Class notes

Consumer Behaviour Notes Chapters 1-4

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Course
BUAD 345 Consumer Behaviour (345)

Institution
Okanagan College ( )

BUAD 345 Consumer Behaviour textbook summarized notes from chapter 1-4. Includes definitions, screenshots of exhibits, and additional notes. Chapter 1: What is consumer behaviour? Chapter 2:Value and the Consumer Behaviour Value Framework Chapter 3: Consumer Learning Starts Here, Perception C...

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Uploaded on December 31, 2022
Number of pages 16
Written in 2020/2021
Type Class notes
Professor(s) Mark z
Contains All classes

consumer
behaviour
marketing
psychology
business
consumer orientation
consumer value framework
customer
marketing strategy
consumer perception
memory
cognitive learning
multiple store approach model
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Chapter 1: What is Consumer Behaviour
Consumer Behaviour Perspectives
Consumer behaviour can be defined from two different perspectives. This is because the
term refers to both:
1. Human thought and action
2. Field of study (Human Inquiry)
Consumer Behaviour: is the set of value seeking activities that take place as people go
about addressing their needs.

The Basic Consumption Process
• An exchange is the acting out of a decision to give something up in return for
something of greater value.
• Costs are the negative results of consumption.
• Benefits are positive results of consumption.
Consumption: represents the process by which goods, services, or ideas are used and
transformed into value.

Note: Discretionary consumption is where marketers spent a lot of time, money, and effort.
This is an important part of consumption, there would be no economy without discretionary
needs.
• Acquiring the customer in the first place is the most expensive part, however that
customer will provide great value after.
Behavioural Economics: study of what happens in markets with decision makers who
display human limitations and complications.

1

,Relationships of Consumer Behaviour with other Disciplines
Consumer behaviour is mainly influenced by:
• Economics
• Anthropology
• Psychology
• Sociology
• Law & History
• Neuroscience
• Finance & Statistics
• Political sciences & Management
Questions to consider in order to understand how important serving customers well
should be to any given organization:
1. How competitive is the marketing environment?
2. How dependant is the marketer on repeat business?

Competition and Consumer Orientation
• Consumer Orientation: is a way of doing business in which the actions and
decisions making of the institution prioritize consumer value and satisfaction
above all other concerns.
• Market orientation: is an organizational culture that embodies the importance of
creating value for customers among all employees.
• Relationship Marketing: is based on the belief that firm performance is enhanced
through repeat business.
• Touchpoints: are direct contacts between the firm and a customer.
Notes: marketers are increasingly realizing the value of relationship marketing.
Consumer behaviour is important in at least three ways:
1. CB provides an input to business/marketing strategy
2. CB provides a force that shapes society
3. CB provides an input to making responsible decisions as a consumer

Characteristics of Successful Innovations
• Relative advantage: makes things better than before
• Simplicity: all things equal, a simpler innovation is better than a complex
innovation
• Observable: things that are observable tend to get adopt faster

2

, • Triability: things that can be tried with little or n risk get adopted faster
• Consistency: consumers are more likely to adopt things that are congruent with
existing values and knowledge

Different Ways of Doing Business
Undifferentiated Marketing: the same basic product if offered to all customers.
Production Orientation: approach where innovation is generated primarily towards
making the production process as efficient and economic as possible.
Differentiated Marketers: firms that serve multiple market segments, each with a unique
product offering.
One to One Marketing: plan wherein a different product is offered for each individual
customer so that each customer is treated as a segment of one.
Niche Marketing: plan where a firm specializes in serving one market segment with
particularly unique demand characteristics.

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