Summary
Summary: Book & Lectures
- Course
- Institution
- Book
Summary Book - consumer behavior: Buying, having and being + Lectures
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Test Bank for Consumer Behavior Buying Having Being 13th Edition Solomon / All Chapter 1 - 14 Updated 2023
-
Consumer Behavior and Marketing Action Summary
-
CM2072 Summary - Consumer Behavior & Marketing Action @EUR
Seller
FollowNienkeDesmares
Reviews received
Content preview
Consumer BehaviorBuying, having and being
By Michael, R. Solomon
Table of contents
Chapter 1 Buying, Having, and Being: An Introduction to Consumer Behavior..................................1
Chapter 2 Consumer Well-Being.........................................................................................................5
Chapter 3 Perception..........................................................................................................................9
Chapter 4 Learning and memory......................................................................................................14
Chapter 8 – Choosing and using products........................................................................................19
Chapter 10 – Buying, using and disposing........................................................................................27
Chapter 1 Buying, Having, and Being: An Introduction to Consumer
Behavior
1
,Demographics
Descriptive characteristics of a population (measure observable aspects of a population)
Ways to categorize consumers: age, gender, income or occupation
Another way that marketeers categorize consumers is by identifying their consumer characteristics
Consumption communities
A community where members share their opinions and recommendations about anything
Market segmentation strategies
An organization targets its product, service, or idea only to specific groups of consumers rather than
to everybody
Even if this means that other consumers who don’t belong to this target market aren’t attracted
to it
Brand loyalty
A bond between product and consumer that is difficult for competitors to break
Our opinions and desires are based on a mix of voices from around the world, which is becoming
much smaller place as a result of rapid advancements in communications and transportation systems
Consumer behavior
The study of the processes involved when individuals or groups select, purchase, use or dispose of
products, services, ideas or experiences to satisfy needs and desires
Buyer behavior
1960s and 1970s
Interaction between consumers and producers at the time of purchase
Consumer behavior nowadays is seen as an ongoing process, which includes the issues that
influence the consumer before, during and after a purchase
Exchange
A transaction in which two or more organizations or people give and receive something of value
Consumer
A person who identifies a need or desire,
makes a purchase and then disposes of the
product during the three stages of the
consumption process
Identifying market segments
- Heavy users
- Demographics
o Age
o Gender
o Family structure
o Income
- Personalities/tastes
1 Stages in the Consumption Process
2
, In the Mass culture from nowadays identifying your consumers are more important than ever.
Building loyalty to a brand is a smart marketing strategy, so sometimes companies define their
market segments when identifying their most faithful users/heavy users.
80/20 rule 20% of users account for 80% of the sales
Age groups
People who belong to the same age groups may differ in many ways, however they tend to share a
set of values and common cultural experiences
Gender
This strategy comes from assumptions about what will appeal to each gender
Family structure (marital status)
This has a huge effect on consumers’ spending priorities
Social class and income
People who belong to the same social class are approximately equal in terms of income and social
standing in the community. They have similar occupations, similar tastes and share many ideas and
values.
This determines which group has the greatest buying power and market potential
Race and Ethnicity
New opportunities develop to deliver specialized products to racial and ethnic groups and to
introduce other groups to these offerings.
Geography
Marketeers tailor their offerings to appeal to consumers who live in different parts of the
country/world
Lifestyles
Factor that determine which products will push our buttons or even those that make us feel better
Behavior Relationships and “Big Data”
The key to success is building relationships between brand and consumers that will last a lifetime
Relationship marketing Interacting with consumers on a regular basis and give them
solid reasons to maintain a bond with the company over time
Database marketing Tracks specific consumers’ buying habits closely and tailors
products and message precisely to people’s wants and needs based on this information
Big Data
The collection and analysis of extremely large datasets
User-generated content
Everyone can voice their opinions about products, brands and companies on blogs, podcasts and
social networking sites and even film their own commercials on YouTube
Biggest marketing phenomenon
Web 2.0 (Era)
The rebirth of the internet from its original roots as a form of one-way transmission from producers
to consumers to a social, interactive medium
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NienkeDesmares. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.42. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
