HONB 200 Reflection

HONB 200-02 Marketing Concepts Weekly Reflection 01/28/2018 When it becomes time for a consumer to purchase a new product, they follow the Consumer Buying Process. Depending on the potential cost or risk of the upcoming purchase, the time spent on each step varies dramatically. Step 1 is Problem Recognition. In this step the consumer realizes that there is a problem that needs to be solved for them. Step 2 is Information Search. Here a consumer identifies all possible solutions to their problem. Step 3 is Evaluation of Alternatives where the pros and cons of each identified option are weighed. Step 4 is Purchase Decision where one chooses and buys the "best" option for them. Finally Step 5 is Post-Purchase Behavior where a consumer evaluates the option they purchased. If the purchase was considered to be poor then there may be buyer's remorse. When one buys a soft drink from a vending machine, one does not typically think about Steps 2 and 3 but rather skips to Step 4 ...

HONB 200-02 Marketing Concepts Weekly Reflection 01/21/2018 One of the most common misconceptions about marketing is that it is synonymous with the word advertising. Advertising actually falls under one of the Four P's of the marketing called promotion. Promotion, Price, Product, and Place make up the marketing mix. Promotion refers to the communication from company to consumer. Companies spend millions of dollars a year on advertising to communicate to consumers about their goods to increase their sales and thus revenue. Product refers to the tangible good or service that a consumer can purchase. Additionally, Product includes packaging, warranties, and even company image. When operating in a competitive market place, the Product aspect helps differentiate one company from the other. Place refers to how a company will transport the good from where it is produced to where a consumer is able to purchase the good or service. The fourth P, Price, is what a consumer will pay for the...