Examples of Evaluation of Alternatives in the following topics:
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- During the evaluation of alternatives stage, the consumer evaluates all the products available on a scale of particular attributes.
- Evaluation of alternatives is the third stage in the Consumer Buying Decision process.
- Unlike routine problem solving, extended or extensive problem solving comprises external research and the evaluation of alternatives.
- It is important to note that consumers evaluate alternatives in terms of the functional and psychological benefits that they offer.
- Examine the "evaluation of alternatives" stage of the Consumer Decision Process
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- Every aspect of a market offering, including the nature of the product itself, is driven by the needs and wants of potential consumers.
- The criteria used in the evaluation of alternatives vary from consumer to consumer.
- The search for alternatives is influenced by such factors as time and money costs, how much information the consumer already has, the amount of the perceived risk if a wrong selection is made, and the consumer's disposition toward particular choices.
- During the purchase phase of the decision-making process, the consumer may form an intention to buy the most preferred brand because he has evaluated all the alternatives and identified the value that it will bring him.
- Surveys of customers might claim that 70% of a restaurant's customers want healthier choices on the menu, but only 10% of them actually buy the new items once they are offered.
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- None of his published works included a visual representation of the hierarchy.
- This now iconic pyramid frequently depicts the spectrum of human needs, both physical and psychological, as accompaniment to articles describing Maslow's needs theory and may give the impression that the Hierarchy of Needs is a fixed and rigid sequence of progression.
- At the bottom of the hierarchy are the "Basic needs or Physiological needs" of a human being: food, water, sleep and sex.
- These two steps are important to the physical survival of the person.
- Abraham Harold Maslow (April 1, 1908 – June 8, 1970) was an American professor of psychology who created Maslow's hierarchy of needs
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- The act of obtaining a desired object from someone by offering something of value in return is called the exchange process.
- The exchange process is the act of obtaining a desired object from someone by offering something of value in return.
- With the emergence of the Internet and e-commerce during the 1990s, the nature of the marketing exchange for businesses and customers has changed drastically.
- Ideally, all parties achieve a satisfactory level of reward.
- Two of the key questions that a marketer needs to answer relative to buyer behavior are:
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- There are four bases for channel alternatives marketers consider after conducting three preliminary activities which help determine goals.
- The type of product dictates the number of marketing channels to use.
- Although there are limitless possibilities, the categories below describe the general alternatives:
- Based on this background information, several alternatives will be eliminated.
- Having identified several possible alternative channel structures, the channel manager is now at a place where he or she can evaluate these alternatives with respect to a set of criteria.
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- Evaluating marketing performance guides future marketing initiatives and helps a company achieve its goals.
- Ideally, marketing performance measurement should be a logical extension of the planning and budgeting exercise that happens before a company's fiscal year.
- It also highlights how marketing contributes to, and complements, initiatives in other areas of the organization, such as sales and customer service.
- Determining what areas of the marketing mix – product, price, place, and promotion – need modification or improvement to increase some aspect of performance
- Evaluating marketing performance helps companies plan and budget for the following fiscal year.
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- In the age of the Internet and digital communications, brands must carefully consider the timing and context of messages from consumers' point of view.
- Companies must ask where the receiver is most likely to be receptive of the message.
- Consumers use a variety of sources, including:
- The evoked set refers to the number of alternatives considered by consumers during the problem-solving process.
- Evaluating other competing brands in the consideration set also gleans important data for competitive analysis and proper marketing planning.
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- A marketing strategy is the combination of all of an organization's marketing goals into one comprehensive plan.
- Evaluation of Organization Capabilities: Decide what your organization can produce and what your organization is not capable of producing based on the organization's specific strengths and weaknesses.
- Monitor & Evaluate: Study the marketing plan at least once per quarter to track performance against the set objectives.
- To portray alternative growth strategies, Igor Ansoff presented a matrix that focused on the firm's present and potential products and markets (customers).
- To portray alternative corporate growth strategies, Igor Ansoff presented a matrix that focused on the firm's present and potential products and markets (customers).
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- Marketing Performance Measurement, Marketing Performance Management, Marketing Return on Investment (ROI), Return on Marketing Investment (ROMI), and Accountable Marketing are all metrics that companies use to connect marketing performance to the financial performance of the organization.
- In order for marketing KPIs to be integrated within the business and management of the enterprise, and ensure consistency and reliability across the marketing mix, they must meet these minimum requirements:
- The methods for evaluating the performance of, and responses to, these materials range from simple calculations measuring return on investment, to tallying the number of visits to a website.
- Independent organizations such as the Advertising Research Foundation evaluate the validity of commonly used measurement systems to produce standards and best practices for evaluating marketing and advertising data.
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- Performing a value analysis (an evaluation of each component of a potential purchase).
- This examines the quality, design, and materials, with the intention of finding cost savings opportunities.
- Performing a vendor analysis (a formal, systematic evaluation of current and potential vendors).
- Step 5 of the business buying decision process involves evaluating product and supplier performance.
- In this way, supply managers can better focus or redirect the efforts of the entire supply network toward the delivery of superior value to end-users.