4201 Chapter 1.docx

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Business Admin:Marketing & Log
Course Code
BUSML 4201
Robert Smith

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4201 Chapter 1 Consumer Behavior and Key Accounts Marketing: Deals with human exchange behavior where one person sells or trades  something to another person. They have an interest in why and how buyers go about  purchasing products or services.  Consumer behavior: Any activities involved in purchasing and using goods and services Activities: Can be physical, verbal, and MENTAL (mental is most important because it  explains the how and why) Why study consumer behavior? Important for marketing professionals to have a  thorough understanding of what makes customers decide to buy certain products.  Advocacy groups, consumers, regulators, students, all benefit ­When looking at products and services, people are becoming more service oriented so it  is becoming more important in terms of marketing. But it is more than just products,  people consume knowledge and ideas as well ­A purchase does not always involve money (it is an exchange of value) no free lunch Acquisition­why do people write reviews, where to buy, how to pay, gifts, etc.  Consuming­ do you consume more when you’re distracted, storage, usage Disposal­ if  you give a car a name you are more likely to fix it rather than just throw it away *This is a cyclical process 3 Major types of behavior: Overt behavior: Physical behavior that people display  *Motivation = expected benefits – expected costs Do benefits outweigh the costs? Verbal behavior: Word oriented communications­ more likely  to say than do Cognitive behavior: How people think­ the WHY behind most  actions Models of behavior and importance: Used to make a complex process easier to  understand, by reducing the basic structure of the process more simplified. ­Drawbacks to religious and philosophical models are their limited scope. Great for social  and spiritual guidance but not for addressing issues like how to cure injured or sick  people.  Scientific Method: It is ideal to be
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