MKT 310 Lecture Notes - Lecture 1: Classical Conditioning, Market Segmentation, Consumer Behaviour

• School: University of Miami
• Department: Marketing
• Course: MKT 310
• Professor: David Chin

Document Summary

Important to understand consumer behavior will have better chance of developing effective market strategy, learn about our own behavoir. Consumer behavior consumer activities associated with purchase, use, and disposal of goods and services, including responses. Individual- purchase goods to satisfy own personal needs and wants. 1: organizational- purchase goods to produce other goods, resell them, help run their organization. Consumer behavior broken down into: purchase- everything done leading up to purchase and acquiring the good/service, use- how consumption takes place, dispose-get rid of product after consumption. Customer response can be: emotional/ affective, mental/ cognitive- thought process, behavioral- own decisions/ actions. Marketing concept-the idea that firms should discover and satisfy customer needs in an efficient/ profitable manner while benefitting interests of company"s stakeholders. Customer perceived value- consumer"s overall assessment of a product based on perceptions (costs vs benefits) Customer delight- customer benefits that exceed expectations in unanticipated ways.