Cons Beh study guide

Cons Beh study guide - Chapter 1: Introduction to Consumer...

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Chapter 1: Introduction to Consumer Behavior and Marketing Strategy Why is CB part of Marketing? As per the marketing concept o Make profits by satisfying consumers Consumers will be satisfied if o They purchase and use products and services appropriately They will purchase and use appropriately if o Marketers understand them What is CB? The dynamic interaction of affect and cognition, behavior, and the environment by which human beings conduct the exchange aspects of their lives. Consumer behavior is dynamic because the thinking, feelings, and actions of individual consumers, targeted consumer groups, and society at large are constantly changing. o Consumers’ decisions w.r.t the acquisition, consumption, and disposition of goods, services, time, and ideas by human decision making units over time. o The processes involved when individuals or groups select, acquire, consume, or dispose of products, services, ideas, or experiences to satisfy needs and desires. How is CB studied? Who uses knowledge about CB? Summary Consumer Behavior Part of the Marketing concept Interaction of consumers’ affect, cognition, behavior and environment Studied via interpretive, traditional, and marketing science approaches Useful for consumers, governments, and organizations (both for-profit and not-for-profit) Chapter 2: A Framework for Consumer Analysis
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Wheel of Consumer Analysis: A Reciprocal System Elements of Wheel Affect : refers to their feelings about stimuli and events, such as whether they dislike a product o Feelings o Favorable vs. Unfavorable o Mild vs. Intense Cognition : refers to their thinking, such as their beliefs about a particular product o Thoughts o Beliefs, understanding, and interpreting o Conscious vs. Automatic Behavior : refers to physical actions of consumers that can be directly observed and measured by others o Overt action o Observed and measured o Critical for organization outcomes Environment: everything external to consumers that influence what they think, feel, and do o External to consumers o Physical and social stimuli o Influences affect, cognition, and behavior Wheel as a Reciprocal System: Consumer Analysis Implications reciprocal system : any of the elements can be either a cause or an effect of change at any particular time Study elements and their inter-relationship Any element may be the starting point Consumers continuously change Can be used to analyze o Societies o Industries: the relationship of a company and its competitors o Market segments: groups of consumers who have some similarity in cognition, affect, behavior, and environment o Individual Consumers: consumption history, a single purchase, or some aspect of a purchase for a specific customer Consumers influence marketing strategy and vice versa Relation with Marketing Strategy Marketing strategy: a set of stimuli places in consumers’ environments designed to influence their affect, cognitions, and behavior; influences elements of the wheel
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Cons Beh study guide - Chapter 1: Introduction to Consumer...

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