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What is consumer behavior?
study of individuals, groups, or organizations, looking at why and how they buy and use what they purchase/consume
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Marketing Strategy
all tactics are based on how consumers behave
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Regulatory Policy
FDA, cusumer deception, health & safety
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Social Marketing
application of marketing techniques that are positive to society
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Informed Inividuals
help with purchases (why I buy things)
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Market Analysis Components
- Consumers
- Company
- Competitors
- Conditions
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Consumers Analysis
anticipate what they want through research
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Company Analysis
can my company meet consumer needs
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Competitor Analysis
what are my competitors doing
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Condition Analysis
uncontrollable factors
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Market Segmentation
a portion of the larger market whose needs differ from that market
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Market Segmentation Components
- identifying product
- grouping customers with similar need sets
- describing each group (age, income, gender)
- selecting an attractive segment to serve
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Marketing Strategy
- asks.... how will we provide superior customer value to our target market
- need to formulate marketing mix
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Marketing Mix
- Product
- Price
- Communications (promotion)
- Distribution (place)
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Consumer Decisions
this process intervenes between the marketing strategy and the outcomes
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Outcomes
- Firm outcomes
- Individual outcomes
- Society outcomes
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Firm Outcomes
- product position
- sales/profit
- customer satisfaction
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Individual Outcomes
need satisfaction
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Society Outcomes
choices to buy and save affect society
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Exturnal Influences (Nature of CB)
- culture
- demographics
- ethnic, religious, and regional subcultures
- families and households
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Internal Influences (Nature of CB)
- perception
- learning
- memory
- motives
- personality
- emotions
- attitudes
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Self Concepts
totality of an individual's thoughts and feelings about oneself
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Lifestyle
- how one lives, including the products they buy
- how they use them
- what they think about them
- how they feel about them
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consumer decisions
result from perceived problems and opportunities
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consumer problems
arise in specific situations and the nature of the situation influences the resulting consumer behavior
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