MCS 3620 Lecture 3: Class 2 - Sept 13

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3620
• Professor: Rumaila Abbas

Document Summary

20/80 rule: 20% of a products users often account for 0% of the volume of product sold. Product compliments: are things that go with anothe product. Product substitutes: things that can replace a product like tea vs coffee. Dederot effect: buying something new and realizing that the other things around you do not go with it. You end up buying all new things based on your initial purchase. Personality: the individual distinguishing psychological characteristics that lead to relatively consistent and enduring responses to the enviornment. What others see and what you see is what is important to organizations. Attitude: is a favourable or unfavourable feeling toward an object or an idea. Can be influenced by advertising, friends, trendsetters, and opinion leaders. Selective exposure: only notice things that you are interested in. Selective perception: screen out messages that conflict with our attitudes. Selective retention: we remember only what we want to. Reference goups: a group of people with a common interest.