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Consumer Behavior MKT 750

Consumer Behavior MKT 750. Professor Pat West. Agenda. Introductions Class website: http://fisher.osu.edu/~west_284/mkt750s05 or class.osu.edu Syllabus highlights Course overview Assignment. Syllabus Highlights. Course Objective:

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Consumer Behavior MKT 750

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  1. Consumer BehaviorMKT 750 Professor Pat West

  2. Agenda • Introductions • Class website: http://fisher.osu.edu/~west_284/mkt750s05or class.osu.edu • Syllabus highlights • Course overview • Assignment

  3. Syllabus Highlights • Course Objective: • To develop a deeper understanding of and appreciation for consumers • To learn how to better serve your customers and develop strong relationships • Class materials: • Consumer Behavior: Building Marketing Strategy, 9th edition(Hawkins, Best, and Coney)

  4. Syllabus Highlights • Requirements: • Individual Components Points • Participation 100 • Two exams @ 100 points each 200 • Team Components • Phase 1: Immersion Research 100 • Phase 2: Idea Generation 100 • Phase 3: Implementation Report 100 600

  5. Keys to Success • Come to class prepared • Keep up on readings • Stay on top of deadlines • Treat others professionally • Show pride in your work • Be respectful

  6. Considered appropriate: • Be considerate of others • Get involved and participate • Strive to be a good teammate • Manage your time wisely

  7. Please refrain from: • Coming in late • Leaving class early • Sidebar conversations • Cellular phone interruptions • Eating food in the classroom

  8. Honor Code • What is academic misconduct? • Any activity that compromises the academic integrity of the institution or subverts the educational process. • How will it be dealt with? • You will be dismissed from the class. • The University Committee on Academic Misconduct will be notified.

  9. Course Overview • What is consumer behavior? • Why study it? • How does this relate to marketing? • Some “essential tools”

  10. What is Consumer Behavior? • “The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impact that these processes have on the consumer and society” -- Hawkins, Best, and Coney 2004 • “The study of the cognitive, emotional, and physical activities associated with the perception, evaluation, choice, acquisition, use, and dispositionof goods and services.”

  11. Why Study Consumer Behavior? • The Marketing Concept: • Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create more satisfying exchanges than the competition. • Corollary: • Success in the marketplace requires: knowing, then attracting, satisfying, and retaining customers.

  12. Why Study Consumer Behavior? • No brand/product can appeal to all people. • Firms must segmentthe market into groups with relatively homogeneous preferences andtargetone or more groups. • Firms must position their offerings in the hearts and minds of these individuals in a favorable way. • Firms must examine all of the touch pointsthat shape how a consumer will respond to their offering.

  13. Why Study Consumer Behavior? • Our guesses about people are inaccurate. • This is because human nature leads us to believe that other people think like us • false consensus • People tend to perceive differences even when they don’t exist • stereotyping

  14. Why Study Consumer Behavior? • Therefore, we must strive to… • Identify customer needs and wants • Engage in research • Understand how customers will respond to different messages and environments • Learn about and apply theories • Anticipate where preferences are headed • Staying informed

  15. Essential Tools: • Consumer Decision Making • Demographics / Trends • Information Processing • Social Influence

  16. Consumer Decision Making • Consumer-side • Marketer-side Need Recognition Search Alternative Evaluation Choice Post-Purchase Evaluation Awareness Interest Desire Action

  17. Essential Tools: • Consumer Decision Making • Demographics / Trends • Information Processing • Social Influence

  18. Demographic Trends: • Aging population • Cultural Diversity & Globalization

  19. Lifestyle & Segment Trends: • Staying connected • Cellular phones • Instant messaging • Health & Fitness • Atkins • Water

  20. Essential Tools: • Consumer Decision Making • Demographics / Trends • Information Processing • Social Influence

  21. Consumer Information Processing Stimuli Exposure Attention Comprehension Acceptance Retention Purchase

  22. Essential Tools: • Consumer Decision Making • Demographics / Trends • Information Processing • Social Influence

  23. Social Influence • Creating “Buzz” through word of mouth • Cultural and generational influence • Family & Group Influence

  24. Assignment • Carefully read the syllabus • There will be a quiz on it next time • Study Chapter 1 of the textbook • Begin applying the strategic framework discussed to the team project we will be working on • What do we know about the 5 Cs, Segmentation, Targeting, and Positioning?

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