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BUSI 2204 - Chapter 5 Summary - Marketing, ISBN: 9781292146508

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Course
BUSI 2204

Institution
Carleton University (CU )

Book
Marketing

Chapter 5: Creating and Capturing Customer Value Content Covered: - Understanding customer value - Developing products - Crafting services - Building customer value - Capturing customer value

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Summarized whole book? No
Which chapters are summarized? Chapter 5
Uploaded on February 11, 2023
Number of pages 6
Written in 2022/2023
Type Summary

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CHAPTER 5

UNDERSTANDING CONSUMER & BUSINESS BUYING BEHAVIOR
Model of consumer behaviour

Buying behaviour for final consumers of goods and services for personal consumption.

- Assessing behaviour of how consumers respond to various marketing efforts t4he
company might use.
- Marketing stimuli consist of the 4 Ps
- Consider the buyer’s environment: tech and economic, social and cultural

Characteristics affecting consumer behaviour

Cultural behaviour
- Marketers must understand the role based by the butter’s culture, subculture and
social class
- Spot cultural shift - ex. Shift towards health and fitness
- Subcluter include religious groups, life experiences and racial groups
- Can target radio messages and billboards to their researched groups
- Ex. targeting the Spanish community with Spanish language ads, social
media and bilingual signs in stores. Also, stocking shelves with products that
appeal to the special preferences of Hispanics

- Marketers also adopt a total market strategy—the practice of integrating ethnic
themes and cross-cultural perspectives within their mainstream marketing.

, Social factors
1. 7 social classes
2. Not determined solely by income, but a combo of wealth, income, education and
wealth
3. People of similar social classes exhibit similar buying behaviours, and also
experiences by peorson’s small groups,m social network, family and social roles and
statue

Groups and social networks
1. Membership groups have a direct influence on a person’s behaboro
2. Reference groups serve as direct (face-to-face interactions) or indirect points in
forming a person’s attitude and behaviour
3. Aspirational group - group to which one hopes to belong to
4. Create pressure by marketers to influence varies based on product and brand
5. 92% of people trust recommendations from friends and family
a. Word-of mouth
6. Also target towards experts and as influentials or leading adopters to allow them to
influence people’s buying habits
7. Everyday customers can become brand’s bes evangelists
8. Online and social networks - online communities where people share and exchange
opinions
a. Consumer to consumer and business to consumer
i. Businesses hoping to use social media to interact with consumers and
become part of their conversations and lives
9. Most effective social media strategy is building an online brand relationship with
followers.
10. Family - it is the strongest and most important consumer buying organisation in
society
a. Change in nearly 50% of men making home buying decisions as groceries
and clothes, as women are working outside more
11. Roles and status - people choose based on their appropriate reflecting role and
status

Personal Factors
1. A buyer’s decisions also are influenced by personal characteristics such as the
buyer’s occupation, age and life-cycle stage, economic situation, lifestyle, and
personality and self-concept
2. Occupation -
3. Age and life stage - people change the goods and services they buy over their
lifetimes.
a. Life Stage changes usually result from demographic and events
b. Life stage segmentation - Marketers define their targets in terms of life-cycle
stage and develop appropriate and marketing plans for each stage
4. Economic situation - person’s economic situation will affect their store and product
choices, with looking at personal income against spendings and savings
a. Needing more competitive products at better prices
5. Lifestyles - People coming from the same subculture, social class, and occupation
may have quite different lifestyles

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