Consumer Behavior Midterm 1
As a marketer you need to: - correct answer--understand
-predict
-influence
NOTES:
-It's important to predict as a marketer what products will be helpful for consumers in the
future
CONSUMER BEHAVIOUR & WHAT IT INVOLVES - correct answer-The ACQUISITION,
CONSUMPTION and DISPOSITION of goods, services, time and ideas by (human)
decision-making units (over time)
−Products/Goods
−Services
−Activities
−People
−Ideas
>Dynamic process
>Can involve many people
>Involves consumers' feelings
consumer behaviour as a field of study- which areas contribute to understanding it as a
study? - correct answer--psychology- understanding how people think and make decisions
-sociology
-economics
-anthropology
-medicine
-history
NOTES:
-Consumer behavior is a field of study- on the foundations of this subject is psychology and
understanding of how people think and make decisions
Understanding sociology- understanding how cultures operate
Economics- understanding the markets
Also some influences from anthropology, medicine and history
-What's the use of studying consumer behavior? Getting consumer insights
-What makes consumers tick? Can create solutions to these
-For example: how to gain deep consumer insights through projective techniques- a man
named Haire in the 1950's
Interested in how consumers would react to a new product (instant coffee)
-Didn't want the "superficial" answers if he did ask consumers what they thought about the
product- wanted to go deeper
-He asked them to imagine a shopping list- imagine that this was a shopping list of someone
they just met- wanted participants to imagine what kind of person would have a shopping list
like this
-Haire had 2 versions- in one of them, instant coffee was listed, in the other list, instant
coffee WASN'T listed but the other items remained the same.
-Haire could compare- Haire found out that people were negatively evaluating anyone with
instant coffee on their shopping list
EXAMPLE: HOW CONSUMER BEHAVIOUR CAN BENEFIT A COMPANY- DECOY
EFFECT? - correct answer-THE DECOY EFFECT: Can be applied to pricing situations
Called a "decoy" $50 so the $30 wine looks reasonable- doesn't expect people to purchase
the $50
MODEL OF CONSUMER BEHAVIOUR- WHAT ARE THE 4 INFLUENCE OF CB? - correct
answer->Psychological Core
All the individual factors that influence consumer behavior
For example, an individual's attitude etc.
>Process of Making Decisions
-Important
-Understanding how consumers think about different options
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Hkane. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.