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Bmgt451- Chapter 1-7 textbook notes

Bmgt451- Chapter 1-7 textbook notes - Chapter1 ,groups,...

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BMGT451- Consumer Behavior Textbook Chapters 1-7 Chapter 1 Consumer Behavior  is the study of individuals, groups, or organizations and the processes they use to  select, secure, use and dispose of products, services, experiences, or ideas to satisfy needs and the  impacts that these processes have on the consumer and society o 4 key aspects to consumer behavior: Successful marketing decisions by businesses require extensive information about  consumer behavior and apply these theories and information on a daily basis Need to collect information about the specific consumers involved in the marketing  decision at hand Consumer behavior is a complex, multidimensional process Marketing practices designed to influence consumer behavior involve ethical issues that  affect the firm, the individual and society o All marketing decisions are regulations are based on assumptions and knowledge about  consumer behavior Regulatory bodies exist to develop, interpret, and/or implement policies designed to protect and aid  consumers Social Marketing  is the application of marketing strategies and tactics to alter or create behaviors that  have a positive effect on the targeted individuals or society as a whole Customer value  is the difference between all the benefits derived from a total product and all the costs  of acquiring those benefits It is critical that a firm considers value  from a customer’s perspective Essence of a good marketing strategy: Providing superior customer value requires the organization to  do a better job of anticipating and reacting to customer needs than the competition does. o An understanding of consumer behavior is the basis for marketing strategy formulation Marketing strategy seeks to provide the customer with more value than the competition while still  producing a profit for the firm 1
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Total Product  includes product features, price, communications, distribution and services that will  provide customers with superior value o It is presented to the target market, which is consistently engaged in processing information and  making decisions designed to maintain or enhance its lifestyle or performance An “experience” occurs when a company intentionally creates a memorable event for customers o The experience exists in the mind of an individual who has been engaged on an emotional,  physical, intellectual or even spiritual level Analysis of consumers  is a key part of the foundation of marketing strategy, and  consumer reaction   to  the total product determines the success or failure of the strategy
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