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MKT 750 Consumer Behavior

MKT 750 Consumer Behavior. Agenda. Introductions Class website Syllabus highlights Course overview Assignment. Class Website. Locations Homepage: http://fisher.osu.edu/~west/mkt750w04 Access to Homepage: Username: mkt750 , Password: pwest. Syllabus Highlights. Course Objective:

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MKT 750 Consumer Behavior

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  1. MKT 750Consumer Behavior

  2. Agenda • Introductions • Class website • Syllabus highlights • Course overview • Assignment

  3. Class Website • Locations • Homepage: • http://fisher.osu.edu/~west/mkt750w04 • Access to Homepage: • Username: mkt750, Password: pwest

  4. Syllabus Highlights • Course Objective: • To develop a deeper understanding of and appreciation for consumers • To learn how to better serve your customers • Class materials: • Consumer Behavior textbook

  5. Syllabus Highlights • Requirements: • Individual Components Points • Two memos @ 50 points each 100 • Two exams @ 100 points each 200 • Participation is worth up to 50 points 50 • Team Components • A research project worth up to 150 points 150 500

  6. Keys to Success • Come to class prepared • Read the material in advance • Keep up on assignments • Treat others professionally • Show pride in your work • Be respectful

  7. Survey Said Please refrain from: • Coming in late • Leaving class early • Sidebar conversations • The use of laptops or cell phones • Eating food in the classroom

  8. Survey Said Considered appropriate conduct: • Be considerate of others • Get involved and participate • Always strive to be a good teammate • Manage your time wisely

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

  10. What is Consumer Behavior? • “Activities people undertake when obtaining, consuming, and disposing of products and services” --- Blackwell, Miniard, & Engel 2001 • The study of the cognitive, emotional, and physical activities associated with the perception, evaluation, choice, acquisition, use, and disposition of goods and services.”

  11. PERSONAL INFLUENCES Personality Life-stage Values Income Resources Attitudes Opinions Motivations Feelings Past Experiences Knowledge SITUATIONAL INFLUENCES Brand Product Features Advertising Display Promotions Price Quality Store Ambiance Service Convenience Product Loyalty Programs Packaging Goals Assortment Involvement Availability SOCIAL INFLUENCES Justification Word of Mouth Culture Ethnicity Family Peer Groups OBTAINING How you decide you want to buy Products you consider buying Where you buy How you pay for product How you transport product home CONSUMING How you use product How you store the product in your home Who uses the product How much you consume How product compares with expectations DISPOSING How you get rid of remaining product How much you throw away after use If you resell items yourself or through a consignment store How you recycle products Consumer Behavior

  12. Economics Physiology Cognitive Psychology Social Psychology Biology Computer Science Anthropology Sociology What is Consumer Behavior? • An interdisciplinary field

  13. 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 attracting, satisfying, and retaining customers.

  14. Why Study Consumer Behavior? • No brand/product can appeal to all people. • Firms must segment the market into groups with relatively homogeneous preferences and target one or more groups. • Firms must position their offerings in the hearts and minds of these individuals in a favorable way.

  15. 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

  16. 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

  17. Connections to Marketing • Segmentation & Targeting • Customer Acquisition & Retention • Building Loyalty • Positioning & Repositioning • New Products and Shaping Consumer Preferences • Customer-based Brand Equity

  18. Connections to Marketing • Communicating with your customers • Influence & Persuasion • Generating “buzz” • Pricing your product • Framing • Value Pricing • Building “community”

  19. Essential Tools: • Demographics / Trends • Family Life Cycle • Consumer Decision Making • Information Processing

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

  21. Lifestyle Trends: • Staying connected • Cellular phones • PDAs • Instant messaging • Health & Fitness • Water • Low fat foods

  22. Essential Tools: • Demographics / Trends • Family Life Cycle • Consumer Decision Making • Information Processing

  23. Family Life Cycle Single Newly Full Empty Married Nest Nest

  24. Essential Tools: • Demographics / Trends • Family Life Cycle • Consumer Decision Making • Information Processing

  25. The Rational Decision Process: Preferences & Beliefs Need Recognition Search Evaluation Purchase Decision Post-Purchase Feelings Objective: To provide useful information and assurance

  26. The Emotional Decision Process: Awareness Knowledge Liking Conviction Purchase Consumption Objective:To create excitement

  27. The Routine Decision Process: • Purchase decision based on: • Impulse • Habit • Promotion DeliciousRed, Ripe California Strawberries16-oz. Pkg.Buy 1, Get 1 FREE!Save $2.99 with Card

  28. Essential Tools: • Demographics / Trends • Family Life Cycle • Consumer Decision Making • Information Processing

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

  30. Finally, our goals are to … • Develop skills for planning, assessing, and interpreting consumer research • Foster strategic thinking • Improve your ability defend your position both orally and in writing • Enhance job performance by improving your ability to work effectively with others

  31. Assignment • Carefully read the syllabus! • There will be a “quiz” on Wednesday • Chapters 1 & 2 of the textbook

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