Textbook Notes (280,000)
CA (170,000)
UTSC (20,000)
MGM (200)
MGMA01H3 (200)
Chapter

The consumer (s)


Department
Management (MGM)
Course Code
MGMA01H3
Professor
Mcmulkin

This preview shows page 1. to view the full 4 pages of the document.
Page | 1
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.
¾ Demand is always changing
¾ Economic conditions
¾ Needs & wants
¾ Trends
¾ Technology
¾ Lifestyle changes
Product Life Cycles (market life cycles)
¾ Describes the changes in consumer demand over time.
¾ No product is in demand forever
¾ Helps manage a product in terms of marketing, price, promotion, place & product
¾ Four types of cycles: Traditional, fad, seasonal & niche
Traditional PLC
¾ Introduction- low ± new mayonnaise
¾ Growth- Increased ± iPhone
¾ Maturity- highest ± ketchup
¾ Decline- decreasing- C.D.
¾ Decision point ±lowest point ± VHS
x New product aka product launch is the moment when a new product is introduced
into the marketplace; the birth of a new product
x 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.
x Once early adopters/ trend setters find and use a new product, other consumers are
likely to follow.
www.notesolution.com
You're Reading a Preview

Unlock to view full version