COMMERCE 3MB3 Lecture Notes - Lecture 1: Consumer Behaviour, Air Miles, Collective Brands

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 3MB3
• Professor: Michaela- Alina Nastiness

Document Summary

Consumer behaviour (cb) is the study of the process involved when individuals or groups select, purchase, and use or dispose of products, servies, ideas, or experiences to satisfy needs and desires. Cb involves the issues that influence the consumer before, during, and after the purchase. Inner working of how we store things in our memory. It"s a process; not just the act of purchasing. The influences exerted to make consumer buy. If you implement the strategy and consumers don"t react then it"s a poor strategy. Consumers are the litmus for any strategy. Its always a good idea to define the market. If your service satisfies rather than the product itself. If you define your business as movies then it"ll die fast because things change. If you change it to entertainment then you"ll be more successful. Bp defined it more than petroleum (rebranded to beyond petroleum"). Not at the risk of shutting down prematurely.