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
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
Scientific Method: It is ideal to be