Summary/ Course Notes Consumer Behavior & Marketing Strategy

Topics: Marketing, Pricing, Marketing mix Pages: 36 (8641 words) Published: October 14, 2013
Chapter 1 Introduction to Consumer Behavior and Marketing Strategy: (Key terms + explanation in notebook)

Slide 2: Why is CB part of marketing?
Term: marketing concept
-Successful companies: designing the entire organization to serve customers and stay close to them. Committed to developing quality products and services and selling them at a price that gives consumer high value

-All departments focus on doing their jobs in ways that enhance the value of products to consumers

-Three major reasons why companies are making changes to serve customers better 1. Dramatic success of Japanese companies providing consumers with value laden products 2. Dramatic increase in the quality of consumer and marketing research 3. Development of the Internet as a marketing tool

Slide 3: What is CB?
Term: Consumer behavior

-In other words, consumer behavior involves the thoughts and feelings people experience and the actions they perform in the consumption process. -Includes also all the things in the environment that that influence these thoughts, feelings and actions.

Include:
-Comments from other consumers
-Advertisements
-Price information
-Packaging
-Product appearance
-Blogs and many others

Consumer behavior is dynamic, involves interactions, and involves exchanges

Dynamic: thinking, feelings, and actions of individual consumers, targeted consumer groups, and society at large are constantly changing

Involves interactions: Marketers need to understand what products and brands mean to consumers, what consumers must do to purchase and use them, and what influences shopping, purchase and consumption.

Involves exchanges: people give up something of value to others and receive something in return

Slide 4: How is CB studied?
-Approaches to Consumer Behavior Research
Interpretive approach: based on theories and methods of cultural anthropology. This approach seeks to develop a deep understanding of consumption and its meanings. Long interviews and focus groups are used to understand what products and services mean to consumers and what consumers experience in purchasing them. Other study example: how advertising depicts women, or how possessions influence self-images

Traditional approach: based on theories and methods from cognitive, social and behavioral psychology, as well as sociology. It seeks to explain consumer decision-making ad behavior. Studies involve experiments and surveys to test theories and develop insights into such things as consumer information processing, decision process, and social influences on consumer behavior.

Marketing science approach: based on theories and methods from economics and statistics. It commonly involves developing and testing mathematical models to predict the impact of marketing strategies on consumer choice and behavior. Involves math modeling and simulation.

Slide 5: Who uses knowledge about CB?
-Uses of Consumer Behavior Research (CBR)
Three groups use knowledge about consumer behavior and consumer behavior research: Marketing organizations, Government and political organizations and Consumers.

Marketing organizations: not only businesses trying to sell, also hospitals, museums, parks, uni’s, law firms and other organizations that seek exchanges with consumers.  They develop marketing strategies according to CBR

Government and political organizations: the major concern of these organizations is monitoring and regulating exchanges between marketing organizations and consumers. (This is accomplished through the development of public policies) 

Consumers: includes both consumers and organizational buyers who exchange resources for various goods and services. Their interest is in making exchanges that help them achieve their goals and in understanding their own behavior.  They are involved in consumer activities

Term: Marketing strategy

Slide 6: Summary

Chapter 2: A Framework For Consumer Analysis
Slide 2:...
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