Class 2 Consumer Behavior, Market Research and Environment

Class 2 Consumer Behavior, Market Research and Environment...

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Unformatted text preview: Copyright 2009 Indiana University Click to edit Master subtitle style Class 2: Understanding the Consumer: Customer Buying Behavior M370 John Talbott Faculty Department of Marketing Fall 2010 Copyright 2009 Indiana University Copyright 2009 Indiana University Copyright 2009 Indiana University Key points from class 1. 1. Can you give a good definition of marketing in your own words? 2. Marketing is focused on the Customer. 3. What is a production approach to marketing? 4. What is a drill? Why? 5. What is Marketing Myopia? Copyright 2009 Indiana University Copyright 2009 Indiana University Needs, wants, and Demand Need =Food Want = A Big Mac Demand = (Want or Need) + Exchange Mechanism in this case a currency. Other Exchange Mechanisms ? When consumers have more of an Exchange Mechanism available they tend to trade up and fulfill wants. Copyright 2009 Indiana University Copyright 2009 Indiana University The Marketing Value Equation If: PV >TCA then: Exchange Where PV = Consumer Perceived Value TCA= Total Cost of Acquisition Copyright 2009 Indiana University Copyright 2009 Indiana University Is data collection and analysis boring? Understanding the Consumer Copyright 2009 Indiana University Copyright 2009 Indiana University Understanding the Consumer Information can be overwhelming Its not the information its the insight you get from it. Research for the sake of research is worse than useless. Understanding what actions you will take based on the insights from the information is critical. Define the problem and set objectives before beginning research. Develop a formal Research Plan Copyright 2009 Indiana University Copyright 2009 Indiana University Understanding the Consumer Types of Research Exploratory We are seeing a downtrend in the sales of pepperoni pizza?...
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Class 2 Consumer Behavior, Market Research and Environment...

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