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Marketing Final > Chapter 4: Consumers > Flashcards

Chapter 4: Consumers Flashcards

1
Q

Model of consumer behaviour

A

Marketing stimuli(4 Ps) > consumer’s mind > Buyer’s response

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2
Q

Consumer decision making processes

A

Need recognition –> Information Search –> Evaluation of alternatives –> Product choice –> Post-purchase/consumption

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3
Q

Consumer analysis

A
  • Aggregate (Macro) analysis
  • Individual (Micro) Analysis
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4
Q

Aggregate (Macro) analysis

A
  • Demographic trends: Rate of population growth, age distribution, roles of gender at workplace, income distribution, geographic centers of population
  • Consumer buying trends:
    Focus: Self, family, world
    Consumption values: Price, value, quality
    Scarce resources: Money, time, people
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5
Q

Individual (Micro) consumer analysis

A
  • Personal characteristics: Age, income, gender, self- concept, personality
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6
Q

Rational consumers

A
  • Clearly knows their problem
  • Knows all alternatives
  • Knows all criteria, compares criteria to alternatives and makes the best choice
  • ie, we’re utility maximizing consumers
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7
Q

Three broad types of decision modes

A
  1. Utilitarian
  2. Mundane
  3. Self-expressive
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8
Q

Utilitarian decision modes

A

Driven by functionality, price, and performance

Know > Feel > Do

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9
Q

Mundane decision modes

A

Habitual purchases driven by availability

Do > know > feel

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10
Q

Self-expressive decision modes

A

Emotional and driven by relevance to self. We buy the product cause it represents who we are and we’re emotionally connected to it

Feel > Do > know

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11
Q

The REAL consumer

A
  • Emotional, but also rational
  • In truth, we’re lazy, we take shortcuts, and we forget
  • ie, we’re boundedly rational (Rational within certain bounds)
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12
Q

2 Customer value motives

A
  1. Manifest motives
  2. Latent motives
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13
Q

Manifest motives

A

Obvious values of the product

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14
Q

Latent motives

A

Underlying values of the product like status

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15
Q

Understanding customer needs

A

Understanding consumer needs

Motivation:
- Physiological, safety, social, esteem, and self-actualization (Maslow Hierarchy of Needs)

Value Laddering

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16
Q

Information acquisition

A
  1. Bottom-Up
  2. Top-Down
  3. Perception
17
Q

Bottom-Up

A
  • New information, trying to make sense (Learning a new language
18
Q

Top-Down

A
  • Guided by existing knowledge in memory. (For example, failing to notice a typographical error such as the one you just passed.
19
Q

Perception

A

Select, organize, and interpret information

20
Q

Pertinence

A
  • Situational factors: Occasion, time, pressure
  • Individual differences: Level of involvement
  • Product factors: Cost/investment
21
Q

Evaluation of alternatives

A

Evaluation of alternatives

  • Idea that consumers value brands based on the delivery and importance of benefits
  • Value to the customers is the importance of benefit multiplied by delivery of benefits. If product has multiple benefits, use the sum of all of them
22
Q

Customer aggregation process

A
  1. Linear Model
  2. Lexicographic
  3. Conjunctive
  4. Elimination by aspects
23
Q

Linear model

A

Decision based on all attributes given equal weight

24
Q

Lexicographic

A

Decision based on most important attribute, then the next if tied

25
Q

Conjunctive model

A

Decision based on any cutoff points. Eliminate brands that do not satisfy any cutoff level.

26
Q

Elimination by aspects model

A

Decisions are based on going from the most important attribute and eliminating brands that do not satisfy the cutoff level.

27
Q

Post-purchase behaviour

A
  • Based on consumer expectations and perceived product performance, consumers are either satisfied, dissatisfied, or experience cognitive dissonance
  • Is it a relationship or purely transactional, is it a long-term partnership or not (Customer loyalty)
28
Q

Business Market: Overview

A

Compared to consumers, business markets have:

  • Fewer numbers but more volume
  • Geographical concentration
  • More complex decision-making
29
Q

Business Decision Process

A
  1. Users: Actual users of the product – Functional Units
  2. Influencers: Experts and opinion leaders - MIS
  3. Buyers: Negotiate with vendors, place the orders - Admin
  4. Deciders: Power to select vendors - Dept heads, Finance.
30
Q

Reasons why role of marketer is complex

A
  • Many ppl need to be managed
  • Different roles
  • Final selection isbased on prices
  • There needs to be justification behind a purchase
31
Q

How marketers could be more effective

A

How marketers could be more effective:
- Build strong relationships
- Manage all involved in decision-making
- Provide superior service: delivery, spares,
maintenance
- Make the decision easy: offer a strong brand

Marketing Final (9 decks)

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