MOS 1021 Consumer Behaviour 1.odt

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 1021A/B
Professor
Kevin Thompson
Semester
Fall

Description
September 12 Class Notes/Readings - MOS Why study consumer behaviour? – Nothing drives the economy more than consumer spending – Humans = consumers Understanding CB is critical to marketing which begins and ends with the consumer – From determining consumer needs/wants and providing satisfaction What is CB, what drives CB? – What, when, where, how, why they buy – Easy to design a marketing strategy... if only all consumers responded the same way, at all times – However, this is far from being the case. – Even same individual consumer can behave inconsistently – External and internal factors change what consumers need and want ex: marriage, having children, change in technology Goals of Studying CB – Understand and predict consumer behaviour, recognize how it is shaped by infleunces – Integrating theories/concepts from psych, soci, anthroplogy, geography, econ and stats Understanding CB at individual level, group level Understanding of consumers. Essential in every aspect of marketing Produce management, advertising, market research, purchasing, logistics, HR management Chapter 1 – Marketing: Creating and Capturing Customer Value What does marketing mean to me? Marketing: Satisfying customer's needs. Marketing: the process of planning, managing and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations and events to create and maintain relationships that will satisfy individual needs and organizational objectives (profit, market share, brand strength etc). “Marking really is manipulation – just spelled differently.” Marketing is one of many on a wheel surrounding management. – If a business fails to evolve, they die. Example: why Apple is thriving and RIM is dying. The Marketing Process 1. Understand the marketplace and customer needs, wants demands 2. Design a customer-driven marketing strategy – who will we serve? How will we be different 3. Construct an integrated marketing program that delivers superior value. Marketing mix, product, price, place, promotion 4. Build profitable relationships and create customer delight – Are we actually creating value? Are our customers satisfied? 5. Capture value from customers in return. Capture value from customers to create profits and customer equity – the financial value and gain by delivering good value to its customers. Customer lifetime value – increased shares, share of customer, customer equity (total combined customer lifetime values of all of a company’s customers) Requirements for Marketing to Occur 1. Two or more parties with unsatisfied needs 2. Desire and ability to satisfy these needs – the money 3. A way for the parties to communicate 4. Something to exchange Understanding the Marketplace and Customer Needs Needs – states of deprivation – Physical – food, clothing, warmth, safety – Social – belonging and affection – Individual – knowledge and self-expression Wants – Form that needs take What do companies actually sell? Marketing myopia – management's failure to recognize the scope of its busine
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