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What is Consumer Behaviour?
The Study of processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires.
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Characteristics of a personal consumer?
- -Individual
- -Purchase for self, family friend, household
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Characteristics of an organizational Consumer?
- -A business, government agency, or other institution (profit and not-for-profit)
- -Purchase for organization
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What is the Production Concept?
Assumes that consumers are interested primarily in product availability at low prices.
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What is the product concept?
Assumes that consumers will buy the product that offers them the highest quality, the best performance, and the most features.
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What is the Selling Concept?
Assumes that consumers are unlikely to buy a product unless they are aggressively persuaded to do so.
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What is the Marketing Concept?
Assumes that to be successful, a company must determine the needs and wants of specific target markets and deliver the desired satisfactions better than the competition.
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What is Primary Research?
When the data is collected by the researcher specifically for the research question at hand.
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What is Secondary Research?
When the researcher uses pre-existing data to anwser a new research question.
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What do Brands do?
- -They convey image/ personality
- -help us to form bonds with others who share similar preferences
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What is Segmentation?
Process of dividing the market into subsets of consumers with common needs or characteristics.
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What is Targetting?
The selection of one or more of the segments to pursue.
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What is Positioning?
Developing a distinct image for the product in the mind of the consumer.
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What are the 4P's of the product mix?
Product, Price, Place, Promotion.
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What is Customer Value?
- -Customer's Perceived benefits and the resources needed to obtain them
- -Relative and subjective
- -Value proposition
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What is Customer Satisfaction?
- -Perception vs. Expectations
- -Loyalists
- -Apostles
- -Defectors
- -Terrorists
- -Mercenaries
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What is Customer Retention?
- -The objective of providing value is to retain highly satisfied customers.
- -Loyal customers are key.
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What is Consumer Addiction?
Psychological dependency on products or services. Ex// Alcohol, smoking, drugs.
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What is the definition of segmentation?
The process of grouping customers within a market according to similar needs, habits or attitudes that can be addressed through marketing.
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Behavioral and attitudinal segmentation?
Ex// Benefits sought , rate of usage, attitude toward product and usage, price sensitivity.
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What is Demographic segmentation?
Age, Gender, family status, household size, income, occupation, education.
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Geographic segmentation is?
Location, distance, climate.
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What is psychographic segmentation?
Lifestyle, activities, interests
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What is VALS framework?
Slide 27/76 Lecture slides 2.1
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What is Concentrated Marketing?
Concentrated on one segment.
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What is differentiated marketing?
Several segments with individual marketing targets.
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Innate Needs?
Physiological (or biogenic) needs that are considered primary needs or motives.
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Acquired needs?
Generally psychological (or psychogenic) needs that are considered secondary needs or motives
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Generic Goals
- -The general categories of goals that consumers see as a way to fulfill their needs.
- -Ex// "I want to get a graduate degree."
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Product-Specific Goals
- -The specifically branded products or services that consumers select as their goals.
- Ex// "I want to get an MBA in Marketing from Kellogg School of Management."
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4 characteristics of selecting a goal?
- -Personal experiences
- -Physical capacity
- -Prevailing cultural norms and values
- -Goal's accessibility in the physical and social environment.
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Approach Goal?
A positive goal toward which behaviour is directed.
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Avoidance Goal?
A negative goal from which behaviour is directed away.
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Rational Motives
Rationality implies that consuimers select goals based on totally objective criteria such as size, weight, price, or miles per gallon.
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Emotional Motives?
- The selection of goals according to personal or subjective criteria.
- -These can be powerful.
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Frustration?
Failure to achieve a goal may result in frustration. Some adapt; others adopt defense mechanisms to protect their ego.
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What are the 7 defense mechanisms against frustration?
- -Aggression
- -Rationalization
- -Regression
- -Withdrawal
- -Projection
- -Identification
- -Repression
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What are the 4 arousal of Motives?
- -Physiological arousal
- -Emotional arousal
- -Cognitive arousal
- -Environmental arousal
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What is Physiological arousal?
Bodily needs at any one specific moment in time.
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What is Cognitive Arousal?
Ex// An advertisement that provides reminders of home might trigger instant yearning to speak with one's parents.
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Behaviorist school philosophy?
- -Behaviour is response to stimulus
- -Elements of conscious thoughts are to be ignored
- -Consumer does not act, but reacts.
- Ex// A buyer who buys on impulse.
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What is the Cognitive school philosophy?
- - Behavior is directed at goal achievement
- -Need to consider needs, attitudes, beliefs, etc. in understanding consumer behavior.
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What are Maslow's Hierarchy of Needs?
- -Self Actualization (Self-fulfillment)
- -Ego Needs (Prestige, status, self-esteem)
- -Social Needs (affection, friendship, belonging)
- -Safety and Security Needs (Protection, order, stability)
- -Physiological Needs (Food, air, water, shelter)
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What are the trio of needs?
- -Power- individual's desire to control environment.
- -Affiliation- Need for friendship, acceptance and belonging.
- -Achievenment-Need for personal accomplishment, closely related to egoistic and self-actualization needs.
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