MKTG 345 Lecture Notes - Lecture 4: Ludwig Von Mises, The Affluent Society, Consumer Sovereignty
28 Sep 2018
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When hitler was elected, he did not feel right about him and fled somewhere to write a book. He popularized the idea of consumer sovereignty. (2) consumer preferences rule: consumer is in-charge of the economy. (3) the 1% do not rule the consumer does: (cid:862)the (cid:272)aptai(cid:374) is the (cid:272)o(cid:374)su(cid:373)er(cid:863) **thought that most products fail because consumers do not want to purchase it. Student at harvard, became a professor there. Said big players will squeeze out smaller players: slotting allowance. The process that is the who what when where and why consumers make purchases. The psychology of marketing: answers all the questions, determines buyer motivations. Most important thing to do is listen to your consumers (complaints and all) The worst thing a customer can do is never complain, but never comeback: then spreads the word to their friends. If you understand what people need and what their purchase motivations are.
