WEEK 2 Flashcards
individuals groups, or organizations and the processes products, services, experiences or ideas
Consumer Behavior
number of activities carried out
Marketing Campaign
Key Elements:
people who crave admiration in order to feel good about themselves
Self-image of the consumer
Key Element:
play a role in shaping consumer factors.
Cultural Factors
Other Key Elements that influences Consumer Behavior:
Social Pressure
Education
Other Key Elements that influences Consumer Behavior:
targeted set of customers for whom it directs its marketing efforts.
Target Market
FACTORS THAT INFLUENCE CONSUMERS ARE:
a. Marketing
b. Personal
c. Psychological
d. Situational
e. Social
f. Cultural
g. etc
Scope of Consumer Behavior:
- Consumer Behavior and Marketing
Management - Consumer Behavior and Nonprofit and Social
Marketing - Consumer Behavior and Government Decision Making
- Consumer Behavior and Demarketing
- Consumer Behavior and Consumer Education
Importance of Consumer Behavior:
a. Production policies
b. Price policies
c. Decision regarding channels of distribution
d. Decision regarding sales promotion
e. Exploiting marketing opportunities
f. Consumer do not always act or react
predictably
g. Highly diversified consumer preferences
h. Rapid introduction of new products
i. Implementing the “Marketing concept”
Basic Components in Consumer Behavior:
- Decision making (Cognitive and Affect)
- Actual purchase (Behavior)
- Individual determinants and environmental
influences - Buying roles
- Buyers and Sellers
Stages of Decision Making:
- Need recognition
- Information search
- Evaluation of alternatives
- Purchase activity
- Post purchase behavior
Five (5) Buying Roles:
- Initiator – the person who identifies that there exists a need or want
- Influencer – the one who influences the purchase
decision, the actual purchase activity and/or the use of the product or service - Decider – the one who decides whether to buy,
what to buy, when to buy, from where to buy, and how to buy - User – the person who use the product or service
- Buyer – the one who makes the actual purchase
EXAMPLE:
The lady of the house who is a housewife and spends her day at home doing household chores watches TV in her free time. That is her only source of entertainment. The TV at home is giving problem. She desires a new TV set, and says that she wants an LCD plasma TV.
Now the roles played are:
- Initiator: the housewife (mother)
- Influencer: a friend/ neighbor
- Decider: the husband or the some
- Buyer: the husband or the son
- User: the family
The marketer needs to identify distinct customer groups with needs and wants
Segment the market
This implies setting-up of goals and then achieving them through the design of an appropriate marketing mix
Marketing Strategies
