MKTG2501 Textbook Notes

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Department
Marketing
Course
MKTG2501
Professor
Josephine Previte
Semester
Spring

Description
Consumer Behaviour 1 MKTG2501Lecture One Consumer behaviour is the study of ongoing processes involved when individual or groups select purchase use or dispose of products services ideas or experiences to satisfy needs and desires It identifies consumers as actors whereby two or more parties give and receive something of value There are three phases of consumer behaviour preconsumption consumption and postconsumptionAlso there are prepurchase purchase and postpurchase issues involved during stages in the consumption process from both the consumers and marketers perspectivesA consumer is one who identifies a need or desire makes a purchase and then disposes of the product It is important to acknowledge that consumer tastes change and marketers need to be able to identify products that reflect consumer needs Relationship marketing is the strategic perspective that stresses the longterm human side of buyerseller interactions Database marketing tracks consumers buying habits very closely and then crafting products and messages tailored precisely to peoples wants and needs based on this information Often people buy products not for what they do but for what they mean There are four types of relationships selfconcept attachment nostalgic attachment interdependence and love Consumption includes intangible experiences there are four types of consumption activities consuming as experience consuming as integration consuming as classification and consuming as play Consumer research can be classified by paradigm which is the set of assumptions a researcher makes about what they are studying and how they study it There are positivistic and interpretivist approaches as well as cognitive and behavioural perspectivesLecture Two Consumer decision making is an important part of consumer behaviour but the ways people evaluate and choose products varies widely Consumer purchase is response to a problem and decision making processes lead to consumer choice Choices are characterised by atomicity with minimal effort and without conscious controlA decision can be made after completing a series of stages that result in the selection of one product over competing options There are three types of consumer decision making extended problem solving limited problem solving and habitual decision making Limited problem solving have characteristics of low risk and involvement little search weakly held beliefs limited shopping time and passive information processing Conversely extended problem solving involves high risk and involvement extensive search active information processing strongly held beliefs and multiple consults Habitual decision making occurs with little to no conscious effort thus consumers can be primed to respond without conscious thought Information processing perspective refers to the integration of information about a product and examines the costs and benefits of alternatives before arriving a satisfactory decision Constructive Consumer Behaviour 2 MKTG2501processing is the sequence of events that consumers use to evaluate the effort to make the choice and then choose a suitable strategy Consumers are emotional experiencers habitual actors and problem solversConsumers make many choices based upon emotional responses and can be just as rational and valid information processing based decisions Cognitive appraisal theory places emotions as the result of mental evaluations moreover affective events theory suggests that experiencing an affective event can create an emotion that leads to an affectdriven attitude and behaviour Affect control theory explains how we change our thoughts or behaviours to maintain our emotions as opposed to changing our emotions to be consistent with our thoughts and behaviours The affect infusion model suggests four approaches consumers use to process information direct access motivated heuristic and substantive processing The affect as information approach suggests that decisions can be made on the basis of how we feelthe Emotion as Social Information EASI model explains how others use our emotions to make decisions and judgements via inferential processes or affective responses It is also important to acknowledge that the type of information processing depends on the consumers level of involvementsimple processing considers only basic features of the message elaboration links preexisting knowledge to incoming information Consumers as habitual actors involve people buying and consuming for routine habitual reasons The behavioural influence perspective is the concentration on these low involvement decisions Frenchs Exchange Framework identifies four types of exchange to understand habitual decision making nudge shove hug and smack Nudge is the passive habitual choosing and positive reward shove is the passive habitual choosing and punishment hug is the active problemsolving and positive reward smack is the active problemsolving and punishment A consumer purchase is a response to a problemthere are four steps in the decision making process problem recognition information search evaluation of alternatives and product choice Problem recognition occurs when a consumer sees a difference between their current state and an ideal state this may recognising a change in needs when the quality of consumers actual state declines Opportunity recognition occurs when a consumer is exposed to different or better quality products and is often stimulated by marketing through primary demand or secondary demand Information search is the process by which we survey the environment for appropriate data to make a reasonable decision through prepurchase or ongoing search and internal or external search Alternatives are actively considered during decision makingevoked set are products that are already in the consumers memory and prominent in the retail environment conversely inept set are products we would never consider Decision rules for product choice may be based upon prior experience with similar product present information at time of purchase or belief about brands from advertising There are two types of decision rules noncompensatory rules and compensatory rules The former are choice shortcuts where a product with a low standing on one attribute cannot make up for it with a high standing on another The latter are choice shortcuts where poor performance on one attribute can be compensated by quality performance on others However there are biases in the decision making process Heuristics are mental shortcuts that aid in quick decision making and may not be in the consumers best interestZipfs Law states that there is a tendency to prefer a number one brand to the competitionSimilarly consumer inertia is the tendency to buy a brand out of habit merely because it requires less effort Mental accounting is the process in which decisions are influenced by the way the problems I posed framing and whether it
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