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Marketing 145 week 2

by: rihonna

Marketing 145 week 2 MKT 145

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week 2 lecture notes
Principles of Marketing
Dr. Jarrell
Class Notes
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This 3 page Class Notes was uploaded by rihonna on Sunday September 25, 2016. The Class Notes belongs to MKT 145 at Grand Canyon University taught by Dr. Jarrell in Fall 2016. Since its upload, it has received 3 views. For similar materials see Principles of Marketing in Marketing at Grand Canyon University.

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Date Created: 09/25/16
Consumer buying behavior is how and why people buy products and service as they do Marketers study the personal, situational, psychological, and social interactions that affect how and why: • people shop for and select products • use products to solve problems • replace or dispose of the products Marketers rely on the field of psychology, sociology, and even anthropology for theories and explanations of modern day buying behaviors Demographics are descriptors of human populations Two interesting approaches to studying demographics include: • generational cohorts • family life cycle Generational cohorts are groups of people born in contiguous years and sharing similar experiences during their formative years (15-25) Typical cohorts include: Depression era and WWII- 1922-1945 Baby Boomers- 1946-1964 Gen X- 1965-1982 Millennials or Gen y- 1983-2000 Depression Era: • Extremely hard working • Conservative with money • Patriotic Baby boomers: • Experiences- first space flight, assassination of John F Kennedy, Vietnam and Watergate • Counter cultural and disillusioned with government • Hard working and grasping for achievement Gen X: • Experiences- Recessions, Reagan presidency, AIDS epidemic, End of cold war, Challenger space shuttle disaster, MTV • Independent, value their own career over organizations but want autonomy and freedom at their jobs, not as work-centric as older generations • First generation to fully embrace the internet • In the 80’s the stereotype was that the generation was intensely self involved, greedy, and narcissistic Millennials: • Experiences- Grew up in a time of economic prosperity, then many entered the work force during a recession. Surrounded by the rapid advance of technology, particularly the internet. Endured school shootings and social change. • More live with their parents • Values are similar to earlier cohorts • Attitude towards work differs; expect quick advancement, and don’t expect to stay at any one organization for very long • Identified with the hipster stereotype/ subculture, and with being glued to their smartphones rather than engaged with the world or their jobs Worldwide Birth rates • birth rates are declining • the social effects may be positive and may put less stress on the planet • the economic effects may be negative Family life cycle-describes the different stages based on household compositions examples: • young singles • married with young children • “empty nesters" • Older married couples What are psychological factors? • Psychological factors are based on modles of human behavior due to physiological and psychological needs ad include: • Learning- the ability to obtain and integrate information for solving problems • motivation the perceived need (as described by maslow) • Perception- the use of the 5 senses to perceive the enviroment • Personality- the outward display of attitudes, opinions, and other factors • attitude- thoughts feelings, and behavioral intentions • Life style- the things we buy and people we associate with Sociocultural factors • Family-the family in the household where a person grew up and current family • Friends and reference groups- co-workers,church and club members, and other close social connections • Culture-the prevailing culture of the country and region • Subculture- the cultural leanings of reference groups and other affiliations • Social class- the broad group which a person identifies with, such as working or middle class Situational factors arise at the tie of purchase that may affect the purchase • Task- events influencing consumer purchasing, such as a gift giving occasion • Social surroundings- purchasing events when others are present (ex. shopping with children) • Physical environment- decor and ambience of the shopping enviroment • Temporal effects- time invested in searching for alternatives as well as the time factors involved in the actual purchase • Antecedent states- moods and attitudes of the buyer when entering into a purchase transaction


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