Understanding Persuasion - Lecture 9
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Questions and Answers

What factors should be evaluated during the post-purchase analysis?

  • Future product launches
  • Market share percentages
  • How customers rate delivery times
  • The evaluation process of the product after the purchase (correct)

Understanding a company's weaknesses is not important for competitor analysis.

False (B)

What is the primary purpose of conducting a competitor analysis?

To understand competitors' strengths and weaknesses and to create product uniqueness.

The unique selling points of a company can also be referred to as its _____ strengths.

<p>competitive</p> Signup and view all the answers

Match the following analysis types with their definitions:

<p>Company Analysis = Identify strengths and weaknesses of the company Competitor Analysis = Assess strengths and weaknesses of competitors Customer Analysis = Understand purchasing behavior and preferences Post-Purchase Analysis = Evaluate product satisfaction after purchase</p> Signup and view all the answers

What element is considered crucial in business communication for success?

<p>Persuasion (C)</p> Signup and view all the answers

Customers take risks when spending money on products.

<p>True (A)</p> Signup and view all the answers

What analysis is essential for effective persuasion strategies in business?

<p>Customer analysis, company analysis, and competitor analysis</p> Signup and view all the answers

Persuasion is not a _______ deal; it's a multi-step process.

<p>one-shot</p> Signup and view all the answers

Match the business challenges with their explanations:

<p>Starting a business = Involves understanding market needs and risks Obtaining a business = Requires effective communication and negotiation skills Maintaining a business = Focuses on customer satisfaction and retention Communicating well = Essential for attracting customers to the company's products</p> Signup and view all the answers

What is a necessary step for a person before making a purchase?

<p>Going through a decision-making process (B)</p> Signup and view all the answers

Good products and prices alone guarantee customer choice.

<p>False (B)</p> Signup and view all the answers

What is the first stage in consumer behavior analysis?

<p>Need recognition (A)</p> Signup and view all the answers

Companies can only stimulate needs for luxury products.

<p>False (B)</p> Signup and view all the answers

What do consumers typically do during the information search stage?

<p>They look for information about brands and products.</p> Signup and view all the answers

In the evaluation of alternatives stage, consumers assess the uniqueness and ______ of the product.

<p>benefits</p> Signup and view all the answers

Match the following stages of consumer behavior to their descriptions:

<p>Need recognition = Identifying a need for a product Information search = Looking for details about brands Evaluation of alternatives = Assessing different products Purchase decision = Choosing a product to buy</p> Signup and view all the answers

What can stimulate a consumer's need for new products?

<p>Both A and B (A)</p> Signup and view all the answers

The extent of information search is the same in every situation.

<p>False (B)</p> Signup and view all the answers

In the consumers' evaluation, what factors should companies emphasize about their products?

<p>Uniqueness and benefits over competing brands.</p> Signup and view all the answers

The smell of _________ can stimulate consumer needs.

<p>fresh-made egg tart</p> Signup and view all the answers

Which of the following is NOT a typical need that triggers need recognition?

<p>Satisfied with existing products (D)</p> Signup and view all the answers

Flashcards

Persuasion in Business

The practice of convincing a person to purchase a product or service.

Customers Analysis

The process of understanding and analyzing the target audience for a product or service. This includes factors like their needs, values, and buying habits.

Persuasion in Business as a Multi-Step Process

A multi-step process that involves understanding the needs of the customer, presenting a compelling argument, and building rapport.

Customer Risk When Making a Purchase

The risk of a product not meeting expectations, being of poor quality or not solving the problem it was intended for.

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The Importance of Persuasion in a Competitive Market

The need for comprehensive and well-planned strategies due to the highly competitive nature of the market.

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3C Analysis

A framework used in business to analyze the customers, the company itself, and its competitors. This helps companies understand their market position and make informed decisions.

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Competitor Analysis Purpose

Understanding competitors' strengths and weaknesses helps identify opportunities for your own product's uniqueness and advantage.

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Company Analysis Purpose

Assessing your company's capabilities, resources, and shortcomings is crucial to identify areas for improvement and competitive advantage.

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Competitor Identification

Identifying competitors involves understanding their target audience, product benefits, weaknesses, and strategies.

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Company Strengths

Strengths of a company include its resources, capabilities, unique features, and marketing effectiveness.

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Company Weaknesses

Weaknesses of a company include gaps in capabilities, low product quality, weak distribution, and financial vulnerabilities.

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Need Recognition

The first stage of the customer journey, where a need or desire for a product or service is recognized.

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Natural Needs

Needs that arise naturally due to basic human requirements like hunger, thirst, or the need to replace worn-out items.

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Stimulated Needs

Needs that are created or amplified by companies to stimulate demand for their products or services.

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Information Search

The stage where a customer actively seeks information about potential products or services to satisfy their recognized need.

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Extent of Information Search

The extent to which customers research and gather information about a product or service.

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Methods of Information Search

The methods and platforms used by consumers to search for information, such as online reviews, social media, or consulting friends and family.

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Evaluation of Alternatives

The stage where customers evaluate and compare different product or service options based on their features, benefits, and perceived value.

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Uniqueness of the Product

The distinct features, advantages, or unique attributes that differentiate a product from its competitors.

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Benefits of the Product

The positive outcomes or advantages that a customer receives by using a product or service.

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Persuasion Strategy

The process of highlighting a product's strengths and superiority compared to competing brands in a persuasive manner.

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Study Notes

Understanding Persuasion in Everyday Life - Lecture 9

  • Persuasion is crucial in business communication
  • Starting, obtaining, and maintaining a business are extremely challenging
  • All businesses need customers, and customers have choices
  • Even with good products and prices, businesses must effectively communicate to stand out from competitors
  • Consumers take risks when spending money, risking low quality, unmet expectations, and unsuitable products
  • In competitive markets, in-depth and comprehensive analysis (customer, company, competitor) is essential for persuasive communication strategies

Customer Analysis

  • Consumers go through a decision-making process before a purchase
    • Need recognition
    • Information search
    • Evaluation of alternatives
    • Purchase
    • Post-purchase behavior
  • Companies should understand consumer behavior in each stage to communicate strategically.
  • Needs can be naturally occurring (hungry, thirsty, needing replacements) or stimulated by companies (e.g., upgrading from a cell phone to a smartphone, from a basic handbag to a branded handbag, or the desire for fresh-made egg tarts).
  • When conducting information searches, consumers look for brand and product details.
  • The extent of searches varies based on the situation
  • To understand customer's needs and searches, information on how customers evaluate products is also important

3C Analysis - Company Analysis

  • Identify strengths and weaknesses of the business
  • Strengths to consider: capabilities, unique selling points (USPs), resources, experience, knowledge, financial reserves, marketing reach, distribution, awareness, location, price, value, quality, accreditations, certifications, processes, systems, IT, communications
  • Weaknesses to consider: gaps in capabilities, lack of competitive strength, low product quality, high prices, weak distribution channels, financial issues, timescales, deadlines, continuity concerns, supply chain robustness, effect on core activities, distraction, reliability of data, morale issues, lack of accreditations

3C Analysis - Competitor Analysis

  • Assessing competitor strengths and weaknesses is crucial
  • Understand competitor alternatives and their benefits
  • Identify competitor weaknesses for unique product positioning
  • Useful questions for competitor analysis include:
    • Who are competitors?
    • What are their threats?
    • What are their profiles/objectives?
    • What strategies are they pursuing?
    • What are their strengths and weaknesses?
    • How will they respond to changes?
  • Data sources for competitor analysis include: recorded data (annual reports, press releases, news), observable data (pricing, advertising, promotions), and opportunistic data (meetings, trade shows, discussions)

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GE2248 Understanding Persuasion in Everyday Life Lecture 9

Description

In this quiz, we explore the role of persuasion in business communication and its impact on consumer decision-making. From need recognition to post-purchase behavior, learn how businesses can effectively analyze customers and competitors to develop persuasive strategies. Enhance your understanding of the critical stages in consumer behavior and the challenges businesses face in a competitive market.

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