Week 2 Homework
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Week 2 Homework
Abigail Padilla (Salazar)
University of the Incarnate Word
MKT-3331: Introduction to Marketing
Dr. Murat Tas
March 16, 2023
2
Week 2 Homework
In consumer behavior, what does low and high involvement products mean? As examples, please name some products or services that you have recently made.
Low involvement products are those that consumers do not put much thought or time into. They are everyday items, repeat purchases, and those that do not have any significant financial bearing on the consumer (Principles of Marketing, 2015). Some low involvement purchases I have recently made
are gas for my vehicle, deodorant for my husband (the same kind he used for the past 5 years or so), and
a service was getting my hair cut and roots done with the same hairdresser I have used for almost 8 years now. High involvement products are those that a consumer will take time to research, those that are financially significant, major purchases that aren’t typically bought too often, those things you really shop around for to make sure you are getting the value you expect (Principles of Marketing, 2015). I can’t say I have made any high involvement purchases recently, but about two and a half years ago, I had a house built. When we were going through the hunt, we looked up lots of builders and floor plans and neighborhoods before we decided on one. When we sold our last house and purchased this one, we
also purchased a lot of furniture and a new washing machine and dryer set. We spent a lot of time looking at furniture in person and making sure we it was a quality purchase, same is true for the washer and dryer. As of yesterday, I was helping my mom research a vehicle she plans to purchase. I literally spent hours, looking for the right trim level, the right color and a dealer that had the best price point. What is post-purchase dissonance and what can companies do to reduce them?
Post-purchase dissonance is basically the anxiety consumers feel after they’ve made a high involvement purchase that they weren’t too sure about, especially if they were torn between two options or maybe even making that purchase at all (Principles of Marketing, 2015). Companies can
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provide as much information on the product or service to the consumer so they know all of the details up front and they don’t walk away feeling like the product or service will be of no use to them, or feeling
like it’s too complicated of a product for them to operate themselves. Companies can “sell” themselves to the consumer to show why they or their product is the right choice. Having an informed customer is key. Briefly define the B2B business model and give an example.
The B2B business model is sales from one business to another. This involves a team of sales people calling on other organizations to sell their product or service. This usually is not your typical store
transaction, as it is much more involved. There would likely be several levels of management and legal to properly vet the company and product or service before the purchase is made (Principles of Marketing, 2015). An example of this is the company I work for, FIS Global. One service we offer to Financial Institutions is the composition, print, mail, archive and online availability of their statements, notices, marketing material, credit and debit cards to name a few. The typical time from the sale being made until the service is actually provided is about a year. This service alleviates the need for the Financial Institution to do these tasks and meet certain regulatory requirements.
In your opinion, is geographic proximity important in B2B e-commerce industries?
In my opinion, it really depends on the type of service or product the company is selling - that would really be the deciding factor of geographical importance. In the example above, the service FIS offers doesn’t have a huge dependence on geographic proximity to their customers. The client sends FIS a file electronically from wherever they are located. Our clients for this product specifically are all over the country, and the transmission of files, and data to and from is all done electronically without incurring costs for shipping, etc.
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Give an example where geographic proximity to B2B vendors, suppliers, manufacturers would be important. Following the same example from the items above, most of the smaller community banks and credit unions clients want their mailed documents to come from a facility closest to them. This is to help minimize the mail time and impact to their customers. For the larger nationwide customers there is no preference. FIS has 4 print and mail facilities based on the volume of work. These facilities are in Canton,
MA., St. Petersburg, FL., San Antonio, TX., and Romeoville, IL. The facilities are spread across majority of the country versus all being located in the same geographical area.
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References
Principles of marketing
. (2015). MKT 3331 Introductory Marketing Concepts and Strategies Textbook.pdf
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