Information Search

Nature of Information Search

Internal Search

Search of long-term memory to determine if a satisfactory solution is known.

External Search

If a resolution is not reached through internal search, then the search process is focused on relevant external information.

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Types of Information Sought

Consumer decisions require information about:

•  Appropriate evaluative criteria

•  The existence of various alternatives

•  Performance of each alternative on each evaluative criterion

Types of Information Sought Information Search

Types of Information Sought

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Sources of Information

•  Memory of past searches, personal experiences, and low-involvement learning

•  Personal sources, such as friends, family, and others. •  Independent sources, such as magazines, consumer groups,

and government agencies •  Marketing sources, such as sales personnel, websites, and

advertising •  Experiential sources, such as inspection or product trial

Five primary sources of information available to consumers:

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Sources of Information

Sources of Information

There are numerous shopping services on the Internet that can: •  search out the lowest prices for specific items •  search out online retailers of specific merchandise •  suggest specific brands based on your prior purchases and pre-

specified criteria These services use bots or shopping bots, which are software “robots” that do the shopping/searching for users.

Information Search on the Internet

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Sources of Information

Three major strategic issues marketers face regarding the Internet’s role in information search and decision making:

Information Search on the Internet

1.  How can they drive their information to consumers?

2.  How can they drive consumers to their information?

3.  How (if at all) can online selling be utilized or integrated with existing channels ?

Sources of Information

Consumers need ongoing incentives to return such as: • product-related news features • user-related discussion forums • updates on new products

Website design is also critical. Ongoing and repeat traffic requires relevant and frequently updated content.

Driving Consumers to a Firm’s Information

Firms use various incentive techniques to encourage repeat traffic

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Amount of External Information Search

Various measures of external information search:

1.  Number of stores visited

2.  Number of alternatives considered

3.  Number of personal sources used, and

4.  Overall or combination measures

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Costs vs. Benefits of External Search

•  Market Characteristics

•  Product Characteristics

•  Consumer Characteristics

•  Situation Characteristics

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Marketing Strategies Based on Information Search Patterns Six marketing strategies based on search patterns: 1.  Maintenance Strategy

2.  Disrupt Strategy

3.  Capture Strategy

4.  Intercept Strategy

5.  Preference Strategy

6.  Acceptance Strategy