MKW2402 Study Guide - Final Guide: Loyalty Program, Decision-Making, Decision Rule
24 Jul 2018
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Consumer reality consumer reality is not always the same as objective reality: for example; black iron or white iron. People usually associate black with being heavier because of iron etc but in reality they weigh the same. Hence these impact on a consumers behaviour or reality- will purchase the white iron as perception is that it lighter: cargo pants; one that"s at big w, same price everyday. You would buy k-mart ones as there is a perception that your saving. Marketing and reality: marketing can alter and influence consumer reality, reality has changed over time (i. e. cigarettes) Significance of consumer behaviour: provides important inputs for virtually all areas of marketing decision making. Contributions to marketing: consumer sovereignty, consumption is the sole end and purpose of all production , there is only one valid definition of business purpose, to create a customer . Fundamental marketing objectives: retain current customers, recruit new customers.
