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Summary Consumer & Marketing Lecture Notes
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This is a summary of everything you need to know from the Consumer & Marketing lectures Written in English
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Topic 1 – Consumer behaviourMarketing = the social and managerial process by which individuals and groups
obtain what they need and want through creating and exchanging products and
value with others
-> Simple definition: bridging the gap between business and consumer
Consumer behavior = the totality of consumers’ decisions with respect to the
acquisition, consumption, and disposition of goods, services, time, and ideas by
(human) decision making
- Two kinds of group segments:
1. Convenience-oriented : material wealth, free and simple life, no ambition,
informal, impulsive, attached to physical appearance, desires recognition and
appreciation
2. Cosmopolitans : socially successful, self-development, socially and politically
interested, ambitious, work provides identity and status, consumption-oriented,
materialistic, and technological minded
How firms often think of customers: Stimulus -> Response
How firms should think about customers: Stimulus -> Organism -> Response
Correlation = two events happen to coincide
Causality = change in one variable means a change in another variable, there is
a logical reason for this relationship, and there are no other factors which could
explain this correlation
Research study about usage of a product:
▪ Available supply influences the amount consumed on single-usage occasions
-> a necessary and sufficient condition for supply to influence usage appears to
be that the amount available be visually assessable
▪ Usage decreases as the supply diminishes, until a certain point
Denomination effect = people may be less likely to spend larger currency
denominations than their equivalent value in smaller denominations
,Endowment effect = people are more likely to retain an object they own than
acquire that same object when they do not own it
Prospect theory = losses outweigh gains ; the pain of losing 500 euros can only
be compensated by the pleasure of winning 800 euros
Default effect = the tendency for an individual to generally accept the default
option in a strategic interaction
Knowledge = A body of coherent facts, or verifiable claims
Understanding = the meaning of the facts, providing coherence to the
knowledge you have
How to write a scientific journal:
1. positioning of research problem
2. research question
3. literature review
4. research method and data analysis
5. results
6. managerial recommendations
,Topic 2 – Motivation
Drivers of consumer ability:
1. product knowledge and experience
2. cognitive style
3. intelligence, education and age
4. money
Drivers of consumer opportunity:
1. time
2. distraction
3. information (amount, complexity, repetition)
Drivers of consumer motivation:
1. personal relevance (what’s in it for me?)
2. consistency with the self, values, needs, goals and emotions
3. inconsistency with attitudes
4. perceived risk
Motivated consumers:
▪ are willing to spend more time on information search
▪ are more eager to learn about alternatives
Consumers attribute higher levels of pro environmental behavior and motivation,
but lower levels of ability to themselves than other societal actors
Consumers that like giving gifts, give hedonic gifts. People that gift gifts out of
obligation are more likely to give utilitarian gifts.
Motivation = the force within the individual that account for (1) the direction,
(2) intensity, and (3) persistence of effort expended
Dimensions of motivation:
1. Directs behavior |direction|
2. Energizes behavior |intensity|
3. Sustains behavior |persistence|
Types of motivation:
1. Approach
-> positive driving force toward some object or condition
2. Avoidance
-> negative driving force away from some object or condition
3. Intrinsic
-> comes from within a person to do a task or achieve particular goal for oneself
4. Extrinsic
-> comes from external forces or parameters to do a task or achieve a particular
goal for some other
5. Emotional
-> driven by feelings; hedonic and symbolic objectives
6. Rational
, -> driven by thinking; rational and functional objectives
Need = discrepancy between actual and desired state
Goal = desired state.
-> Indifference zone = when desired state and actual state are close.
Discrepancy between actual & desired state -> tension -> drive -> goal object
Sources of needs:
1. Innate
-> the need for food, water, air to breath, and feel safe from physical danger
2. Learned
-> need for power and status, to be a moral person
Goals system = mental representation of associative networks composed of
interconnected goals and means
Equifinality = single goal is associated with multiple means
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