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Study Guide

MKT 3411- Final Exam Guide - Comprehensive Notes for the exam ( 184 pages long!)


Department
Marketing
Course Code
MKT 3411
Professor
Kuo
Study Guide
Final

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LSU
MKT 3411
FINAL EXAM
STUDY GUIDE

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January 17, 2017 Lecture Notes
Andrew Kuo, MKT 3411
Introduction to Consumer Behavior
1/12/17 Lecture: Course Overview
A Diamond is Forever- highest rated ad slogan ever
o Introduced idea of proposing with diamond
o Two months salary on ring- this norm came from marketing
o Wedding ring tradition started by this marketing campaign
Just Do It- Nike
o Inspired by death row inmates last words: let’s do it
1/17/17 Lecture Notes: Intro to CB
Marketing 1.0
o Industrial Age (Early 20th century)
o Marketing-makes and sell as much as possible
o Standardize and mass produce
o Manufacturing based economy
o Globalization- tactical to strategic
Marketing 2.0
o Information Age (today)
o Changes in consumer behavior
o Internet revolutionized by marketing
Consumers became better informed
o Assumes customers are passive targets
Weakness
Shift in technology= shift in marketing
Social media allows 2-way communication
o Can also be a negative
Negative Yelp! reviews can hurt a business
o Participative collaborative marketing
Understanding Consumer Behavior
The goal of marketing is to change consumption patterns of consumers by
influencing:
o Cognition (thoughts)
o Affect (feelings)
o Behavior
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Consumer Behaviorists Understand That:
o We are ALL susceptible to the influence of marketing
o Our individual opinions are irrelevant
PREGO Case Study
o Pasta sauce company
o Market researcher Howard Moskowitz
o Visible solids
o Used data to cluster consumers together
Plan, spicy, extra-chunky (lots of visible solids)
o Made extra chunky tomato sauce- grossed $600 million
o Today there are dozens of different tomato sauce flavors
o Sometimes people don’t know what they want
Mustards
o Grey Poupon introduced Dijon mustard
o Dijon mustard classier than yellow mustard
o Glass jar instead of cheap plastic bottle
o Vertical Integration/Segmentation
Separating consumers by class
Yellow mustard for less wealthy
Grey Poupon for upper class
o Horizontal Segmentation matters most
We vary by taste, not by class (99% of time)
find more resources at oneclass.com
find more resources at oneclass.com
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