FMD 256 Lecture Notes - Lecture 1: Geo Prizm, Inferior Good, Reference Group

• School: CMU
• Department: Fashion Merchandising and Design
• Course: FMD 256
• Professor: Ian Mull

Document Summary

Introduction: customers come in all shapes and sizes as do retailers: the trick is to match them up in such a way that mutual needs are satisfied and met. Individual and group influences on customer behavior: biogenic (food water shelter and sex, psychogenic needs (james baylor) Ego defensive- protect: utilitarian needs- customers will emphasize tangible aspects of products, hedonic needs- customers will emphasize experiential needs, maslow"s hierarchy of needs, personality types: introvert vs extroverts. Individual and group influences on customer behavior: group influence. Reference groups: social or professional associations with which a person identifies and to which he or she looks when forming opinions. Factors affecting shopping behavior: vals segments, claritas: prizm, faith popcorn. Traditions: church and sunday dinners: asian americans. Income increases , the % of income on food lowers. Income increases, the % of income on clothing stays constant. Income increases the % of income on household operation stays constant.