MKT 400- Final Exam Guide - Comprehensive Notes for the exam ( 42 pages long!)

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29 Mar 2018
Department
Course
Professor
Ryerson
MKT 400
Final EXAM
STUDY GUIDE
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January 17, 2018 Lecture 1 MKT400 Humza J
1
PART 1: CHAPTER 1: What is CB, and Why Should I Care?
Understand the meaning of consumption and consumer behaviour.
Consumer Behaviour Perspectives
Human Thought and Action
Field of Study (Human Inquiry)
Consumer Behaviour as Human Behaviour
Consumer behaviour is the set of value seeking activities that take place as people go about
addressing their needs.
Exhibit 1.1: The Basic Consumption Process
Need Want Exchange Cost and Benefits Reaction Value
o Need goes straight to Value
Consumption
Process by which goods, services, or ideas are used and
transformed into value.
Neuroscience
Study of the central nervous system, including brain
mechanisms associated with thoughts, emotion and behaviour.
How are Consumers Treated?
Treatment of customers dictates how customers feel
o Customers being treated poorly, severe wait-
times, poor service, etc…
o Customers being treated with proper service,
respect, timely manner, etc…
Some Terminology
Consumer Orientation: Consumer is the main priority by the
organization
Market Orientation: Organizational culture, understand the
competitive environment
Relationship Marketing: Recognition that customer desires are
recurring ongoing interactions with the consumer.
Touchpoints
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January 17, 2018 Lecture 1 MKT400 Humza J
2
Treat Customers as “King”
Every touchpoint is a way to build a relationship with a customer in a competitive
environment.
o Taxi drivers opening the door for customers when they get out.
Why Study CB?
Input to business/marketing strategy
Force that shapes society
Input to making responsible decisions as a consumer
Characteristics of Successful Innovations
Consumers adopt products faster when they are/have:
1. Relative Advantagemakes things better than before
2. SimplicityAll things being equal, a simpler innovation is better than a complex
innovation.
3. ObservableThings that are observable tend to get adopted faster.
4. TriabilityThings that can be tried with little or no risk get adopted faster.
5. ConsistencyConsumers are more likely to adopt things that are congruent with
existing values and knowledge.
Consumers and their Phones
Should public restrictions on mobile phone usage be created?
o Should there be a minimum age for the use of a cellphone?
Do kids really need cellphones nowadays?
CB and Personal Growth
Studying CB helps consumers make better decisions by understanding:
Consequences of poor budgeting
Role of emotions
Avenues for redress
Social influences
Environmental effects
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