MKT 400 Chapter Notes - Chapter 1: Consumer Behaviour, Peer Pressure, Demand Characteristics

• School: Ryerson University
• Department: Marketing
• Course: MKT 400
• Professor: Melanie Dempsey

Document Summary

The entire day is filled with consumption and consumption decisions: the consumer answers these decision questions by choosing the. When consumers buy things, a chain reaction is set in motion that has options that offer the most value the potential to enhanced value for many people, both directly and indirectly: retailers, manufacturers, suppliers, logistics. There is much more to consumption than simply buying: consumption goes on long after the purchase. Marketers who understand consumers will be able to design products that provide more value and, through this process, enhance the well- being of both the company and its consumers. Policy makers who understand cb can make more effective public policy decisions. Consumers who understand cb can make better decisions concerning how they allocate scarce resources. An efficient and effective marketplace depends on each party in an exchange acting fairly and with due respect for each other.