Why do we need consumer behavior
The process of getting customers to purchase is carefully designed, we get customers
to the ability to recognize that the product is what they want.
Marketing’s goal is to get consumers to this point, where they are convinced it is a
good buy
Misconceptions
Consumers are sales figures (whether they buy or not buy)
But don’t know why the problem occurs
We cannot know how to fix it
We don’t know how consumers will react to change we might implement
We should trust our intuition (but marketers are subject to same misconceptions,
biases and errors)
Leads to copying, riding the bandwagon (think of Instagram)
Lecture 1 1
, What is consumer behavior?
We talk about the 3 colored ‘lenses’ on how consumers make sense of information provided to them by
marketers
Think of the Bose/Sennheiser/DrDre Beats, how Beats was rated lower on quality, but
was sold way more.
Key insights
Lecture 1 2
, Individuals react on the basis of perception, not on the basis of objective reality
Objective product features is not equal to consumer benefits
We need to understand consumers to better satisfy their needs
Our intuitions about what consumers perceive, think and will do are often wrong
Lecture 1 3
, Need Recognition
Need is a discrepancy between actual and desired state
Search for information
Internal = retrieval from memory
External
Marketer sources: advertising, company websites, stores, salespeople, brochures
Non-marketer sources: other consumers (incl. family & friends), consumer
organizations, government, media
Pre-purchase evaluation of alternatives
After this, people compare options based
on criteria (which can differ from person
to person)
Lecture 1 4
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