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• Placing encoded info into relatively permanent memory for later recall
Storing
• Getting, recalling information that was placed in short term and long
Retrieving term storage
HOW TO ENCODE?
Visual encoding:
It is the process by which we remember visual images. It is related to
our sense of sight.
Acoustic Encoding :
The process by which information is placed in minds through some sounds.
It hits our sense of hearing.
Semantic encoding:
Information is placed in the minds of customers by focusing on some words
or phrases.
EFFECT OF MEMORY ON CONSUMER BEHAVIOR
• “Your mind is like a camera with a memory, it can take several pictures,
which you can file for subsequent use.”
• Marketers want consumers to learn and remember positive features, feelings,
and behaviors associated with their brands.
• Our memory of past experiences with products is the single most influential
factor in our future responses to marketing information about those products
INNOVATION
• Innovation in its modern meaning is "a
new idea, creative thoughts, new
imaginations in form of device or
method".
• Innovation is often also viewed as the
application of better solutions that meet
new requirements, unarticulated needs,
or existing market needs.
INNOVATIVE COMPANIES
INNOVATIVE PRODUCTS
TYPES OF INNOVATION
Innovation can be of 3 types, on the basis of extent of change they cause in consumer’s existing
habits.
Social System
STAGES IN INNOVATION
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