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Week 1 - Consumer Behaviour Marketing Action Summary
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Wednesday, 9 February 2022Consumer Behaviour & Marketing
Action - Week 1
CM2072
Consumer Behaviour: Buying, Having and Being
Consumer Behaviour: People in the Marketplace
- Demographics - descriptive characteristics of a population
- Consumption communities - the growth of the internet has accelerated the
emergence of online consumption communities
- Market segmentation strategies means an organisation targets its product, service,
or idea only to specific groups of consumers rather than to everybody.
- Through “personalities” brands have clearly defined images that advertising,
packing, branding and other marketing elements help to shape.
- Brand loyalty - is when a produce or service satisfied our specific needs or desires,
creating a bond between the product and consumer
What is consumer behaviour?
- 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.
Consumer Behaviour is a Process
- Field was referred to as buyer behaviour (1960s and 1970s) and referred to as the
interaction between consumers and producers at the time of purchase
- Marketeers now realise that consumer behaviour is in fact and ongoing process
- Exchange - a transaction in which two or more organisations or people give and
receive something of value. Exchange theory remains an important part of consumer
behaviour, the expanded view emphasises the entire consumption process.
- 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. A
person may act as an influencer if they recommend products without buying or using
them
Consumers’ Impact on Marketing Strategy
- Marketeers have to understand the wants and needs of different consumer
segments
- Society is build from a mass culture in which many consumers share the same
preferences to a diverse one in which we have an almost infinite number of choices
- Heavy users - when a company builds brand loyalty through smart marketing
strategies, they are able to develop faithful consumers.
- 80/20 Rule - 20% of users account for 80% of sales
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, Wednesday, 9 February 2022
- Age
- Consumers of different age groups have different needs and wants. People in the
same group tend to share a set of values and common cultural experiences that
they carry throughout life.
- Example: Glossier establishing their brand loyalty through social media
- Gender
- Products that target a specific gender
- Brown goods, products made for men
- White goods, products typically made for women
- Family Structure
- A person’s family & marital status impacts consumer’s spending priorities
- Social Class & Income
- People in the same social class are relatively equal in terms of income and social
standing
- Important factor because it determines the greatest buying power and market
potential
- Race & Ethnicity
- As society becomes increasingly multicultural, there are new opportunities to
develop and deliver specializated products to racial & ethnic groups
- Geography
- Lifestyles
- Includes the way we feel about ourselves, our values, what we do in our spare time
Segmentation by Behaviour: Relationships and “Big Data”
- Relationship Marketing - recognises the importance of building relationships
between brands and customers that will last a lifetime
- Customers interact with the brand on a regular basis as they have solid reasons to
maintain a bond with the company
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