Business Notes

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Bsns 103 Key aspects:
Culture: Language and symbols, norms, beliefs rituals.
Affluenza: “The consumers disease” We want more and more, the more we have the more we want. Over consumption: (eg) Fast food leads to obesity. Having to have the latest model that is released. Driving cars = pollution. Purchasing decision model:

Identification/recognition
Info search (other options)
Alternative evaluation
Purchase and delivery
Post purchase evaluation
Needs
Wants
Perception
Senses
Attitudes:
Affect (feelings)
Behaviour (intentions to act towards the object because of this attitude) •Cognition (beliefs about the object) eg. We convince ourselves why it is a good object. Balance theory: (eg) Bob doesn’t like Bcoms but Betty does, Bob likes Betty, so Bob changes his view to Bcoms, and now likes them. TORA: Theory of reasoned action. Consumer has control of their actions and is thoughtful about purchasing something. Co-creation of value: Marketers or brands working with customers to create value. (eg) Bluebird chip “create your own flavour” competition. Got customers more involved in their consumption. Dissonance: Regret about purchasing something.

Personality
Freudian Theory
ID – urges, unconscious, “instinctual needs” (eg) Buying a jersey because you don’t want to be cold •Superego – How we interoperate society’s norms and codes. (eg) buying a jersey because you want to be up with the latest fashion. What other people think of you. Trait Theory: Personality is linked to how consumers make their choice on a product category, not a particular brand. (eg) Purchasing a sports car vs station wagon, NOT ford vs holden. (eg) Purchasing coke vs juice NOT Coke vs pepsi. Consumer ethnocentrism: Consumers feel it is wrong to buy foreign, they feel a moral obligation to “buy local.” A fear of other cultures? Self image

Self concept: What you see yourself as
The extended self: “external objects that we consider apart of us” (eg) Mates, cell phone etc. Reference Groups
Normative – Defines what normal behaviour is, (eg) Mates •Comparative – Benchmarks
Indirect – What you aspire to be like (eg) professionals, movie stars etc Sub-culture: What you want to be seen as , groups you associate with (eg) Brand communities or your normative reference groups? “It is a distinct culture group that exist as an identifiable 3asy associate with (eg) Brand communities or your normative reference groups? “It is a distinct culture group that exist as an identifiable segment of a larger society” Social class: Determinants of social class:

Family
Income
Education
Occupation
Assets
Lifestyle
Status: (eg) wealthy people buying ‘bently’ to show successfulness, power, etc. Owning a bently gives others the instant perception that you are wealthy and instant social status. Family and social class: Marketers use the ‘importance of family’ to market and sell products. Semiosis: A process of communication by any type of sign. (eg) Semiotic triangle. (eg) A famous person is seen with a product/brand, the consumer is then exposed to the brand and then interoperates the sign. Gives a perception of the brand Brand personality: “the set of human characteristics associated with a brand” Nike = sporty Symbols

Brand placement
Lovemarks
Brand community: Just because you own a product does not make you apart of their brand community. People in a brand community feel as though they have a moral obligation/responsibility towards the brand. Not every brand has a brand community. Consumer brand connections:

Nostalgic connection – Brands that remind you of your past •Interdependence – Brands that help you do something
Self-concept attachment – Expressing personality by using that brand Brand relationships
Consumer research process:
Define problem
Decide on research approach (Experiments, surverys, observation) •Data collection method
Data collection
Psychological Learning theories:
Classical...
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