Understanding Consumer Behavior week 1
Understanding Consumer Behavior week 1 MKTG 3553
Popular in Consumer Behavior
verified elite notetaker
Popular in Marketing
This 2 page Class Notes was uploaded by ajtovar on Wednesday August 24, 2016. The Class Notes belongs to MKTG 3553 at University of Arkansas taught by Alireza Golmohammadi in Fall 2016. Since its upload, it has received 16 views. For similar materials see Consumer Behavior in Marketing at University of Arkansas.
Reviews for Understanding Consumer Behavior week 1
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 08/24/16
1. Understanding Consumer Behavior a. Want to understand consumers’ visible behavior and processes at work that lead to the visible behaviors. Try to understand structure of human memory b. How consumers pay attention to something, how they remember something c. Factors that impact these such as social environment 2. Learning objectives a. Define consumer behavior and explain its elements b. Identify the four domains of consumer behavior c. Discuss the benefits of studying consumer behavior d. Learn how to consumer behavior is used in orgs to make marketing decisions e. Factors that impact customers decisions ex. Environment, social context, price, promotional things 3. Complexity of consumer behavior a. Does a company that donates to charity produce better hair loss treatment products? i. No, but what companies do impacts customers’ perception of product b. We tend to assume that our judgements reflect info about the object of judgement i. being happy or sad influences the content and style of thought ii. affect as information: our conscious mind can’t understand source of our feelings 1. ex. Study of shoes evaluated on sunny or rainy day. Participants rated it higher on sunny day 4. consumer behavior (CB) a. reflects the totality of consumer’s decisions with respect to: i. acquisition, usage, and disposition of: ii. offerings (goods, services, activities, and ideas) by: iii. decision making units (people, families, etc) iv. over time b. you do this multiple times a day consciously and unconsciously, rationally and emotionally c. influenced by ads, social media, friends/family, celebs, sport and marketing communications 5. disposition a. ex. Teracycle is a company that makes its things with recycled materials. Customers like em 6. consumer behavior is complex a. can involve many people i. info-gatherer, influencer, or user b. involves many decisions i. what, how, where, when c. involves consumer’s feelings and coping 7. Why study consumer behavior? a. Companies success depends on its ability to identify and satisfy unfulfilled consumer needs better than the competitors i. The first step in exceeding customer’s expectations is knowing those expectations b. Companies need to understand why consumers make the decisions they make in the marketplace i. How marketing effort influence consumer’s choices ii. How psychological/ social/ individual factors influence consumer’s choices c. Such knowledge will help them understand how to make managerial decisions i. Segmentation, product, distribution, price, promotion 8. How consumer behavior is studied a. Behavioral and social science concepts applied to the business context: i. Cognitive (how/what we think) ii. Behavioral (how/what we do) iii. Sociological (the context we are from/in) b.
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'