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MGMA01H3 (184)
Chapter 6

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Management (MGM)
Alison Jing Xu

Chapter 6 Consumer buyer behavior refers to the buying behavior of final consumers --- individuals and households that buy goods and services for personal consumption Consumer market: all the individuals and households who buy or acquire goods and services for personal consumption What is culture? ─ the set of basic value, perception, wants and behaviors learned by a member of society from family and other important institutions. Ivan Pavlov and his dogs: Unconditioned stimulus = meat powder, because natural reaction is drooling Conditioned stimulus = Bell, because dogs learned to drool when bell rang Conditioned response = drooling in response to the bell Brand equity: refers to the value added to a product by a brand name because the brand has strong positive association in a consumer’s memory (Marlboro) Marketing applications of stimulus generation: Stimulus generation: tendency for stimuli similar to a conditioned stimulus to evoke similar, conditioned responses  Family branding: many products may capitalize on the reputation of a company name  Licensing: companies rent well-known names  Look-alike packaging: most frequently used by store-brand products Limited problem solving: limited problem solving refers to the situation in which we are not nearly as motivated to search for information or to evaluate each alternative rigorously. Availability heuristic is a rule in which decision makers assess the frequency or probability of an event by the ease with which instances can be brought to mind The reasons why it works: common events are easier to remember or imagine than are uncommon events. So, common events should come to mind easily. However, when certain event comes to mind easily, people may infer that it happens frequently. This inference may not be correct. Some events are more available than others NOT because they occur frequently or with high probability, but because, for example, they have taken place recently, they are highly
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