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Week One notes

by: Callie Lusk

Week One notes MKT 321

Callie Lusk
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About this Document

Here are the notes from the powerpoints during the first week of class.
Consumer Behavior
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This 3 page Class Notes was uploaded by Callie Lusk on Tuesday September 6, 2016. The Class Notes belongs to MKT 321 at Western Kentucky University taught by McAmis in Fall 2016. Since its upload, it has received 5 views.


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Date Created: 09/06/16
MKT 321 Exam Preparation Materials Chapter One Notes What is Consumer Behavior?  Consumer Behavior o The study of individuals, groups, or organizations and their processes of selecting and using products, services, ideas, or experiences to satisfy their needs. The Applications of Consumer Behavior  Marketing Strategy o The answer to “how will we provide excellent customer value to our target audience/market?”  This is done by a combination of the following:  Product: what are we selling?  Communications: how are we communicating with our audience?  Price: how much are we charging?  Distribution: where and how will we distribute?  Services: what kind of service can we provide our audience with this product?  Regulatory Policy  Social Marketing o Word of mouth is still to this day the most popular and most credible form of marketing for any business or organization.  Informed individuals What is the customer value?  The difference between all of the benefits derived from a total product and all the costs of acquiring those benefits. o Determining the true value of a product is found when the customer weighs the benefit and the cost. o Value is perceived differently between different individuals. The Nature of Consumer Behavior  Self-concept o The totality of one’s thoughts and feelings about oneself.  Lifestyle o The way that one lives. o This includes what a person buys, how they use it, and what they like/feel about the product. The Meaning of Consumption  Consumption goes beyond satisfaction of basic needs o When consumers buy a product, there are some basic mental processes that occur:  Does this fit my “status?”  Is this part of my identity? Part of who I am?  Is this product acceptable within my group? MKT 321 Exam Preparation #1 Chapter Two Notes Why should we study culture?  It is the single biggest impact on us. o It gives us a better understanding of why people do and believe what they do.  What is culture? o The complex whole that includes knowledge, belief, art, law, morals, and customs acquired by humans in society. o Culture typically comes from region and family Cultural Values  Give rise to norms and sanctions that influence consumption patterns o Norms are how we are supposed to behave o Sanctions are how we make our way back to the norms when we have drifted. Culture Variations in Non-verbal Communications  Time o Time perspective and interpretations vary between cultures o Example: In one culture it is unacceptable to be late to a meeting, but in other cultures it is unacceptable to show up early.  Space o Personal space varies in different cultures based on the situations  Symbols o One symbol could have different meanings in different cultures o Example: Wearing white is for weddings and purity in the United States whereas in Muslim cultures wearing white is a sign of mourning.  Etiquette o The generally accepted way of behaving in society. o Example: Eye contact is necessary in the U.S. but not in Asia cultures.


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