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Consumer Behavior MGMT 150 MIDTERM REVIEW4P’s of marketing-product-price-price-promotion3C’s of marketing-consumer-company-competitionThe role of consumer behavior is to fill in the black box of the consumer between marketing and response. The marketing conceptKey to achieving organizational goals consists of determining the needs and wants of target markets (consumers) and delivering the desired satisfaction more effectively and efficiently than competitors. Concentrate on the needs of the buyer/consumers, not the needs of the seller Affect can also be translated into emotionsConsumer behavior goes beyond statistics and economics. Secondary data– data collected for some other purpose that is subsequently used in a research project. Primary data- data originating from a researcher and collected to provide information relevant to this specific research project. Direct questions:examples: how old are you? Do you like ford? rate on a scale of 1-5 on something, Indirect questions: examples: If Starbucks was a celebrity, who would he be? If X was a car, what would it be? What would life be without milk? Non-experimental / Qualitative research-Includes interviews, field work, ZMET, case studies, etc. -Most psychologist, sociologist, used these to get deeper insights. -Pros: very rich in insights, facilitates answers to hard questions, provide deeper answers to all these hard questions, -Cons: limited control, hard to establish causality, difficult to quantify, time consuming, idiosyncratic, very expensive Experimental / Quantitative research-Lab experimentPros: establish causality, can see process (can help see what is driving the results), more controlledCons: real world validity, generalizability (because it is not in a real world study) -Quasi-Field experiment
Pros: can be very life like, tested in real settingCons: may not generalize, costly (very expensive)Common Qualitative Research Methods-Content Analysis: studying communication artifacts to quantify patterns in communication -Focus groups:a form of qualitative research consisting of interviews in which small groups of people are asked about their perceptions, opinions, believes, attitudes toward a new product. It is an in-depth interview with a group of carefully selected individuals-In-depth interviews: 1 to 1 interview, intensive interviews with a small number of respondents to explore their perspectives; see Venkatesh & Crockett pg18-pg19 for more details-ZMET:a qualitative method for mapping consumers’ mental models combining collaging and in-depth interviewing (readings & today’s class)-Fieldwork:researcher conduct research in the natural environment, rather than in a lab or office see Venkatesh & Crockett pg16-pg17 for more detailsParticipant observations: