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Intro to Consumer Behavior

Intro to Consumer Behavior. Consumer behavior--what is it? Applications Consumer Behavior and Strategy Elements of strategy Consumer Analysis Consumer behavior outcomes. One Definition.

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Intro to Consumer Behavior

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  1. Intro to Consumer Behavior • Consumer behavior--what is it? • Applications • Consumer Behavior and Strategy • Elements of strategy • Consumer Analysis • Consumer behavior outcomes

  2. One Definition • 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 impacts that these processes have on the consumer and society.

  3. Applications of Consumer Behavior • Marketing Strategy • Regulatory (Public) Policy • Social Marketing • Personal Consumer Skills

  4. Orientations in the Study of Consumer Behavior • Anthropology • Economics • History and geography • Psychology • Sociology

  5. Anthropology • The study of people within and across cultures • Emphasis on cross-cultural differences • Questioning of assumptions within own culture

  6. Economics • Basic economic issues • Supply and demand • Rational decision making • Perfect information • Emphasis on predicting behavior • Complications in real life • Behavioral economics—e.g., “mental accounting”

  7. History and Geography • Origins of behavior, perspectives, and traditions • Impact of geography on individuals • Isolation • Language development • Climate • Geographic determinism

  8. Psychology • Study of human thinking and behavior • Some issues • Personality • Personal development • Cognition (thinking), perception • Attention and its limitations • “Learning”—e.g., acquired tastes

  9. Sociology • Cultural and interpersonal influences on consumption—e.g., • Fads, fashions • Diffusion of innovation • Popular culture

  10. Marketing Strategy and Consumer Behavior MARKET ANALYSIS MARKET SEGMENTATION MARKETING STRATEGY OUTCOMES CONSUMER DECISION PROCESSES

  11. Market Analysis Components • Consumers • Firms • Competitors • Conditions (environment)

  12. Market Segmentation(covered in more detail later) • Product-related need sets • Segments: customers with similar needs and responses • Segment description • Segment selection

  13. Elements in Marketing Strategy • Product • Communications • Price • Distribution • Service

  14. Firm Product position/perception Sales Customer satisfaction Individual Need satisfaction Injurious consumption Society Economic Physical environment Social welfare Outcomes

  15. The Nature of Consumer Behavior • External Influences • Internal Influences • Self-Concept • Situations • Experiences and acquisitions

  16. Why We Buy: Some Issues • Questions academics relatively well: Whether, how, why? • Questions academics answer less well: • How much? • Which effect is stronger? • What if…?

  17. Why We Buy Issues • “Conversion” and “interception” rates • The “Transition Zone” • Thinking like a consumer who is in the shopping setting! • A note on exam questions from the text: You need to have read the book to be able to answer! (The answers are not obvious.)

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