MOS 1021 Consumer Behaviour Class 3.odt

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Western University
Management and Organizational Studies
Management and Organizational Studies 1021A/B
Kevin Thompson

September 26 Readings/Class Notes – MOS Chapter 3 – Consumer Behaviour Psychological effect “Specials” - not just about saving money – it's about the 'scarcity effect' – there may not be any left if I wait to buy it – buy it now – afraid that we are going to lose out on a deal Size of a shopping cart - We are effected by people around us – tend to by more expensive products when more people are around the retail store – setup of store ensures people can see each other “Maximum 3 per customer” - people will buy more Chart on pg 61 – many external factors that influence our brains – physical surroundings – eg. Putting furniture in women's stores so men can relax while their girlfriends spend more money Problem Recognition – Are companies wrong to create a problem in our life? Eg. My TV is fine, but I need a better TV, not my TV broke, I need a new one. Information Search External – personal sources: people I know – Public sources: search engines – Marketer-dominated sources: billboards Alternative Evaluation – Objective attributes: tangible – you can touch, taste, experience eg. Demo products – Subjective attributes: soft intangibles eg. The focus is not on the product, it's on the positive feelings you get from buying the product Marketers figure out what stimuli works – try to evaluate criteria and include them in the marketing mix Purchase Decision – The chosen brand – From whom – When **Evoked set: one of the key factors is if you remembered who they are: if you include them in your decision process. If your brand is not in your evoked set, they cannot win. Companies try to become one of 3 main brands that consumers consider when buying something eg. Tires, bicycles. Behavioural Learning – psych strikes again! Drive: hungry Cue: billboards Response: buy a burger Reinforcement: tastes great! *Negative reinforcement: yuck! – Stimulus generalization: launch new products with common brand names – Something that is a satisfying product comes out with a similar product: 100 times more likely to take action without thinking as much – we have been trained to expect satisfaction – Eg. iPod, iPad, iPhone Brand Loyalty – Positive reinforcement repeatedly creates habit formation – Habit – brand loyalty – My top 3 brands? Why? – Not the product itself, but what those products can do to be
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