Introduction to Consumer Behavior What is Consumer behavior? – pg 6-8 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. Application of consumer behavior – pg 9-11 1) Marketing Strategy 2) Regulatory Policy Social Marketing The application of marketing strategies and tactics
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customer’s life-cycle might look something like this: Younger consumer - small gifts for girlfriend Slightly older consumer - engagement ring‚ holiday gifts Slightly older yet - Bridal ring‚ holiday gifts Maturing consumer - watches‚ anniversary gifts‚ holiday gifts‚ Consumer with children - birthday presents‚ holiday gifts‚ Sweet 16 gifts‚ bar mitsvah gifts and First Communion gifts So‚ you can see how reaching a consumer earlier in life offers the potential to make more sales to that
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Chapter 1 – consumer behavior 1. Decision making at margin marginal cost: the additional cost of consuming or producing one more unit of a good marginal benefit: the additional benefit of consuming or producing one more unit of good Utility: satisfaction derived from consuming units of good consumed in a given period of time Marginal utility: additional satisfaction gained from consuming an extra unit of good within a period of time 2. The law of diminishing utility marginal utility
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CHAPTER 3 – LEARNING AND MEMORY • Marketers understand that long-standing‚ learned connections between products and memories are a potent way to build and keep brand loyalty. • Learning is a relatively permanent change in behavior caused by experience (not always directly‚ but by observation of events that affect others). - An ongoing process - Ranges from simple association between a stimulus (product logo - Coke) to a response (“refreshing soft drink”) – to a complex series of cognitive
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activity as well as to overt actions. Secondly‚ learning results in relatively permanent changes in behavior. This excludes changes brought about by fatigue or other short-lived influences such as drug-induced behavior. Thirdly‚ we must exclude the effects of physical damage to the body or brain and of natural human growth. Types of learned behavior a) Physical Behaviour People learn many physical behaviors in everyday life. Firstly‚ all healthy humans learn to walk‚ talk and socialize. Secondly‚ they
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Consumer Behavior A Vera Bradley handbag can be one of the many fashion statements made by almost any female ranging from the age of 10 to 90. “Vera Bradley is a leader in fashionable‚ colorful‚ cotton quilted handbags‚ accessories‚ luggage‚ and paper and gift items for women of every age.” As one can see this product is mostly purchased by women. However‚ each individual has their own personal characteristics like gender‚ age‚ family life cycle‚ personality‚ self-concept‚ and lifestyle that influence
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CHAPTER 1 QUESTION 1: Explain the concept of the 80/20 rule and why it is important to marketers. The 80/20 rule of marketing is derived from the broader Pareto Principle concept introduced by Italian economist Vilfredo Pareto in 1906. Pareto noted that the majority of wealth in a free market economy is concentrated within a relatively small group of people -- roughly 20 percent of the population. Importance of rule 80/20 to marketers: Marketing investment: relates to how money is spent on advertising
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market on the basis of Australia consumers’ self image. Describe the four types of consumer self-image and discuss which one would be most effective? There have 4 types of self image which are actual self image mean that how consumers see themselves; the second one is ideal self image mean that consumers would like to see themselves; third one is social self image mean how consumers feel other see them and the last one is ideal social self image which mean how consumers would like others to see them
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1. Using the tricomponent attitude model‚ compare the differences in attitude of consumers towards Kraft Foods versus their attitude towards Vegemite. The tricomponent attitude model is made up of Cognitive‚ Affective and Conative component. The three components are interrelated and integrate to form an attitude of a person toward any product or service in consumer scenario. Here we are studying how the consumers react to Kraft Food and Vegemite. Cognitive Component Cognition is basically making
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Ianna M. Cepeda BSBA/ Marketing Management/ TTH- 4-5:30 BMS 102: CONSUMER BEHAVIOR 1. Why would someone shop on the internet ? buy an ipad ? eat at T.G.I. Fridays frequently ? -Because of the fast-paced world that we live in it would be more practical to shop through the internet because of its accessibility. Through online shopping customer can get the product and avail the services they need in just a simple click of button it saves them time and energy. An ipad is a tablet computer
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