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Lecture

Ch.4-6 Buyer Behavior.docx

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Department
Marketing
Course
MKT 100
Professor
Mary Foster
Semester
Fall

Description
Ch. 4,5 & 6 Buyer Behavior Key Concepts -Research Process -Consumer Decision Process -Influences on Decisions Marketing Research A company should be able to identify a consumer need before it is artculated and bring a product to market in order to satisfy that need (eg.Toyota Prius, a hybrid-gas electric car: Toyota was the first car manufacturer to recognize that consumer concerns about the harmful effects of their carbon footprints, would one day lead to a market for more fuel-efficient cars) exploratory research (what should we do?) -it gives a better understanding of consumer wants, needs, desires, motivations and behavior -it may lead to another study to refine understanding -guides future decision-making descriptive research(did we do the right thing?) -what went right, what went wrong in meeting consumer wants, needs and desires -disaster checks -guides "tweaks" of future decision-making Sources of Consumer Insight Consumer Information MIS (mgmt. Secondary Primary information Research** Research*** system)* Internal Tracking Proprietary Public Qualitative Quantitative Records Studies Observation FocusGroups Surveys Online *MIS(mgmt.information system) -sales data eg. actual revenue by café and product category (exploratory) -tracking price perceptions/price match (descriptive-longitudinal;over time) -tracking brand development(descriptive-cross sectional;various age groups) **Secondary Research -Proprietary eg.What is your favorite brand? (descriptive-cross sectional) - Public eg. Stats Canada; Physical Activity Index active,moderate, inactive (descriptive cross sectional) ***Primary Research Quantitative (surveys,online) PROS CONS -power of numbers/science -superficial/structured -objective -not innovative -generalizable -dishonesty/reluctance -forecast able -non-response -artificiality of control
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