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Exam One Study Guide

Exam One Study Guide - Consumer Behavior Exam One Study...

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Consumer Behavior: Exam One Study Guide Chapter One: --Why use consumer behavior?? ….Marketers have agreed that success comes from the: MARKETING CONCEPT: Suggests an organization should satisfy consumer needs and wants to make profits. -Many companies have become successful by making their full focus on keeping consumers and making them happy. They have focues to serve consumers better for THREE REASONS: 1- Success of other countries companies such as Sony and Toyota have focused on providing customers with top quality and have been able to keep customers whereas in the US people just used to buy, but not expect quality like foreign companies. 2- Increase in the use of consumer and marketing research: didn’t used to really take place, now companies can know exactly who their customers are 3- The use of internet as a marketing tool, now advertisements etc. are easier to reach. --CONSUMER BEHAVIOR: the dynamic interaction of affect and cognition, behavior, and the environment by which human beings conduct the exchange aspects of their lives. (Involves thoughts and feelings ppl experience and the actions they perform in consumption processes.) IT IS THREE THIGNS: 1- Dynamic: Thinking feelings and actions of individual customers, targeted groups, and society are constantly changing. 2- Involves Interaction: Interactions among feelings, thinking, actions and the environment. Making sure that your business understands what a certain brand or product means to a customer and how it effects the interactions. 3- Exchange: People give up something of value to others and receive something in return. -- Three approaches to Consumer Behavior” 1- Interpretive Approach : Relatively new, but influential. Based on theories/methods from cultural anthropology. Seeks to develop understating of consumption and its meanings. Use long interviews/focus groups. 2- Traditional Approach : Uses psychology/sociology, based on cognitive, social, and behavioral. Seeks to explain consumer decision making and behavior. Use experiments and surveys. 3- Marketing Science: Based on theories from economics and statistics. Use math- modeling simulations. -- Who uses CB? 1- Marketing Organizations: Organizations that seek exchanges with consumers. (Retail, hospitals, museums, parks, universities, non-profit, etc.)
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2- Government and Political Organizations: FTC, FDA, Students against drunk dirivng.. They monitor and regulate exchanges b/t mkting organizations and consumers. They develop public policies, and affect marketing. 3- Consumers and Organizational Buyers: Exchange resrouces for various goods and services.Their interest is in making exchanges that help them achieve their goals and in understanding …MORE IN CHAPTER TWO --Consumer Behavior’s Role in Marketing Strategy: .. Marketing Strategy: design, implementation, and control of a plan to influence exchanges to achieve organizational objectives.
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