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What is Consumer Behavior?

What is Consumer Behavior?. Chapter 1. Overview of Consumer Behavior. Every day interactions Important to: Marketers Policymakers Consumers . Consumer Behavior. Two definitions: 1. As human behavior:

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What is Consumer Behavior?

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  1. What is Consumer Behavior? Chapter 1

  2. Overview of Consumer Behavior • Every day interactions • Important to: • Marketers • Policymakers • Consumers

  3. Consumer Behavior • Two definitions: 1. As human behavior: • “Set of value-seeking activities that take place as people go about addressing realized needs”

  4. Basic Consumption Process NEED WANT EXCHANGE COSTS & BENEFITS REACTION VALUE

  5. Consumer Behavior • Two definitions: 2. Study of consumers as they go about the consumption process; study how they seek value to address needs

  6. Consumer Behavior Economics Anthropology Consumer Behavior Sociology Psychology Marketing

  7. How Are Consumers Treated? • Two determinants • How competitive is the environment? • License Bureau v. Upscale restaurant • Consumer orientation v. market orientation • How dependent on repeat business? • Relationship marketing • Touchpoint

  8. Role of Consumer Behavior • CB & Marketing • Resource advantage theory • What do consumers give up? • What are they looking for? • Products v. Attributes • Milkshake study • Understanding value helps determine who your competitors are • Examples:

  9. Role of Consumer Behavior • Business Orientation • Undifferentiated • Production • Wal-mart • Differentiated • Toyota • Niche • One specific group

  10. Role of Consumer Behavior • CB & Society • Purchasing behaviors shape society • What’s “cool” and “not cool” • CB & Personal Growth • Debt • Credit cards

  11. Approaches to CB • How can we study it? • Interpretive research • Qualitative • Pros & cons • Phenomenology • Ethnography • Quantitative • Pros & cons

  12. CB is Dynamic • CB changes over time • Internationalization • Technological changes • TV ads • Internet • Changing demographics • Changes in the family • How does this affect their CB?

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