What is consumer behavior?
Consumers behaviors reflects the total decision of the consumers with respect to the acquisition, consumption, and disposition of goods, services activities, experiences, people, and ideas.
Human decisions over time.
The scientific study of humans
Why should we care about consumer behavior?
Gives company competitive advantage. Helps them make money.
What are some things that affect consumer behavior?
environment, economy technology, heirarchy or needs, media trends.
Consumer behavior impacts
Market segmentation, target marketing, positioning, product development, advertising, promotion, pricing, distribution, satisfaction, loyalty.
What is the key to marketing success?
The key to marketing success is to anticipate the unarticulated needs and wants of consumers and provide them with products and services that satisfy them.
consumer behavior examples... in the news
reactions to verizon getting the iphone..
toyotas prius model-
Consumers are complicated... CB requires the responses to products and services.. these include:
- A- Affect (feelings)
- B-Behavior (actions)
- C- Cognitions (thoughts)
Studying Consumer behavior
-Involves more than just intuition or anecdotal evidence. ( think more than what would I do and assume others would do the same)
-Intuition or vivid info is a start, but it must be combined with scientific research and analysis (not everyone acts in the same way/ the way we observe people)
Generalizing that actions apply to everyone.
new product develpment exercise:
Developing product to compete with apple ipad...
-Analyze the behavior of consumers to facilitate the development process. How would you anaylyze consumer behavior? what type of info would you gather.
Methods of studying behavior
- Focus groups
- Diaries and panels