[BU352] - Final Exam Guide - Ultimate 99 pages long Study Guide!
Document Summary
Functional needs: pertain to the performance of a product or service, e. g. North face displaying the material content on each piece of clothing. Psychological needs: pertain to the personal gratification consumers associate with a product/service, e. g. Step 2: information search: searching for information about the various options that exist to satisfy a need, length and intensity of search depend on several factors, degree of perceived risk, importance of product to consumer. Internal search for information: buyer examines their own memory and knowledge about the product, gathered through past experiences. Promotion communicating value: communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response, can enhance a product or service"s value. Individuals can also market themselves: e. g. for a job interview, accountants, social media now plays integral role in marketing and communications strategies, e. g. used by politicians during elections.
