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MGMA01H3 (184)
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The consumer (s)

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University of Toronto Scarborough
Management (MGM)

The consumer Consumer- is a person who uses a product but not necessarily buys the product. (E.g. babies & diapers) Customers- are people who buy the products. Customers are interchangeable with consumers because they can consume and purchase the product (E.g. parents for the diapers) Gatekeeper- a person who oversees the care of another (E.g. parents for babies) Consumer Demand- in Canada, consumer demand is driven by what we want rather than what we need. Demand is always changing Economic conditions Needs & wants Trends Technology Lifestyle changes Product Life Cycles (market life cycles) Describes the changes in consumer demand over time. No product is in demand forever Helps manage a product in terms of marketing, price, promotion, place & product Four types of cycles: Traditional, fad, seasonal & niche Traditional PLC Introduction- low new mayonnaise Growth- Increased iPhone Maturity- highest ketchup Decline- decreasing- C.D. Decision point lowest point VHS N New product aka product launch is the moment when a new product is introduced into the marketplace; the birth of a new product N New products use Push and Pull Strategies. The purpose is to inform the consumer about new products and to establish the value equation Pull- samples, coupons, etc. Push- product placement in retail stores. Consignment deals- allow the retailer to return any unsold products to the manufacturer after displaying them for a certain time period Shelf allowance- is money paid by manufacturers to a retailer to provide shelf space for a new product. N Once early adopters trend setters find and use a new product, other consumers are likely to follow. Page 1 www.notesolution.com
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