College Notes Principles Of Consumer Behavior (MAN-BKV64-2021-3V) Consumer Behavior, Global Edition, ISBN: 9781292269245
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Course
Principles Of Consumer Behaviour (MANBKV6420213V)
Institution
Radboud Universiteit Nijmegen (RU)
Book
Consumer Behavior, Global Edition
College notes from the Principles of Consumer Behaviour course. The notes are in English and from the lectures that were recorded in advance this year. The articles are also in the notes
Principles of Consumer Behavior summary: Book and Lectures
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Principles of consumer behaviour aantekeningen
Lecture 1 – What is consumer behaviour?
The marketing concept: an organization should satisfy consumer needs and wants
(also keep in mind the needs and wants of other stakeholders, so shareholders, the
community etc), create value (benefit should outweigh costs), and retain customers in
order to meet organizational goals (customer loyalty)
The marketing perspective entails that marketing in the end should be beneficial for
the organization and their different stakeholders (especially consumers). They should
together create value, from a mutual beneficial perspective
Need to understand customers (describe, explain and predict consumer
behavior) to realize organizational goals
Establish relationships with customers
“The purpose of a business is to create and keep a customer” (Peter Drucker)
What is consumer behaviour?
buying products
inspecting/evaluating products
looking for information about products
using / eating products
disposing products after use
Consumer behaviour is the study of consumers’ actions during searching for,
purchasing, using, evaluating and disposing of products and services that they expect
will satisfy their needs
this definition is in the middle from a marketing perspective. On the one hand you
have consumption and on the other that all behaviour is consumer behaviour
How to build long term relationships?
Building long term relationships, steps:
1. Customer value / quality
o = The benefits of a product over the price a consumer has to pay. So
exceeding benefits
o Starting point of building a relationship
2. Satisfaction
o = Difference between what you expect and what you get
3. Trust
o = Feeling that a company is on your side and that they are reliable
o If you think they are reliable, you will gain trust in the company and
probably buy other products as well
4. Commitment; emotional and transactional bonds
o Emotional bonds = you feel a connection and want to be part of a ‘family’
o Transactional bonds = for example discount because you have been a
customer for a long time
, 5. Loyalty
o = Consists of rebuying
6. Customer retention
o = Stronger form of loyalty, because you will stand up for the company
7. Engagement
o = You really feel part of the organization and want to share positive word-
of-mouth about them (online and offline)
Why are long-term relationships important (from both organizational and consumer
perspective)?
Loyal customers buy more products
Loyal customers are willing to test and try
Are less price sensitive
Pay less attention to competitors
Are cheaper to serve
Spread positive word of mouth
Higher turnovers, lower cost, higher profit
Create employee satisfaction and loyalty
Also interest for customer: easier if you buy when you trust organizations
Different approaches to consumer
behaviour
Approaches:
Interpretive
o Based on theories and
methods from cultural
anthropology
o Objective is to describe consumption and its meanings
o Methods of study:
Indepth interview
Focus groups
o Theory building
Traditional
o Based on theories and methods from cognitive, social and behavioral
psychology, and sociology
o Objective is to explain consumer decision
making and behavior
o Methods of study:
Experiments
Surveys
o Theory testing (deductive approach)
Marketing science
o Based on theories and methods from economics and statistics
, o Objective is to predict consumer choice and behavior
o Methods of study:
Math-modelling
Simulation
Scenarios
o Apply theory
o Scenario analysis
Economic
o Aware of all alternatives; selects the best: maximizing
o Rational arguments, best price, maximizing benefits
Passive
o Submissive to self-serving interest and promotional efforts: minimizing
Cognitive
o Actively seeking information: satisfying
o Rational way
Emotional
o Impulses, moods, feelings and emotions determine behavior: satisfying
Consumer behavior is about the:
Consumer
Product
Situation
Consumer behavior always depends on the interaction between these elements
It is never only one element, it is the interaction / combination
Outcome of consumer behavior is always dependent on: who is the customer? What is
the product and in what kind of situation is a choice made?
Articles Neghina et al., 2017), Zhang and Bloemer (2008)
In common:
They are both about building long term relationships with consumers
Zhang and Bloemer (2008): the impact of value congruence on consumer-service
brand relationships
Value congruity
Value congruence, satisfaction, trust, commitment and loyalty important for building
relationships
The impact of value congruence (= similarity, overlap, alignment):
From interactions to long-term relationships (this is a transition)
What is the impact of value congruence on loyalty (brand-consumer
relationships)?
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