MKTG 320 Exam #2- Consumer behavior

Marketing concept
satisfy the needs of the customer and the company orientation
the marketing concept is a business philosophy
based on the four underlying pillars
four pillars
customer orientation, market focus, long-term profitability and cross functionality
product
combinations of goods and services that a firm offers to a target market
price
the amount of money, effort that a consumer will expend in order to complete an exchange with a marketer
place
everything it takes to bring a product from the marketer to the customer- channel of distribution
promotion
persuasive communication
promotional mix
advertising, personal selling, publicity, sales promotion
SWOT analysis
strengths, weaknesses, opportunities, threats
Consumer behavior formula
B=f(P,E)
Consumer behavior
the psychological, physical and emotional activities individuals or groups go through as they search for, evaluate, consume and dispose of goods and services
CIP
consumer information processing
Consumer information Processing model
based upon the theory that consumes are rational/ logical problem solvers
Experiential model
based upon the theory that consumers sometimes make decisions from and emotional/feeling perspectives
Step one of decision making
problem recognition
step two of decision making
information search
step three of decision making
alternative evaluation
step four of decision making
purchase decision
step five of decision making
post purchase behavior
CIP and Experiential models are not
mutually exclusive
all decision types hinges on
consumer, involvement and risk perspective
Routine problem solving
simple, low cost, frequent purchases
limited problem solving
moderate risk involved, somewhat higher price, some experience needed
extended problem solving
high risk purchases, significant expense, infrequent purchases of this type
greater risk in a buying decision,
the greater the effort the consumer will devote to each step in the decision making process
several types of risk when making decisions
social, physical, financial, performance, time-loss
risk whether percieved of real
it is real to the customer
maslow’s hierarchy of needs
involvement on the part of the consumer is related to consumer needs
self actualization
self- fulfillment
personal needs
status, respect, prestige
social needs
friendship, belonging, love
safety needs
financial security
physiological needs
food, water, oxygen, shelter
psychological influences on consumer behavior
values, beliefs, attitudes
Value
accepted behaviors that persist over time and are shared by members of society
belief
personal perceptions and interpretations of a phenomenon
attitude
a learned predisposition to respond to environmental phenomenon
tripartite model of attitude
Affective, behavioral and cognitive
Affective
feeling emotions
behavorial
doing actual and intended actions
cognitive
thinking, beliefs, thoughts, knowledge
change consumer attitudes
belief about product, perceived importances of attributes, add new attributes to the product
fundamental key to study of consumer behavior
understanding the needs and wants of targeted consumers