MKT 400 Lecture Notes - Lecture 1: Organizational Culture, Disposable And Discretionary Income, Peer Pressure

• School: Ryerson University
• Department: Marketing
• Course: MKT 400
• Professor: Steven Chuang

Document Summary

Economists study consumer behaviour from a macro, or broad perspective. Social psychology: focuses on the thoughts, feelings, and behaviours that people have as they interact with other people (group behaviour) Consumer behaviour"s role in business and society: consumer behaviour (cb) is important in at least three ways, 1. Cb provides an input to business/marketing strategy: 2. Cb provides a force that shapes society: 3. Product orientation: approach where in innovation is geared primarily toward making the production process as efficient and economic as possible; emphasis is on serving customers while incurring minimum costs. Differentiated marketers: firms that serve multiple market segments, each with a unique product offering; emphasis is on matching a product with a segment. One-to-one marketing: plan where in a different product is offered for each individual customer so that each customer is treated as a segment of one (e. g. build-a-bear) Niche marketing: plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics.