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Summary for elective Multicultural Consumer Behavior
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Multicultural Consumer BehaviorSummary Chapter 1, 3, 4, 5, 9 & 13
Chapter 1 – Consumer Behavior and Technology
Consumer Behavior defined:
The study of consumers’ choices during searching, evaluating, purchasing, and using products and
services they believe would satisfy their needs (demands)
If you demand something, you want it and you can pay for it.
Marketing concept
Marketing consists of satisfying consumers’ demands, creating value, and retaining customers.
We want to keep you as a customer forever.
McDonald’s wants you as a customer for life. Therefore they start with Happy Meals for
children, when you’re a student McDonald’s is a cheap and fast meal, the drive thru is ideal for
when you drive home from the office, and parents will buy their kids Happy Meals again.
Marketing concept requirements
Market Segmentation
o Dividing the market into submarkets, based upon bases -> geographic, psychographic,
behavioral, demographic.
Targeting
o Deciding which segments to target. When we target, we focus or market on that segment.
Positioning
o To put our products in the mind of consumers over our competitors.
The Marketing Mix
o Product, Price, Place, Promotion
Ways to target more precisely:
Cookies (allow marketers to track and personalize messages to you)
Global Positioning Systems (GPS) (knowing where you are and showing you relevant
restaurants for ex.)
Selfies
Interactive Communications (2 way dialogue, you tell the marketer what you want)
Cross Screen Marketing (tracking and targeting users across devices)
Socially Responsible Marketing
The Societal Marketing Concept encourages behaviors that increase individual & social wellbeing (Ex.
UPS delivering packages by bicycle)
Algorithm
Series of steps used to predict buyer behavior based upon what is known about you. Data collected
about you is being used to predict & influence your buying behavior.
, How has technology affected the Marketing Mix?
Product: online products or accessories for technology (Ex. Air Pods).
Price: online prices have gone up because of the competitive aspect.
Promotion: social media ads, influencers.
Place: globalized, more efficient and faster, you can almost get anywhere, tracking distribution.
Website characteristics:
Interactivity (chatbots ex.)
Nurturing (protecting customers ex.)
Network
Assortment
Transaction ease (easy to buy and sell)
Engagement (attractive and motivating)
Trust
Consumer Decision Making Model
These are the thoughts that go
through consumers’ minds while
making decisions.
On the left are commercial
sources, paid for by the
marketer.
o Buzz Agent: someone who’s
paid to endorse/be positive
about the brand.
o Need recognition: you want
something.
o Type of decision: High
involvement (very important
to make the right decision or
you’ll be unhappy, ex. phone
or car) or low involvement
Ex. Perfume can be a high or
low involvement decision, it
depends on the person.
On the right are non-commercial
sources, not paid for by the
marketer.
o Perception: your version of
reality
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