Lecture 4 Consumer Behavior February 22 and 24

Lecture 4 Consumer Behavior February 22 and 24 - Consumer...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Consumer Behavior February 22, and 24 The study of Consumer Behavior is the interplay of: (a) Why consumers buy the reasons for buying e.g., economic reasons (Brand X is the cheapest, or Brand X provides the best value) or emotional reasons (Brand X makes me feel special) (b) How they buy how much thought goes into the decision making process e.g., systematic (Brand Xs quality justifies its higher price) or heuristic (I use Brand X because my best friend uses Brand X) Watch the ads for Tesco Mobile, Google, Healthy Choice, Garnier, Pfizer, and Vodafone (series) Watch the ads for Tesco Mobile, Google, Healthy Choice, Garnier, Pfizer, and Vodafone (series) The role of emotions: (a) Creates a good mood, which spills over to the brand the affect (feelings) is used as an information, e.g., this is a good brand (b) Makes the consumer a more vigilant information processor, (e.g., fear appeals) Heuristic versus compensatory (systematic) decision making: Imagine that you wish to purchase a car. You are considering three cars, described below: Price Safety Engine (10=Best) (10=Best) (10=Best) Saturn LS 7 10 7 Camry 8 9 3 Accord 8 5 8 ________________________________________________ Importance 0.6 0.3 0.1 (Attribute weights) Compensatory Information Processing: Good features compensate for bad features (e.g., weighted average mimics this process) Value of Saturn = (0.6) (7) + (0.3) (10) + (0.1) (7) = 7.9 / 10 Value of Camry = (0.6) (8) + (0.3) (9) + (0.1)(3) = 7.8 / 10 Value of Accord = (0.6) (8) + (0.3) (5) + (0.1) (8) = 7.1 / 10 Price...
View Full Document

This note was uploaded on 07/19/2011 for the course MKTG 311 taught by Professor Chatterji during the Spring '08 term at Binghamton University.

Page1 / 21

Lecture 4 Consumer Behavior February 22 and 24 - Consumer...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online