Summary
Week 1 - Consumer Behaviour Marketing Action Summary
- Course
- Institution
Week 1 Reading Summary and Lecture Notes
[Show more]
Seller
Follow
lauraasehnem
Reviews received
Content preview
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
1
, 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
2
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 lauraasehnem. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.28. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52355 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now