Consumer Behavior

Philip Hoang
01/31/12
T 7:00 Consumer Behavior
CB3 Assignment 1
  1. The goals I want to accomplish in this Consumer Behavior course is to excel on marketing my products available to sale with the most advance impulse buying techniques. I am already aware of marketing techniques such as Groupons where they offer daily deals. In addition, I am currently using psychological pricing. Where I learned that if the last three ending numbers is an odd number then the customers are more likely to buy. For example, listing a price $99.95, instead of $100.00. Also, I am aware of psychological colors where each color is used to enhance consumers mood accordingly to the business
  2. I would like to try some unique techniques with A/B testing on my eCommerce site to see if the new marketing techniques that I learn from this Consumer Behavior course will help increase my revenues. My goal is to hit $1,000,000+ in gross sales for the fiscal year of 2012.
  3. I would measure my progress with diagrams, as I have graph carts right now to monitor everything from conversion rates to funnels. I also use analytics tools to observe consumers behaviors on my site. By using a heat sink map I know what areas is hot, and what needs to be revised.
  4. I would run my A/B testing for two weeks. Depending on the flow of traffic to make the results more accurate. For example, if February 1st-14th has 200,000 visitors and February 15th-31st has 200,000 visitors then I would end the testing there and compare the two.
  5. My goals in order of importance would be psychological behavior, impulse buying, and other unknown marketing techniques as I will learn from this course.
  6. I feel with my personal experience on the marketing campaigns I have ran for my business, I would be knowledgeable to let my group know how some consumers think. Before I started the business, I thought what I thought everyone thought. I soon realize that it’s all about geolocation. I saw that customers from... [continues]

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