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class notes week 1. an chapter 1 of the book

by: odette antabi

class notes week 1. an chapter 1 of the book MKT310

Marketplace > University of Miami > Marketing > MKT310 > class notes week 1 an chapter 1 of the book
odette antabi
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About this Document

Complete class notes and book review chapter 1
consumer behvior
howard marmorstein
Class Notes
MKT310, notes, Book, ch1, marmonstein, Howard, week1, UM




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This 6 page Class Notes was uploaded by odette antabi on Thursday September 1, 2016. The Class Notes belongs to MKT310 at University of Miami taught by howard marmorstein in Fall 2016. Since its upload, it has received 8 views. For similar materials see consumer behvior in Marketing at University of Miami.


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Date Created: 09/01/16
Why so many products fail?  Size of the target market  Insignificant point of difference product quality  Implement of the marketing mix Historical perception on consumer behavior:  Before people hated marketers  It is not about tricking consumers and make them spend money Methods of deceiving consumers:  Bold face lie: ex. Avon cream  Demonstration  Comparison omission  Piecemeal report  Juxtaposition of imperatives  Tensile price claims Customer satisfaction: if consumers are happy and likely to return. They have meet expectations. Consumers emotional response to the product Relationship marketing: getting information from customers to give a better service after. Ex: Netflix customizes your home page Economic loyalty: have a card to give you points and rewards Lifetime value of a customer  If customers are satisfied they are more likely to come back  Increase value when the come back. You want to keep them  How much effort are you willing to spend to acquire a customer of satisfy and unsatisfied customer  Future purchases they will make net present value of future purchases  Customers connections  give out referrals Why marketers should use more experiments than surveys  More analytical, get more info  Get a better understanding  More control  People they don’t know why they behave certain way. Ex: slow music makes them buy more  More reliable results Myths:  Companies allocate a percentage of their sales to the marketing research department. Do it perceptual. Lacks rationality, it is not based on size pf the department. It is base don how uncertain we are and the consequences based on it. Cost and benefit analysis  When doing a survey how big should the sample size be? Depending on the target market you are targeting. Wrong. It is base don the precision that you want your answer to be. The greater the precision of the answer you want the greater the sample size. And on variability in the population of the sample. BOOK Chapter 1: Understanding consumer behavior and consumer research Reality shows:  16% of prime time TV is devoted to reality shows  Consumers seem to not get enough  save way of experiencing a socially traumatic event  Feel what they are feeling at the distance  Role-play ourselves in that context Why MKT executives love it?  People watching at high ratings, ads are potentially viewed  Place their products in the setting. Allowing customer to view the product in everyday context. They cant be tuned out like ads  Cheaper to produce What is consumer Behavior? Consumer behavior: Entails all consumer activities associated with the purchase, use, and disposal of goods and services, including the consumer’s emotional, mental, and behavioral responses that precede, determine, or follow these activities Consumers: individual versus Organizational Individual consumers purchase good and services to satisfy their own personal need and want or to satisfy the needs and wants of others. Such as, satisfying household uses, family car, gift purchases. Organizational consumers purchase goods and services in order to:  Produce other goods or services  Resell them to other organizations or to individual consumers  Help manage and run their organization Include profit firms, and non profit Consumer activities: Behavior is broken down into purchases, use and disposal activities. Consumers response to stimuli may differ depending on whether they are purchasing, using or disposing the product or service. Purchase activities: are those through which consumers acquire goods and services. Purchase activities also include everything done leading up to the purchase, such as gathering and evaluating information about the product or service and choosing where to make the purchase. The purchase method, such as paying with cash or credit, and any additional services desired —home delivery and installation, and extended warranties, for instance—also influence purchase activities. So too are factors unique to the situation, such as the atmosphere of a store, the design of a website, the reason for the purchase, and the amount of time the consumer devotes to the buying decision. Use activities describe where, when, and how consumption takes place. For example, do consumers immediately consume the product after purchase, Is the product consumed as part of a special event, such as going on vacation or attending an event, or is it a product used everyday. Is the entire product consumed before disposal, disposal activities are the ways consumers get rid of products and/or packaging after consumption, and these include discarding products, recycling, reuse, and resale. For example, sorting biodegradable trash, giving outgrown clothing to charity, and using plastic grocery bags as trash can liners are recycling and reuse behaviors. Reselling is hugely popular today, with opportunities both local and offline, such as garage sales, classified ads, and flea markets; and online. Consumer responses:  Emotional or affective responses: reflect a consumer’s emotions, feelings and moods. o moods are states of mind at a particular time o feelings are the expressions of our moods. o Emotion is moods, plus feelings, plus some type of psychological and physical arousal.  Mental or cognitive responses: include a consumer’s thought processes, opinions, beliefs, attitudes, and intentions about products and services. Mental responses can be evaluative, involving making a judgment that assigns value to something. They can also be non-evaluative, involving thinking about something without making a value judgment. Cognitive responses can be very specific and refer to one brand or even one attribute of that brand; they can also be very broad and deal with entire categories of products.  behavioral responses: include a consumer’s overt decisions and actions during the purchase, use, and disposal activities identified earlier. why study consumer behavior?  To improve business performance: marketers who understand their customers can create better products and services, promote their product and services more effectively, and develop marketing plans and stratifies that foster sustainable competitive advantages.  To influence public policy: Public policy is the establishment of laws and regulations that govern business practices in order to protect consumer. They need to understand consumers wants and needs and at the same time, to protect the public from unfair unethical, or dangerous business practices  To educate and help consumers make better decisions: they want to educate consumers or help them act responsibly. Consumer behavior as a field of study: Consumer behavior: is an applied social science that draws on theories and concepts of psychology, sociology, anthropology, economics, history, and statistics. A fairly young science, the study of consumer behavior emerged in the late 1940s when many firms shifted from a selling orientation (the marketing philosophy of focusing on production and the company’s capabilities and then selling consumers the excess inventory of what was produced) to producing goods that consumers actually needed and wanted. This change in focus was the beginning of the marketing concept, the idea that firms should discover and satisfy customer needs and wants in an efficient and profitable manner, while benefiting the long- term interests of the company’s stakeholders. Today, the marketing concept is a core philosophy for many successful organizations. As a result, these successful organizations focus on delivering customer perceived value and customer delight. Customer perceived value “is the consumer’s overall assessment of the utility of a product based on perceptions of what is received and what is given.” In other words, it is the estimated net gain customers receive from their sacrifice of time, money, and effort expended to purchase, use, and dispose of a product or service (i.e., benefits versus costs). Customer delight goes a step beyond customer perceived value, suggesting customer benefits that not only meet, but also exceed expectations in unanticipated ways. .


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