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Marketing 301 Exam 1 PSU

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State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-expression)
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Need
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Form that needs take as they are shaped by culture and individual personality
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Want
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Wants backed by buying power
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Demand
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Goal of any business.
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Stay in business/Maximize revenue/Market share
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Why is marketing extra important?
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Only major whose sole purpose/reason for being is revenue. All others are costs.
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Why study marketing?
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Affects life everyday, key to affect business strategies and business models, vital to profitability and growth of business.
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4 ways of thinking about marketing
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The production concept, the product concept, the selling concept, the marketing concept.
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The Production Concept
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economies of scale
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The Product Concept
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Product Innovation
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The Selling Concept
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Take production concept (economies of scale) one step further. High quality/high performance. Sales reps going out and selling. -Factory, existing products, selling and promoting, profits through sales volume
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The Marketing Concept
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A better understanding of yourself, your customers, your competitors, and the environment. Start with customer needs -Market, customer needs, integrated marketing, profits through customer satisfaction -Company continues to alter, adapt, and develop offerings to keep pace with customer’s changing desires and preferences. *Not only current needs but also long-term needs of society.
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Marketing Myopia
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short sightedness (ex: “Coolest” saw coolers not only as something to keep drinks cold but as the center of a party.)
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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. (Based on perceptions, not necessarily reality.)
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Marketing
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Benefits you receive for the burdens you endure.
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Value
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Why do we care about value?
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-Perceived value leads to customer satisfaction. -Satisfaction leads to customer retention.
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4 types of product offerings
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-Physical/tangible objects (P&G) -Services (UPS) -Ideas (“Truth” app) -People (Southwest Airlines)
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Anytime a consumer has content with brand.
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Consumer “touch points”
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Today’s trends
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-Rise of online, mobile, and social media marketing -Changing economic environment -A growing number of non-profit firms -An increased emphasis on sustainability
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The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.
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Marketing Environment
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Studying the environment allows marketers to:
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-Understand the constraints they operate under -Learn of opportunities -Reveal threats to avoid/combat
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Entities that we have direct interaction with but not necessarily control over.
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Microenvironment
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All departments must _______.
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think customer.
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Provide resources needed for production and innovation
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Suppliers
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Help the company promote, sell, and distribute the products to end-users
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Intermediaries (ex: resellers, physical distribution firms (move products from A to B), Marketing services agencies, financial intermediaries (USA)).
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Any group that has an interest in or impact on an organization’s ability to achieve it’s objectives
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Publics (ex: financial, media, government, citizen-action, local, general public, internal) *more general than intermediaries*
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5 basic types of buyers
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-Consumer -Business -Reseller -Government and non-profit -International markets
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Broad forces that impact our entire company and it’s ability to do its job (“Forces”)
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Macroenvironment
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measurable, census-type data on consumers (ex: household structure, age structures, geographic population shifts, educational characteristics, population diversity, occupation)
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Demographic Forces
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Consists of factors that affect consumer purchasing power and spending patterns
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Economic Forces
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Engles Law
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How households spend their money
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Direct result of overconsumption
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value marketing
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Physical Environment (natural resources that are needed as inputs by marketers or that are affected by marketing activities) (ex: shortages of raw materials, increased pollution, increased government intervention, environmentally sustainable strategies)
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Natural Forces
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Factors that create new technologies, creating new product and market opportunities (while making other products obsolete).
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Technological Forces
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Laws, regulations, or pressure groups that influence and limit various organizations and individuals in a given society (ex: Peta, churches, Comcast lobbying to sustain rights)
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Political Forces
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Most laws that affect marketing have been passed in order to protect _____. (ex: food labels)
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the consumer.
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outlaws monopolies
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Sherman Antitrust Act
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impacts pricing variable; no price discrimination
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Robinson-Patman Act
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The forces that affect a society’s basic values, perceptions, preferences, and behavior
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Cultural Forces
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The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
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Marketing Research (“Consumer Insights”)
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Types of research
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exploratory, descriptive, causal
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Research that gathers preliminary information that will help define the problem and suggest hypotheses
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Exploratory research
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Research that describes things (e.g. marketing potential for a product, demographics, attitudes)
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Descriptive research
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Research that tests hypotheses about cause-and-effect relationships
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Causal research
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A condition existing when a research technique produces almost identical results in repeated trials
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Reliability
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A condition existing when a research method measures what is is supposed to meausre
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Validity
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Data observed and recorded or collected directly from respondents
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primary data
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data compiled both inside and outside the organization for some purpose other than the current investigation
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Secondary data
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Internal databases, customer comments, financial statements, sales reports, sales data
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Internal secondary data
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ACNielsen, JD Power, LexisNexis, ESRI, U.S. Census, Small Business Administration
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External secondary data
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watching people and consumers on how they behave
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ethnographic research
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a technique in which researchers observe how consumers behave in real-world surroundings
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observational research
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What’s your general opinion about coffee shops?
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Open-ended question
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Have you ever purchased a coffee product? Yes___ No___
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Dichotomous question
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What income group are you in? 1___ 2___ 3___ 4___ 5___
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Multiple choice question
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I feel comfortable speaking in large groups. Strongly disagree 1 2 3 4 5 6 Strongly agree
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Scaled response (Licherd scale)
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Studies the effectiveness of one or more elements of the marketing mix evaluating sales of the product in an actual market.
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Field study
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A form of in-depth interview involving 6-12 consumers led by a moderator who asks participants to discuss a product, concept, or other marketing stimulus.
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Focus group
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Every member of the population has a known and equal chance of selection.
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Simple random sample (GOAL)
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The researcher selects the easiest population members from which to obtain information.
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Convenience sample
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Analysis of survey data to determine what is typical or what deviates from the average that indicates different things.
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Statistical Interpretation
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A framework for the management and structuring of information gathered regularly from sources inside and outside an organization
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Marketing information systems
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A system that allows marketers to analyze all of the consumer data they collect and create meaningful/build stronger relationships with those customers
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customer relationship management (CRM) programs
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The most basic cause of a person’s wants and behavior (socially gratifying in being part of a group)
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culture
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Culture of a group of people who share value systems based on common life experiences (another layer of a person)
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subculture
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society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors
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social classes
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Bric(k)
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acronym for the five fastest growing eonomies in the world: Brazil, Russia, India, China, (South) Korea -Turkey, Mexico, ad Indonesia are starting to pop up on this list as well.
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Strategies used to appeal to a variety of cultures at the same time.
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Multicultural marketing
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Person or group of people who have significatn relevance for a consumer and who have the ability to influence an individual’s behavior
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Social factors
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Groups to which we want to belong to
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Aspirational group (celeb endorsements)
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Groups that we belong to currently
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Identity group (Nike commercial/boy running)
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Groups that we do not want to belong to
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Dissociative group (Mac/PC commercial)
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Information spread from consumer to consumer
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word of mouth
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The most important “group” for most consumer buying
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Family/household – social factors
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expected activities
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role
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esteem given to role by society
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status
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people’s personalities and how they spend their free time
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psychographics
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5 personal factors
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age/life-cycle state, occupation, economic situation, lifestyle (psychographics), personality/self-concept
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brand personality aspects (5) (people’s possessions contribute to and reflect their identities
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sincerity, excitement, ruggedness, competence, sophistication
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The needs that drive people. The reason behind why we act, consume, and remember things.
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Motivation
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Moderately inconsistent with our prior beliefs/attitudes
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moderate incongruity (ship my pants)
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process by which people select, organize, and interpret information
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perception
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select what we can pay attention to
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selective attention
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ways in which people decide what things mean to them
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selective distortion
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consumers foret what they’ve been exposed to (problem)
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selective retention
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changes behavior based on experience
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learning
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descriptive thoughts
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beliefs
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likes and dislikes
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attitudes
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Buyer decision process
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need recognition, information search, evaluation of alternatives, purchase decision, post-purchase behavior
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scanning memory to assemble product alternative information
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internal search
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obtaining info from ads, retailers, catalogs, friends, family, people-watching, consumer reports, etc.
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external search
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alternatives that a consumer is aware of, and will consider as a potential solution to their problem
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consideration set
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alternatives the consumer does not know about
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unawareness set
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shortcut, general rule of thumb
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heuristics
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discrepancy between behavior & attitude
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cognitive dissonance