MKT-3020 Lecture Notes - Lecture 2: Product Differentiation, Market Segmentation

• School: Clemson University
• Department: Marketing
• Course: MKT-3020
• Professor: Gaubert

Document Summary

Chapter 2_consumer behavior_value and the cb value framework. Framework of internal & external influences that determine the value of a consumption experience. Internal influences: psychology of the consumer, personality of the consumer. Psychology of the consumer involves: cognition- thoughts/beliefs about anything, affect-feeling. Individual differences personality, personal values, lifestyles & motivations. The personal net worth obtained from an activity. Value = what you get what you give. What are the different types of consumer value? (exhibit 2. 3: utilitarian / functional product helps solve a problem (rational); rational value & cognition based. Ex: cleaning product: hedonic product experience causes immediate gratification; emotional value & affect based. Mr. clean magic eraser hits the sweet spot because it has both types of value. Just (cid:271)e(cid:272)ause you do (cid:373)arket seg(cid:373)e(cid:374)tatio(cid:374) does(cid:374)"t (cid:373)ea(cid:374) you get produ(cid:272)t differe(cid:374)tiatio(cid:374) Produ(cid:272)ts that are (cid:374)ot see(cid:374) as differe(cid:374)t (cid:374)o (cid:373)atter (cid:449)ho or (cid:449)here produ(cid:272)es the(cid:373); it"s the opposite of product differentiation.