COMMERCE 3MB3- Final Exam Guide - Comprehensive Notes for the exam ( 97 pages long!)

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 3MB3
• Professor: Pierre Mc Clelland

Document Summary

Consumption communities: where members share opinions and recommendations. Consumer behaviour: the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires. Exchange: in which two or more organizations or people give and receive something of value, is an integral part of marketing. Marketing segmentation: identifies groups of consumers who are similar to one another in one or more ways and then devises marketing strategies that appeal to one or more groups. As a rule of thumb, marketers use the 80/20 rule: 20 percent of users account for 80 percent of sales. Demographics: are statistics that measure observable aspects of a population, such as birth rate, age distribution, and income. Statistics canada is a major source of demographic data on families. Psychographics: diffe(cid:396)e(cid:374)(cid:272)es i(cid:374) (cid:272)o(cid:374)su(cid:373)e(cid:396)s" pe(cid:396)so(cid:374)alities, attitudes, (cid:448)alues, a(cid:374)d lifestyles.