MARK 305- Midterm Exam Guide - Comprehensive Notes for the exam ( 36 pages long!)
5 Oct 2017
School
Department
Course
Professor
Concordia
MARK 305
MIDTERM EXAM
STUDY GUIDE
REVISION MARK 305
CHAPTER 1: AN INTRODUCTION TO CONSUMER BEHAVIOR
INTRO:
The field of consumer behaviour is the study of the process involved when individuals or
groups select, purchase, use or dispose of products, services, ideas or experience to
satisfy their needs and desires.
Consumer behaviour is more that just a purchase. It is a process that involves the issues
that influence the consumer before, during, and after the purchase.
Relationship marketing:
Building bonds with consumers that will last a lifetime in order to create a brand or
product loyalty.
- Understanding consumer behaviour is good business
- This is because the marketing concept is all about understanding consumer needs
- Data about consumers help marketers define the market
- Understanding consumers can help the marketer identify threats to a brand and
opportunities for it
Consumer Impact on Marketing Strategy:
• Knowing & understanding customers is key for exceptional companies.
• Award winning businesses know their customers as well as they know themselves.
They use this knowledge to give buyers:
- The right product
- At the right place
- At the right time
- For the right price
Segmentation.
• Demographic are statistic that measure observable aspects of the population: Age,
sex, income, occupation, family structure, life stage, ethnicity, geography
• Psychographic: Lifestyle, interests, attitude, values, personality
Using market segmentation strategies means targeting a brand only to a specific group of
consumer rather than to everybody.
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➢ Helps marketers to define the market for a product or deciding upon the
appropriate techniques to employ when targeting a certain group of consumers.
Marketing and Culture
• Popular culture: music, movies, sports, books, and celebrities… They’re both a product
of and an inspiration for marketers. Both an inspiration and an influence
Tweeting
Movie heroes, product usage
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Spokes characters
• Consumer-generated content: consumers themselves voice their opinion about products,
brands and companies on blogs, social networks etc.
Consumption
• Our purchase decisions are influenced by the opinions and behaviours of our
friends and people next to us.
• Our values are shared by members of subcultures or smaller groups within our
culture.
• The web has created online consumption communities that are more influential
than ads.
• Brands have strong images and personalities (packaging, advertising, marketing
strategy) to define the position of a product in a certain way.
• People evaluate a product through the appearance, taste, texture or smell.
Global consumer:
The majority of people on Earth live in urban centers.
Global consumer culture: people around the world are united by their common devotion
to brand, goods, movies, stars etc.
Virtual consumption:
• People can shop 24/7 from their home.
• The Web permit consumers from around the world to exchange information about their
experiences
• Handheld devices & wireless communications
• Not just B2C, now C2C (consumer to consumer) sharing interests around the world
• A new generation of digital natives
• Horizontal revolution: information flows across people through social media.
• Social media enable a culture of participation: the ability to freely interact with other
people, companies, organizations. It allows users to share content.
Ex: Facebook offers synchronous interaction (ones that occur in the real time) and
k,uiuk,uoiasynchronous interactions (one that don’t require all participants to respond
immediately – ex : message)
Marketing Ethics and Public Policy
• Business Ethics: To conduct business honestly and ethically
• Rules of conduct that guide the marketplace
• Knowing right from wrong
• Various cultures and organizations may conduct themselves differently in certain
situations
Ethical Standards of Conduct
• Prescribed code of ethics guidelines:
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