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Marketing Final Exam

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1) Describe the consumer buying process:

The five stage model has been created to understand how consumers make their buying decisions. The consumer passes through five stages: problem recognition, information search, evaluation of alternatives, purchase decision and post purchase decision.

The buying process starts when the buyer recognized a problem or need triggered by internal or external stimuli, marketers need to identify circumstances that trigger a particular need so they can develop marketing strategies that trigger consumer interest.
After the need has been recognized, the buyer becomes more receptive to information about a product and may enter to an active information search looking for reading material, phoning friends, going online to learn about the product.
In the evaluation stage, the buyer forms preferences among the brands in the choice set. The consumer may also form an intention to buy the most preferred brand.
In executing a purchase intention, the buyer makes up its mind for a product of choice and go ahead to get it. After the purchase, the consumer might experience dissonance that stems from noticing certain disquieting features or hearing favorable things about other brands and will be alert to information that supports his or her decision.

In conclusion, it is important for smart companies try to fully understand the consumer buying decision process even though buyer’s do not always pass through all five stages and may skip or reverse some it provides a good frame or reference because it captures the full range of considerations that arise when a buyer is involved in a new purchase.

2) Segmentation and marketing:

A market segment consists of a group of customers who share a similar set of needs and wants; the marketer’s task is to identify them and decided which one to target in order to reach target market more

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