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Notes for Consumer Behaviour

In: Business and Management

Submitted By narora94
Words 7564
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Chapter 1 – An Introduction to Consumer Behaviour
What is Consumer Behaviour? * The study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires * An ongoing process * Exchange – 2+ people giving and receiving something of value = an integral part of marketing

Consumers’ Impact on Marketing Strategy * Consumers’ needs can be satisfied to the extent that marketers understand the people/orgs that will use what they are trying to sell – better than the competitors * Consumer response is the test of whether a marketing strategy will exceed – knowledge about consumers is important

Segmenting Consumers * Marketing segmentation – identifies groups of consumers who are similar to one another in 1+ ways and then devises marketing strategies to appeal to 1+ of these groups * Demographics – measure observable aspects – age, gender, family structure/life stage, social class/income, ethnicity * Psychographics – measure consumers’ personalities, attitudes, values, lifestyles

Marketing’s Impact on Consumers * Relationship marketing – making an effort to interact with customers on a regular basis, giving them reasons to maintain a bond with company * Ex: restaurant sending a birthday coupon to consumer every year * Popular culture – music, movies, books, sports, celebs, consumed by mass market – a product of and inspiration for marketers * Consumer-generated content – consumers voice their opinions about products, brands, etc. on social media * People often buy products not for what they do but for what they mean – ex: Nike vs. Adidas, both running shoes, but people swear by Nike

The Global Consumer
Virtual Consumption * E-marketing: more convenience, no time/location barriers * Horizontal revolution –...

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