MOS 1021 Consumer Behaviour Chapter 1 Summary

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Western University
Management and Organizational Studies
Management and Organizational Studies 1021A/B
James O' Brian

MOS 1021 Consumer Behaviour Chapter 1 LG Example 2008The essence of marketing is discovering consumer insightsYou must be relevant and engaging enough for consumers to choose your product or serviceCreate awareness and hype for new productsPrompt support from retailersEncourage consumers to gather informationexperience and buy the productDesign with the target market in mindBeat competitors to marketMarketing Mix o Product features technology name etc o Price competition price plans etc o PlaceDistribution Retailers stores etc o Promotion create buzz in the marketPique consumer interest and encourage purchaseStand out by considering target markets social interests activitiesmedia habitsTypes of Promotion o Public relations publicity o TV Advertising commercials during shows commonly watched by target market o PrintBased Advertising posters to catch attention of target market o Online Advertising banner ads search engine ads email microsite o Pointofsale Material displaysUnderstand and deliver on consumer needsConsumers are busy in their worlds and not in our worldsKeep a watchful eye on competitionNever lose sight of your consumer or you may miss your window of opportunityThe Essence of Marketing Target CustomersFocus on Consumer Needs o Delight the consumer and encourage customer loyalty o Clearly determine needs o Understand how to best meet needs o ChallengesConsumers do not know what they wantConsumers do not want to articulate their feelingsConsumers are unable to communicaterationalize choicesResearch results are often unclearMarketers may not ask the right questionsTarget markets are hard to findextract feedback from ie childrendoctorsCreate Consumer Value o Develop customer loyalty o Unique combination of benefitsQuality product designPriceConveniencePunctual deliveryBefore and after sale service
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