Chapter 1: Consumer behavior and marketing strategy – Flashcards
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consumer behavior
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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.
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1. key aspect regarding consumer behavior
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its a complex multidimensional process
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2. key aspect regarding consumer behavior
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successful marketing decisions require extensive information about consumer behavior
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3. key aspect regarding consumer behavior
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firms must collect info about the specific consumers involved in the marketing decision at hand
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4. key aspect regarding consumer behavior
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marketing practices designed to influence consumer behavior involve ethical issues that affect the firm, the individual, and society.
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applications in consumer behavior
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(1) marketing strategy (2) regulatory policy (3) social marketing (4) informed individuals
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social marketing
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positive behaviors
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marketing strategy (marketing mix)
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the 4 p's (price, place, promotion, place)
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customer value
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the difference between all the benefits derived from a total product and all the costs of acquiring those benefits -value considered from customer's perspective -superior customer value means organization has to anticipate and react to customer needs better than competitor
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market segmentation
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identifying product-related need sets, grouping customers with similar need sets, describing each group, selecting an attractive segment(s) to serve
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depth interviews
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one on one open-ended discussions between a researcher and a subject
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focus groups
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involves 8-15 subjects and an interviewer
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observation
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human or mechanical observation of behavior
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physiological measures
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direct observations of physical responses to a stimulus
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consumer research techniques
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depth interviews, focus groups, observation, physiological measures, projective techniques, surveys, experiments
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projective techniques
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requires the interpretation of ambiguous stimuli to probe hidden feelings, attitudes, and motivations
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surveys
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involve questionnaires to gather information from a large number of people
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experiments
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involve changing one or more variables and observing the effects on another variable
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IMC
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integrated marking communication (another name for promotion)
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outcomes
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firm, individual, and society
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product position
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the image of the product or brand in the consumer's mind relative to competing products and brands
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sales and profits
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critical outcomes as they are necessary for the firm to continue in business
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customer satisfaction
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remains a concern for marketers. retaining customers requires that they be satisfied with their purchase and use of the product. Its more profitable to maintain existing customers than to replace them with new customers.
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firm outcome
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product position, sales and profits, customer satisfaction
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individual outcomes
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need satisfaction, injurious consumption
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injurious consumption
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the dark side of consumer behavior, occurs when individuals or groups make consumption decisions that have negative consequences for their long-run well-being
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need satisfaction
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the most obvious outcome of the consumption process for an individual, whether or not a purchase is made, is some level of satisfaction of the need that initiated the consumption process
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economic outcomes
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the cumulative impact of consumers' purchase decisions, including the decision to forgo consumption, is a major determinant of the state of a given country's economy
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physical environment outcomes
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consumers make decisions that have a major impact on the physical environments of both their own and other societies
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social welfare
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consumer decisions affect the general social welfare of a society, including having a major impact on the overall quality of life in a society
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society outcomes
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economic, physical environment, social welfare
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self-concept
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what someone thinks about themselves
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lifestyle
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how one lives, depends on how they view themselves
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symbolic needs
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status, identity, group acceptance
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positivist perspective
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there is a single, object truth that can be discovered by science
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interpretivism
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knowledge is time, culture, and context dependent. therefore no single truth exists that can explain the behavior of everyone
