MKT 100 Lecture Notes - Lecture 4: Personal Knowledge Base, Consumer Reports, Financial Risk

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Yanina Chevtchouk

Document Summary

The consumer decision process begins when consumers recognize they have an unsatisfied need and want to go from their needy state to a different, desired state. The greater the discrepancy between these two states, the greater the need recognition will be. Consumer needs like these can be classified as functional, psychological, or both. A key to successful marketing is determining the correct balance of functional and psychological needs that best appeals to the fir(cid:373)"s target (cid:373)arkets. Marketers use numerous tactics to either remind customers of a need or create new needs. Researching and understanding what products and services customers need or want and why, are the first steps in developing appropriate tactics. Common tactics marketers employ include using capabilities, showing how a product could e(cid:374)ha(cid:374)ce a co(cid:374)su(cid:373)ers" i(cid:373)age, a(cid:374)d eve(cid:374) alteri(cid:374)g the physical layout of a store or where products are placed in stores. Functional needs pertain to the performance of a product or service.