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MARKETING MANAGEMENT

MARKETING MANAGEMENT. Analyzing Consumer Markets. Influences on Consumer Behavior. Cultural Factors Social Factors Reference Groups Family, Roles Personal factors Age and “stage” Economics (income, education) Personality Lifestyle and Values. Psychological approaches.

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MARKETING MANAGEMENT

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  1. MARKETING MANAGEMENT Analyzing Consumer Markets

  2. Influences on Consumer Behavior • Cultural Factors • Social Factors • Reference Groups • Family, Roles • Personal factors • Age and “stage” • Economics (income, education) • Personality • Lifestyle and Values

  3. Psychological approaches MOTIVATION, PERCEPTION & LEARNING • “Drives” • Freud • Maslow • Hertzberg • “Learning” • Pavlov • Skinner • “Cognitive”

  4. Rational Model of Decision Making

  5. Involvement Elaboration Likelihood Model Low-involvement marketing strategies Variety-seeking buying behaviour Decision Heuristics Availability Representativeness Anchoring and adjustment Other Models of Decision Making

  6. Elaboration Likelihood Model • Petty & Caccioppo • Two questions: • Motivation to process? • Ability to process? • When YES to both: HIGH elaboration • Central cues • product • When NO: LOW elaboration • Peripheral cues - • source or ad

  7. INVOLVEMENT Decoding is ACTIVE • That is, it requires EFFORT • When will people to spend effort? • 1. When they CARE about what you’re saying • personal relevance This is the concept of INVOLVEMENT The personal relevance of the product interest, price

  8. “Vanity” credit cards • http://www.mbna.ca/hockey_cardlist.html

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