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Midterm

Midterm Review - Ch. 1, 6, 14, 11, 16, 4

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Department
Marketing
Course
MKT 400
Professor
Marla Spergel
Semester
Winter

Description
MKT400Chapter 1 An introduction to consumer behaviourIntroductionConsumer behaviour people in the marketplace Consumer behaviourthe study of the processes involved when individuals or groups select purchase use or dispose of products services ideas or experiences to satisfy needs and desiresConsumers can be categorized in terms of demographics and psychographicsThe growth of the web has created thousands of online consumption communities where members share views and product recommendationsUsing market segmentation strategies means targeting a brand only to a specific group of consumers rather than to everybodyConsumer behaviour is an ongoing process o Not merely the exchange of money for a goodservice o The exchange in an integral part of marketing but so are the issues that influence the consumer before during and after a purchaseThe purchaser and user may not be the same person and there may also be an influencerConsumers impact on marketing strategy The purpose of understanding consumer behaviour is to predict the futureSegmenting consumers Demographics o Age o Gender o Family structure o Social class and income o Ethnicity o Geography o Lifestyles beyond demographicsRelationship marketing building bonds with consumers Marketers who believe in relationship marketing are making an effort to interact with customers on a regular basisgiving them reasons to maintain a bond with the company over timeRelationship building is made easy for us courtesy of database marketingMarketings impact on consumersMarketing and culture Popular culturemusic movies sports books celebrities and other forms of entertainment consumed by the mass marketConsumergenerated contentwhere everyday people voice their opinionsFacebook MySpace YouTube o Defines the era of socalled Web 20 the rebirth of the Internet as an interactive medium o We not only see ourselves as consumers of culture but producers of cultureThe meaning of consumption People often buy products not for what they do but for what they meanThe sociological perspective of role theory takes the view that much of consumer behaviour resembles actions in a play People act out many different roles and sometimes alter their consumption decisions depending on the particular play they are in at that timeTypes of relationships consumers can have with a product o Selfconcept attachmentproduct helps to establish the users identity o Nostalgic attachmentthe product serves as a link with a past self o Interdependencethe product is a part of the users daily routine o Lovethe product elicits emotional bonds of warmth passion or other strong emotionsThe global consumer Ucommerceuse of ubiquitous networks that will surely become a part of us whether in the form of wearable computers or customized advertisements beamed to us on our cell phonesVirtual brand communitiesMarketing ethics and public policy Business ethicsessentially rules of conduct that guide actions in the marketplacethe standards against with most people in a marketplace judge what sis right wrong good badNeeds and wants do marketers manipulate consumers Do marketers give people what they want or do they tell people what they should wantThrough advertising the system creates demand that only its products can satisfyResponse to argument need is a basic biological motive while a want represents one way society has taught us to satisfy the need thirst is a need we want to satisfy it with Coke rather than goats milk
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