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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
Intro to Consumer Behavior

  • Consumer behavior--what is it?

  • Applications

  • Consumer Behavior and Strategy

    • Elements of strategy

    • Consumer Analysis

  • Consumer behavior outcomes


One definition
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.


Applications of consumer behavior
Applications of Consumer Behavior

  • Marketing Strategy

  • Regulatory (Public) Policy

  • Social Marketing

  • Personal Consumer Skills


Orientations in the study of consumer behavior
Orientations in the Study of Consumer Behavior

  • Anthropology

  • Economics

  • History and geography

  • Psychology

  • Sociology


Anthropology
Anthropology

  • The study of people within and across cultures

  • Emphasis on cross-cultural differences

  • Questioning of assumptions within own culture


Economics
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”


History and geography
History and Geography

  • Origins of behavior, perspectives, and traditions

  • Impact of geography on individuals

    • Isolation

    • Language development

    • Climate

  • Geographic determinism


Psychology
Psychology

  • Study of human thinking and behavior

  • Some issues

    • Personality

    • Personal development

    • Cognition (thinking), perception

    • Attention and its limitations

    • “Learning”—e.g., acquired tastes


Sociology
Sociology

  • Cultural and interpersonal influences on consumption—e.g.,

    • Fads, fashions

    • Diffusion of innovation

    • Popular culture


Marketing strategy and consumer behavior
Marketing Strategy and Consumer Behavior

MARKET

ANALYSIS

MARKET

SEGMENTATION

MARKETING

STRATEGY

OUTCOMES

CONSUMER

DECISION

PROCESSES


Market analysis components
Market Analysis Components

  • Consumers

  • Firms

  • Competitors

  • Conditions (environment)


Market segmentation covered in more detail later
Market Segmentation(covered in more detail later)

  • Product-related need sets

  • Segments: customers with similar needs and responses

  • Segment description

  • Segment selection


Elements in marketing strategy
Elements in Marketing Strategy

  • Product

  • Communications

  • Price

  • Distribution

  • Service


Outcomes

Firm

Product position/perception

Sales

Customer satisfaction

Individual

Need satisfaction

Injurious consumption

Society

Economic

Physical environment

Social welfare

Outcomes


The nature of consumer behavior
The Nature of Consumer Behavior

  • External Influences

  • Internal Influences

  • Self-Concept

  • Situations

  • Experiences and acquisitions


Why we buy some issues
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…?


Why we buy issues
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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