my personal computer and on my way to the bus stop I bought Domino’s pizza in a middle level restaurant. The operating system was a high involvement purchase since it was very expensive yet there was the risk of it not being compatible with the computer programs that I intended to use. However, I was convinced by the vendor that it would work. Moreover, the operating system was significant and pertinent to my work. I also did not have much time since the deadline for project submission was fast approaching. The Domino’s pizza was a low involvement purchase since there was no risk involved, neither was it expensive. Moreover, I could have skipped it until supper time back home. Purchase Decision Process I recognized the need to have the computer software and decided to engage in information search regarding various brands and vendors. I checked online advertisements for different operating systems and found descriptions that matched my need. I found out that there were different operating systems such as windows XP, windows 7, and Linux which I could also apply to satisfy my needs. Both windows XP and the more recent windows 7 are products of Microsoft Corporation, which is a recognized company with strong brand equity. I was familiar with windows XP than the rest, hence I settled on the decision to buy it. After installation in my computer, the software worked well and I am satisfied with it. The Domino’s pizza I had at the restaurant did not involve all these steps in purchase decision making. Rather, I felt hungry and saw the restaurant. I entered, looked at the menu and found that the price of pizza was affordable and reasonable to me. I ordered, tasted it and felt that it was well cooked. I ate it, paid and left with the thought of passing by the restaurant for another pizza in future. Differences in the Purchase Decision Processes In purchasing the operating system, I followed the five stage purchase decision process including; need identification, information search, evaluation of alternatives, purchase and after purchase evaluation. In the restaurant, I only underwent three stages in the process, that is identification of need, purchasing and after purchase evaluation. The operating systems purchase was high involvement while the lunch was low involvement purchase. The purchase of the operating system was influenced by presumed brand loyalty while the pizza is a habitual purchase that I could make in any restaurant. In the operating systems purchase, I acquired information online from advertisement by marketers and identified the various vendors where the product can be obtained. I also had prior knowledge of what kind of product I needed. In the restaurant, I only saw the building and the notice indicating that it was a restaurant. I did not have prior knowledge of what meals were on offer, but I assumed that I would get something to eat, which turned out to be the pizza. The first purchase was pre-arranged and resources were budgeted for the software while the second purchase was impromptu, with no budget for it. The post purchase evaluation in the two situations was different in the sense that the second purchase was consumed and the outcome was not reversible. On the other hand, I could have requested for a different operating system from the vendor if it was not compatible with the other programs in my computer. Further more, the availability of resources was significant in the purchase for the software since it was expensive than the lunch. Conversely the pizza is insatiable and the purchase would be repeated another day while the computer software was a long term investment. Marketing Brands in Computer Software and in Restaurant Products In marketing brands in computer software and in restaurant products, it is important to understand the customers so as to develop brands that match the consumer needs. Need recognition involves the realization that a need exists based on desire to acquire product can be prompted by a stimulus in the environment such as advertisements which create awareness. Advertisements can play a great role in influencing buying behaviour depending on their convincing degree. They inform the consumers that a product exists that matches their needs. This influences their desire to purchase the product. When a buyer recognizes the need for a product, he/she may buy instantly without further research or may inquire from friends and relatives about the product while others carry out extensive research to find out the suitability of the product. Provision of information for easy access by customers increases the possibility of them purchasing the products (Paul, 67). The potential customers should be informed where to get the information they require. The descriptions of the products should be in such a way that consumers do not find alternatives that can replace the product. They should be made to perceive that the product is what they require to satisfy their need. Consumers have to make a purchase decision, which will be based on the information acquired regarding the products. It is important to make them believe that their needs will be fully satisfied from purchasing the product. This is the most critical point since if the consumer looses confidence he/she might not buy. For the case of computer software, demonstrations of how it works can favour the decision to purchase. They also need to be promised future assistance with troubleshooting in case a problem arises. For the restaurant, it is important to emphasize on hygienic standards to encourage customers to buy pizzas. After purchase, the buyers evaluate the products’ effectiveness and if they are satisfactory they continue buying and if not they discontinue and look for other alternatives. The post purchase evaluation determines whether consumers are satisfied or dissatisfied with products based on the complaints they make or approval of product. In marketing computer software and restaurant products, it is important to put in to consideration that consumer satisfaction is reflected in habitual or repeat buying of the same product. Consumers develop brand loyalty for the product and can’t be convinced otherwise. Consumers also praise the goods and encourage others to use them if they are satisfied. Customer satisfaction is therefore an advantage as it assists in marketing of products hence reduction of marketing costs. It is therefore important to ensure customer satisfaction is always accomplished (Blackwell et al. 122). On the other hand, it is important to evaluate consumer dissatisfaction, which is reflected in the way they complain about products. They may have high expectations about the product before purchasing and if not fulfilled, dissatisfaction is experienced. Customers expect products or services to fulfil their needs and desires and expect nothing less. If the product purchased therefore does not meet requirements, a customer is bound to complain. Consumers should be encouraged to raise complaints in case their post purchase evaluation indicates dissatisfaction. The two product categories belong to different market segments, but positioning strategies can be applied to market both of them. For example, a restaurant can be located near the computer software shop such that customers for the software have a chance of buying snacks and meals on their way from shopping. Customers in restaurants can also have a chance to know which computer software is in the market as they pass to quench their thirst or hunger. Marketing requires reaching potential customers who lack information on where to buy products (Doyle, 63). References Blackwell, D., Miniard, W., & Engel, F. Consumer Behaviour (10 ed). US: Thomson South-Western, 2006. Doyle, P. Marketing Management and Strategy, Prentice Hall, 1994. Paul, G. The evolution of new markets. Oxford University Press, 2003. Read More