MODULE 1 - SLP MARKETING AND MARKETING STRATEGY

Module 1 - SLP Marketing and Marketing Strategy

Module 1 - SLP Marketing and Marketing Strategy

High involvement a travel-related good

When I purchased my new motor bike last week, it was a high involvement decision because a high financial risk was involved in that decision and there were significant differences between the brands like Harley, Suzuki, Kawasaki, etc. Another aspect of that buying decision which is important to mention is that it took a lot of investigation and information gathering to decide because I was about to invest relatively a large amount on purchase of new motor bike.

Low involvement a food good

Yesterday, when I was returning to home after playing with my friends, I bought a soft-drink. I didn't have to think much because my favorite brand Coca-Cola was there and I just had to pay on the counter to purchase it. That purchase decision is regarded as a low-involvement purchase decision because there was a small amount of investment involved in that and the buying process was simple and quick (Goldstein and Doug, 2007). There wasn't significant difference between the brands of Pepsi and Coke and I had an extensive experience of purchasing soft-drink.

The buying decision process of Coca-Cola

Problem Recognition: When I was going back to home after playing with my friends I felt thirst. That thirst realized me of having some soft drink.

Information search: Because I had to purchase it right away, so I didn't have to search for any information. It was quiet a regular purchase so it didn't ask anyone about that.

Evaluation of Alternatives: I was familiar with the brands and I knew which brand I have to purchase. So I directly went to the store and selected coke.

Purchase decision: I decided to purchase coke because it's my favorite brand.

Purchase: After deciding to purchase coke, I paid the sales person and left the store.

The buying decision process of Harley-Davidson

Problem Recognition: When I realized that it takes quite a long time to travel multiple places on public transport that recognized me of the need for motor bike.

Information search: Because it was a high involvement purchase decision, I had to search for a lot of information. Initially, I gathered information from the websites and my friends. Then I visited different showrooms to ask about the prices of different models and brands. It was needed to get in line with my budge.

Evaluation of Alternatives:At the end of information search I was having a data set of different characteristics of motor bikes. These characteristics included; engine, petrol consumption, price, color, brand, design, etc. On the basis of brand, design, prestige, and color, I decided to opt for Harley Davidson because it got a high rank relative to different alternatives.

Purchase decision: On the basis of above evaluation criteria I finally decided to buy the Harley Davidson.

Purchase: After deciding to purchase the Harley Davidson motorbike, I placed the order through the dealer.

Difference between two decision processes

Both the products were totally different in ...