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MKT 750 Consumer Behavior

MKT 750 Consumer Behavior

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MKT 750 Consumer Behavior

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  1. MKT 750Consumer Behavior

  2. Agenda • Introductions • Class website: http://fisher.osu.edu/~west_284/mkt750w05 • Syllabus highlights • Course overview • Assignment

  3. Syllabus Highlights • Course Objective: • To develop a deeper understanding of and appreciation for consumers • To learn how to better serve your customers • Class materials: • Consumer Behavior: Building Marketing Strategy, 9th edition(Hawkins, Best, and Coney) • Harvard readings packet

  4. Syllabus Highlights • Requirements: • Individual Components Points • Participation 50 • Memo & Case Write-up @ 50 points each 100 • Two exams @ 100 points each 200 • Team Components • Demographic research project 75 • Advertising project 75 500

  5. Keys to Success • Come to class prepared • Read the material in advance • Keep up on assignments • Treat others professionally • Show pride in your work • Be respectful

  6. Please refrain from: • Coming in late • Leaving class early • Sidebar conversations • Cellular phone interruptions • Eating food in the classroom

  7. Considered appropriate: • Be considerate of others • Get involved and participate • Strive to be a good teammate • Manage your time wisely

  8. Honor Code • What is academic misconduct? • Any activity that compromises the academic integrity of the institution or subverts the educational process. • How will it be dealt with? • You will be dismissed from the class. • The University Committee on Academic Misconduct will be notified.

  9. Course Overview • What is consumer behavior? • Why study it? • How does this relate to marketing? • Some “essential tools”

  10. What is 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 impact that these processes have on the consumer and society” -- Hawkins, Best, and Coney 2004 • “The study of the cognitive, emotional, and physical activities associated with the perception, evaluation, choice, acquisition, use, and disposition of goods and services.”

  11. PERSONAL INFLUENCES Personality Life-stage Values Income Resources Attitudes Opinions Motivations Feelings Past Experiences Knowledge SITUATIONAL INFLUENCES Brand Product Features Advertising Display Promotions Price Quality Store Ambiance Service Convenience Product Loyalty Programs Packaging Goals Assortment Involvement Availability SOCIAL INFLUENCES Justification Word of Mouth Culture Ethnicity Family Peer Groups OBTAINING How you decide you want to buy Products you consider buying Where you buy How you pay for product How you transport product home CONSUMING How you use product How you store the product in your home Who uses the product How much you consume How product compares with expectations DISPOSING How you get rid of remaining product How much you throw away after use If you resell items yourself or through a consignment store How you recycle products Consumer Behavior

  12. Economics Physiology Cognitive Psychology Social Psychology Biology Computer Science Anthropology Sociology What is Consumer Behavior? • An interdisciplinary field

  13. Why Study Consumer Behavior? • The Marketing Concept: • Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create more satisfying exchanges than the competition. • Corollary: • Success in the marketplace requires attracting, satisfying, and retaining customers.

  14. Why Study Consumer Behavior? • No brand/product can appeal to all people. • Firms must segment the market into groups with relatively homogeneous preferences and target one or more groups. • Firms must position their offerings in the hearts and minds of these individuals in a favorable way.

  15. Why Study Consumer Behavior? • Our guesses about people are inaccurate. • This is because human nature leads us to believe that other people think like us • false consensus • People tend to perceive differences even when they don’t exist • stereotyping

  16. Why Study Consumer Behavior? • Therefore, we must strive to… • Identify customer needs and wants • Engage in research • Understand how customers will respond to different messages and environments • Learn about and apply theories • Anticipate where preferences are headed • Staying informed

  17. Connections to Marketing • Segmentation & Targeting • Customer Acquisition & Retention • Building Loyalty • Positioning & Repositioning • New Products and Shaping Consumer Preferences • Customer-based Brand Equity

  18. Connections to Marketing • Communicatingwith your customers • Influence & Persuasion • Getting attention • Generating “buzz”

  19. Essential Tools: • Consumer Decision Making • Demographics / Trends • Family Life Cycle • Information Processing

  20. Need Recognition Search Alternative Evaluation Choice Post-Purchase Evaluation Awareness Interest Desire Action Consumer Decision Making • Consumer-side • Marketer-side

  21. Essential Tools: • Consumer Decision Making • Demographics / Trends • Family Life Cycle • Information Processing

  22. Demographic Trends: • Aging population • Cultural Diversity & Globalization

  23. Lifestyle Trends: • Staying connected • Cellular phones • Instant messaging • Health & Fitness • Atkins • Water

  24. Essential Tools: • Consumer Decision Making • Demographics / Trends • Family Life Cycle • Information Processing

  25. Family Life Cycle Single Newly Full Empty Married Nest Nest

  26. Essential Tools: • Consumer Decision Making • Demographics / Trends • Family Life Cycle • Information Processing

  27. Consumer Information Processing Stimuli Exposure Attention Comprehension Acceptance Retention Purchase

  28. Assignment • Carefully read the syllabus! • Chapters 1 of the textbook • Read the K-Mart and Sears story and develop a “marketing strategy” for the new company