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Read various types of Buyers Knowledge below for marketing. Consider how one of this knowledge can be applied to an innovative biotech product (a personalized
Read various types of "Buyers Knowledge" below for marketing. Consider how one of this knowledge can be applied to an innovative biotech product (a personalized skin DNA test kit that targets the millennial audience).
Competition during the period of stability is defined as what buyers have learned through this process of evolution. Buyer learning, however, is an im- precise process. We learn as buyers differently than as students learning calculus or art history. As buyers, we learn casually, sometimes without conscious recog nition and sometimes by fleeting observation or more careful consideration. We have limited experiences and observations, and we devote finite attention to interpreting what we experience or observe. Nevertheless, we draw con- clusions that guide our actions as buyers. Those actions are based on at least four types of knowledge we acquire through the learning process: categories, perceptions, preferences, and choice. Categories A fundamental element of our routines is the set of potential solutions we discover. For those seeking a college education, the United States offers more than 3,000 choices; many grocery stores have 20,000 different items for sale; Apple offers more than 100,000 applications for the iPhone. Knowing all these alternatives is impossible. Customers simplify the number of alternatives to make a decision. To do so, they construct a set of alternatives based on the alternatives of which they are aware and, from that set, a smaller set to consider more carefully Consumers typically consider three to five alternatives. For example, buyers consider on average three brands of antacids, eight brands of automobiles, and four brands of shampoo in making purchases in these categories." Therefore, a primary task of buying is to learn how to eliminate most alternatives from further consideration. Buyers construct small consideration sets for a number of reasons. The process of learning about brands is costly in terms of time and effort. Searching, whether electronically or physically, requires the individual to incur certain
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