Introduction Flashcards
4 concepts of marketing
- Barterting
- Selling
- Narrow concept of marketing
- Broadened concept of marketing
3 requirements of marketing
- Two or more parties potentially interested in exchange
- Each possessing things of value to the other
- Each capable of communication and delivery
What are examples of Things of Value?
- Physical products
- Services
- Organizations
- Ideas
- People
Definition of Consumer Behavior
Reflects the totality of consumers’ decisions with respect to the acquisition, consumption, and disposition of goods, services, time, and ideas by decision-making units over time
3 characteristics of business perspective rules of thumb regarding marketing
- Have little time to evaluate these rules systematically
- Why and how does not matter much
- Usually context specific to a certain consumer market, time period, and location
Characteristics of academic research
- Explanation
- Aimed at uncovering broad underlying generalizable principles
- High levels of abstraction
Characteristics of commercial research
- Description/Prediction
- Focus on specific consumer, product, and location
- Low levels of abstraction
What are under ‘The totality of decisions’?
- Whether
- What
- Why
- How
- When
- Where
- etc.
What are under ‘About the consumption’?
- Acquisition
- Usage
- Disposition
What are under ‘Of an offering’?
- Products
- Services
- Activities
- Experiences
- People
- Ideas
What are under ‘By decision-making units’?
- Information gatherer
- Influencer
- Decider
- Purchaser
- User
What are under ‘Over time’?
- Hours
- Days
- Weeks
- Months
- Years
What are Internal Factors in consumer behavior?
-> Motivation, Opportunity, Ability
-> Exposure, Attention, Perception, Comprehension
-> Memory & Knowledge
-> Attitudes & Persuasion
What are External Factors in consumer behavior?
-> Society & Culture
-> Reference Groups
