Concise summary of the material that students need to know for the final exam of the Multicultural Consumer Behaviour elective at THUAS. Material was taken from the book and the slides. I scored a 9.6 on the exam by memorizing this summary.
College aantekeningen Principles Of Consumer Behaviour (MAN-BKV64-2021-3V) Consumer Behavior, Global Edition, ISBN: 9781292269245
Multicultural Consumer Behaviour + EXAM QUESTIONS
Principles of Consumer Behavior summary: Book and Lectures
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Haagse Hogeschool (HHS)
European Studies
Multicultural Consumer Behaviour (ESKMCB17)
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Chapter 1 – Consumer Behavior and Technology
Marketing = the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society
Consumer behavior = the study of consumers’ actions during searching for, purchasing, using,
evaluating, and disposing of products and services that they expect will satisfy their needs
Marketing orientations
Marketing concept marketing consists of satisfying consumers’ needs, creating value, and
retaining customers, and that companies must produce only those goods that they have
already determined consumers would buy
Production concept consumers are mostly interested in product availability at low prices;
its implicit marketing objectives are cheap, efficient production and intensive distribution of
products
Product concept consumers buy the product that offers them the highest quality, the best
performance, and the most features
Selling concept marketers’ primary focus should be selling the products that they have
decided to produce through the “hard sell” approach
Societal marketing concept requires marketers to fulfill the needs of the target audience
in ways that improve, preserve, and enhance society’s well-being, while also meeting their
business objectives
Marketing myopia = a focus on the product rather than on the needs it presumes to satisfy
Market segmentation targeting positioning
Market segmentation = process of dividing a market into subsets of consumers with
common needs or characteristics
Targeting = selecting the segments that the company views as prospective customers and
pursuing them
Positioning = process by which a company creates a distinct image and identity for its
products, services and brands in consumers’ minds
Technology Benefits Consumers and Marketers
Technology has revolutionized marketing. Marketers can now observe customers while
they’re buying the product, instead of relying on post-purchase surveys. All age groups
engage in online activity.
Online communication abilities have created sophisticated consumers, who are hard to
attract, satisfy, and retain. More than ever before, marketers must customize their products,
add value to the physical product or the core of a service, provide the right benefits to the
right consumer segments, and position their products effectively.
Cross-screen marketing = promotional strategy that consists of tracking and targeting users
across their computers, mobile phones, and tablets, and sending them personalized ads
based on their interests, as observed by marketers essential, because most viewers use a
mobile device during the time they are watching TV
,Customer value, satisfaction and retention
Customer value = ratio between customers’ perceived benefits (i.e., economic, functional,
and psychological) and the resources they have used to obtain those benefits (i.e.,
monetary, time, effort, psychological)
Customer satisfaction = customers’ perceptions of the performance of the product or service
in relation to their expectations
Winning new customers is more expensive than retaining existing ones.
2 interrelated forms of customer engagement with marketers
Emotional bonds = customer’s high level of personal commitment and attachment to the
company and its products
Transactional bonds = convenience and transaction-related relationships between
customers and companies
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