Intro to CB

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Intro to Consumer Behavior: Intro to Consumer Behavior Consumer behavior--what is it? Applications Consumer Behavior and Strategy Elements of strategy Consumer Analysis Consumer behavior outcomes

One Definition: One Definition Consumer behavior: the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

Applications of Consumer Behavior: Applications of Consumer Behavior Marketing Strategy Regulatory (Public) Policy Social Marketing Personal Consumer Skills

Orientations in the Study of Consumer Behavior: Orientations in the Study of Consumer Behavior Anthropology Economics History and geography Psychology Sociology

Anthropology: Anthropology The study of people within and across cultures Emphasis on cross-cultural differences Questioning of assumptions within own culture

Economics: Economics Basic economic issues Supply and demand Rational decision making Perfect information Emphasis on predicting behavior Complications in real life Behavioral economics—e.g., “mental accounting”

History and Geography: History and Geography Origins of behavior, perspectives, and traditions Impact of geography on individuals Isolation Language development Climate Geographic determinism

Psychology: Psychology Study of human thinking and behavior Some issues Personality Personal development Cognition (thinking), perception Attention and its limitations “Learning”—e.g., acquired tastes

Sociology: Sociology Cultural and interpersonal influences on consumption—e.g., Fads, fashions Diffusion of innovation Popular culture

Marketing Strategy and Consumer Behavior: Marketing Strategy and Consumer Behavior MARKET ANALYSIS MARKETING STRATEGY MARKET SEGMENTATION CONSUMER DECISION PROCESSES OUTCOMES

Market Analysis Components: Market Analysis Components Consumers Firms Competitors Conditions (environment)

Market Segmentation (covered in more detail later): Market Segmentation (covered in more detail later) Product-related need sets Segments: customers with similar needs and responses Segment description Segment selection

Elements in Marketing Strategy: Elements in Marketing Strategy Product Communications Price Distribution Service

Outcomes: Outcomes Firm Product position/perception Sales Customer satisfaction Individual Need satisfaction Injurious consumption Society Economic Physical environment Social welfare

The Nature of Consumer Behavior: The Nature of Consumer Behavior External Influences Internal Influences Self-Concept Situations Experiences and acquisitions

Why We Buy: Some Issues: Why We Buy: Some Issues Questions academics relatively well: Whether, how, why? Questions academics answer less well: How much? Which effect is stronger? What if…?

Why We Buy Issues: Why We Buy Issues “Conversion” and “interception” rates The “Transition Zone” Thinking like a consumer who is in the shopping setting! A note on exam questions from the text: You need to have read the book to be able to answer! (The answers are not obvious.)