Consumer Behavior Midterm 1
As a marketer you need to: - correct answer--understand
-predict
-influence
NOTES:
-It's important to predict as a marketer what products will be helpful for consumers in the
future
CONSUMER BEHAVIOUR & WHAT IT INVOLVES - correct answer-The ACQUISITION,
CONSUMPTION and DISPOSITION of goods, services, time and ideas by (human)
decision-making units (over time)
−Products/Goods
−Services
−Activities
−People
−Ideas
>Dynamic process
>Can involve many people
>Involves consumers' feelings
consumer behaviour as a field of study- which areas contribute to understanding it as a
study? - correct answer--psychology- understanding how people think and make decisions
-sociology
-economics
-anthropology
-medicine
-history
NOTES:
-Consumer behavior is a field of study- on the foundations of this subject is psychology and
understanding of how people think and make decisions
Understanding sociology- understanding how cultures operate
Economics- understanding the markets
Also some influences from anthropology, medicine and history
-What's the use of studying consumer behavior? Getting consumer insights
-What makes consumers tick? Can create solutions to these
-For example: how to gain deep consumer insights through projective techniques- a man
named Haire in the 1950's
Interested in how consumers would react to a new product (instant coffee)
-Didn't want the "superficial" answers if he did ask consumers what they thought about the
product- wanted to go deeper
-He asked them to imagine a shopping list- imagine that this was a shopping list of someone
they just met- wanted participants to imagine what kind of person would have a shopping list
like this
-Haire had 2 versions- in one of them, instant coffee was listed, in the other list, instant
coffee WASN'T listed but the other items remained the same.
-Haire could compare- Haire found out that people were negatively evaluating anyone with
instant coffee on their shopping list
EXAMPLE: HOW CONSUMER BEHAVIOUR CAN BENEFIT A COMPANY- DECOY
EFFECT? - correct answer-THE DECOY EFFECT: Can be applied to pricing situations
Called a "decoy" $50 so the $30 wine looks reasonable- doesn't expect people to purchase
the $50
MODEL OF CONSUMER BEHAVIOUR- WHAT ARE THE 4 INFLUENCE OF CB? - correct
answer->Psychological Core
All the individual factors that influence consumer behavior
For example, an individual's attitude etc.
>Process of Making Decisions
-Important
-Understanding how consumers think about different options
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