Intro To Consumer Behavior Flashcards
What is consumer behaviour?
The study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and wants.
What is the consumer experience journey?
Awareness, consideration, convert, loyalty, advocacy
What are the different actors in consumer behaviour?
Influencer, decision makers, purchaser, user
Who is the influencer?
Social selling
Family
Online
Kid
Influence ripple
How do the consumer impact marketing strategies?
Marketing campaigns often change with the macroeconomic situation, as it makes the consumer behaviour change?
Eg. Segmentation of customer
Individualization
Relationship marketing
What is relationship marketing?
Share of market, share of wallet, share of heart
What are the differences between Web 1.0, 2.0, and 3.0?
Web 1.0
Global library
Existing info was gathered into single database
Brick and mortar libraries were disrupted
Web 2.0
Global publishing
Individuals gained the ability to create information in a global database
Companies like Facebook and Google monetized data
Web 3.0
Individuals have the potential to monetize their own data
Cryptocurrency and blockchains are the foundation of the global data bank.
What is the meaning of consumption?
People often buy products not for what they do, but for what they mean (or what the company means to the consumer, perception of the product)
What do brands do to form our meaning of consumption?
Convey image/personality
Define our place in modern society
Help us form bonds with others who share similar preferences
What are the global consumers?
People united by common devotion to:
Brand name
Consumer goods
Movie stars
Celebrities
Leisure activities
Do marketers create artificial needs?
Need-> cannot live without, basic biological motive
Want-> can live without, one way that society has thought us how our needs can be satisfied
Marketers cannot create a need, they can only create want
What is consumerism?
Social and economic order based on the systematic creation and fostering of a desire to purchase goods and services in even greater amounts
What is planned obsolescence?
Something which is designed to go in the dump
What is perceived obsolescence?
Something which is seen as dispensable, will eventually end up in the dump
What is social marketing?
Techniques to encourage positive behaviours such as increasing literacy, discouraging dangerous activities suck as drunk driving.
Eg. Non-profit organization, governments, corporations
