MKT 3020 - Consumer Behavior - week 1 notes
MKT 3020 - Consumer Behavior - week 1 notes MKT 3020
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This 4 page Class Notes was uploaded by Allie S on Sunday January 17, 2016. The Class Notes belongs to MKT 3020 at Clemson University taught by Dr. Siemens in Winter 2016. Since its upload, it has received 24 views. For similar materials see Consumer Behavior in Marketing at Clemson University.
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Date Created: 01/17/16
MKT 302_CONSUMER BEHAVIOR_CHAPTER 1 Review: • Market Target definition: • Consumers/buyers are NOT always the same (B2B, resellers, gifts) • 4 P’s: PRICE, Product, Promotion, Placement o Product can be ALL features including packaging, product quality, testing, etc. Consumer Behavior as Human Behavior Consumer behavior is 1. Human Thought and action o Q: Set of VALUE-SEEKING ACTIVITIES that take place 2. Field of Study o Collect data to improve value o Consumer behavior is a combination of: § Psych, marketing, anthropology, economics § Evaluation of VALUE, environment, meaning behind actions Consumer Behavior as a Field of Study (influences): • Field of Study o Collect data to improve value o Consumer behavior is a combination of: § Psych, marketing, anthropology, economics § Evaluation of VALUE, environment, meaning behind actions Consumption (and the basic consumption process): • Process by which goods, services, or ideas are used/transformed INTO value o Values happens at consumption point § Basic Consumption Process: ú Need ú Want ú Exchange – willing, both have something of value ú Cost/benefit – balance, analysis of balance ú Reaction – Positive or negative feedback loops ú Value – consumption of value What defines value? Is the customer always “king”? • Q: Value defined: o Customer service depends on expectations/environment § Repeat visits not as important to McDonalds as it is to Calhoun Corners – experience is different Questions to consider: • How competitive is the environment? • How dependent is the marketer on repeat business? Some terminology: Customer orientation- puts customer value and satisfaction FIRST Market orientation- organization culture that emphasizes a customer orientation Relationship marketing- repeat business is KEY for success • All about TOUCHPOINTS Touchpoints- Times of DIRECT contact; one-on-one interactions, CSR, Personal selling – get to know consumer Consumer Behavior and marketing strategy: • Product is essentially a Bundle of attributes o Attributes are product features that deliver desired communications o Consumer benefit – multiple benefits desired Myopia- not a long-term vision • Not diversifying a portfolio/company o Define business by a singular product versus an idea o To combat this: § Define your business by the VALUE consumers receive ú NOT by the products you sell § Easier to adapt product lines to the changing times § Must sell an idea/lifestyle/convenience Business orientations- 1. undifferentiated Market Orientation • Global • Same basic product offered to All customers 2. differentiated Market Orientation • custom to multiple markets • serves multimarket segments with unique offering 3. Niche market orientation • Unique, specific target market • Serves one market segment with a unique demand characteristic CB and society- customs, rituals, and norms of society involving consumers • Economic difficulties have created a CAUTIOUS consumer o You need to chance the way a product is delivered § Ex: promote the value/service of the product Different approaches to studying CB (and exhibit 1.5) Types of interpretive research: 1. 2. Quantitative research is: 1. 2. 3. 4. 5. Trends in CB:
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