MKBU 3435 Study Guide - Midterm Guide: Power Rule, Materialism, Von Restorff Effect
29 Oct 2018
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Consumer behavior: processes involved when individuals/groups select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires. Consumption process- issues that influence before/during/after a purchase. Pareto power rule (80/20)- heavy users (20% consumers account for 80% of sales) Demographics (age, gender, family structure, social class/income, race/ethnicity, Database marketing- tracking specific buying habits and crafting products/messages to peoples wants/needs. Relationship marketing- interact with customers regular and maintain bond. Popular culture: pop culture influences marketing and marketing influences pop culture. Self-concept attachment (you are what you eat/where you stay etc. ) Business ethics: rules of conduct that guide actions in the marketplace. Needs and wants: consumerspace, materialism- value possessions for status, provenance- pay more to be informed on where products come from/curation, curation. Objective of marketing: create awarness need exists (not create need) Transformative consumer research (tcr): promotes research projects that include the goal of helping people or bringing about social change.
