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Lecture 3

Lecture 3 Jan 21 2014.docx

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Department
Business
Course
BUSI 2204
Professor
Les Melamed
Semester
Winter

Description
Lecture 3                                                                                                                     Jan  21 2014 The Microenvironment Demographics Social Trends • Greener Consumers – Hybrid Cars • Health/Diet conscious consumers – McDonalds Salads • Privacy concerns • “Time Poor” Society Technology • New products • New forms of communication with customers and corporate partners • New retail channels Economic • The Economy o Financial crisis of 2008 o Loss of manufacturing o Rapid increase in oil prices • Macroeconomic conditions o Consumer income  o Political/Legal: Consists of laws, government agencies, and pressure  groups that influence or limit various organizations and individuals in a  given society ­ Legislation regulation business    Increased legislation    Changing government agency enforcement ­ Increased Emphasis on ethics    Socially responsible behavior    Cause­related Marketing Chapter 5: Consumer Behavior Motivation • Use principles, and theories from the social sciences: economics, behavioral  economics, sociology, anthropology, and psychology. • Understand consumer behavior in a larger context Consumer Decision Process • Recognition of need: Identifying a need or want ­ Functional ­ Psychological • Information search: Choosing evaluation criteria – Identifying the consideration  set ­ Internal ­ External • Alternative evaluation – Evaluating alternatives against the choice criteria ­ What decision criteria are being used? ­ What alternatives are being considered? • Purchase – Weighing the alternatives and making the choice ­ Consumers typically minimize the effort required to make choices  ­ They use simplifying decision heuristics • Post purchase evaluation – Satisfaction/dissatisfaction/Post­purchase cognitive  dissonance ­ Dissonance/ Post­purchase regret Factors motivating search
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