100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary TEW Consumer Behaviour - first seat $7.24   Add to cart

Summary

Summary TEW Consumer Behaviour - first seat

 22 views  0 purchase
  • Course
  • Institution

Applied Economic Sciences: Consumer Behaviour summary concepts, everything you need to know before the exam. Prof. Barbara Briers

Preview 3 out of 16  pages

  • June 1, 2024
  • 16
  • 2023/2024
  • Summary
avatar-seller
Lecture 1: Introduction to Consumer Behavior and the Consumer Decision
Process

1. What is Consumer Behavior?

 Definition: 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.
 Interdisciplinarity: Combines insights from psychology, sociology, social
psychology, anthropology, and economics.
 Example: Understanding why consumers prefer certain brands over others based on
cultural influences.

2. Consumer vs Shopper

 Consumer: The person who uses the product.
 Shopper: The person who buys the product.
 Example: A parent (shopper) buys baby food for their child (consumer).

3. Consumers' Buying Roles

 Initiator: The person who suggests the idea of buying the product.
 Influencer: The person whose views influence the buying decision.
 Decider: The person who makes the final buying decision.
 Buyer: The person who makes the actual purchase.
 User: The person who consumes the product.
 Gatekeeper: The person who controls access to information.
 Example: In a family, the child (initiator) asks for a toy, the sibling (influencer)
agrees, the parents (deciders) decide to buy, the mother (buyer) purchases it, and the
child (user) plays with it.

4. Pre-purchase, Purchase, Post-purchase Processes

 Pre-purchase: Recognizing a need, searching for information, evaluating alternatives.
 Purchase: Deciding on and buying the product.
 Post-purchase: Evaluating the product after use, which influences future decisions.
 Example: Researching laptops (pre-purchase), buying one (purchase), and using it to
see if it meets expectations (post-purchase).

5. Consumer’s Subjective Influence and Situational Influence

 Subjective Influence: Personal feelings and preferences.
 Situational Influence: External factors like store environment.
 Example: A consumer's positive mood (subjective) and a well-organized store layout
(situational) leading to more purchases.

6. Consumer’s Impact on Marketing Strategies

 Example: Companies tailor marketing strategies to consumer preferences, such as
personalized ads based on browsing history.

,7. Marketing Segmentations

 Psychographic Segmentation: Grouping consumers based on lifestyle, values, and
personality.
 Behavior Segmentation: Grouping based on consumer behavior such as purchasing
patterns and loyalty.
 Demographic and Geographic Segmentation: Based on age, gender, income, and
location.
 Example: Targeting fitness enthusiasts (psychographic) with gym memberships,
frequent buyers (behavior) with loyalty rewards, young adults (demographic) with
trendy fashion, and urban residents (geographic) with city-specific offers.

8. Selling Concept vs Marketing Concept

 Selling Concept: Focus on selling products regardless of consumer needs.
 Marketing Concept: Focus on understanding and meeting consumer needs.
 Example: Pushing sales through aggressive advertising (selling concept) vs
conducting market research to develop products that meet consumer needs (marketing
concept).

9. Customer Value

 Definition: The consumer’s assessment of the overall capacity of a product or service
to satisfy their needs and wants.
 Example: Valuing a smartphone for its high functionality and sleek design.

10. Value Disciplines

 Product Leadership: Offering leading-edge products.
 Operational Excellence: Efficient delivery of products.
 Customer Intimacy: Building close relationships with customers.
 Example: Amazon’s efficient delivery system (operational excellence).

11. Purpose: Keep it Simple

 Example: Apple’s focus on user-friendly product design.

12. Consumer Buying Decision Process/Dual Process Theory

 The Buying Decision Process: Need recognition, information search, evaluation of
alternatives, purchase decision, post-purchase behavior.
 Example: Buying a car involves recognizing the need for transportation, researching
models, comparing features, deciding on a purchase, and evaluating satisfaction post-
purchase.

13. First Moment of Truth, Second Moment of Truth, ZMOT

 First Moment of Truth (FMOT): When a consumer first encounters a product.
 Second Moment of Truth (SMOT): When a consumer uses the product.
 Zero Moment of Truth (ZMOT): Research phase before encountering the product.

,  Example: Reading reviews online (ZMOT), seeing the product in-store (FMOT), and
using the product at home (SMOT).

14. Need Recognition

 Internal vs External Stimuli: Internal - Hunger; External - Advertisement.
 Need vs Opportunity: Recognizing a need (hunger) vs seeing an opportunity (sale).
 Example: Feeling hungry (internal) and seeing an ad for a restaurant (external).

15. Primary vs Secondary Demand

 Primary Demand: Demand for a product category.
 Secondary Demand: Demand for a specific brand.
 Example: Demand for smartphones (primary) and demand for iPhones (secondary).

16. How Can We Find Out What People Want?

 Self-interest, Marketing Myopia, Pyramid of Needs.
 Example: Conducting surveys to understand consumer needs (self-interest) and
avoiding focusing solely on selling existing products (marketing myopia).

17. Information Search

 Internal vs External Sources: Internal - Memory; External - Friends, media.
 Example: Recalling past experiences (internal) vs reading product reviews (external).

18. Evaluation of Alternatives

 Traditional View of Brand Sets: Considering a set of brands before making a
decision.
 Example: Comparing different brands of laptops before buying one.

19. What is an Attitude?

 Definition: A learned tendency to evaluate things in a certain way.
 Example: A positive attitude towards eco-friendly products.

20. Multi-attribute Model (Fishbein)

 Definition: Evaluating products based on multiple attributes.
 Example: Rating a smartphone based on battery life, camera quality, and price.

21. Non-compensatory Models of Choice

 Conjunctive Heuristics: Setting minimum standards for attributes.
 Disjunctive Heuristics: Acceptable criteria based on key attributes.
 Lexicographic Heuristics: Ranking attributes by importance.
 Elimination-by-aspects Heuristics: Eliminating options that don’t meet criteria.
 Example: Choosing a car based on the most important attribute like safety
(lexicographic).

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 nickmarichal. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.24. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78998 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.24
  • (0)
  Add to cart