C1: Intro to Consumer Behaviour

• Consumer Behaviour is the processes involved when individuals/groups select, purchase, use and dispose of products, services, ideas, or experiences to satisfy needs and desires.
• Consumer behaviour is the issues that influence consumers, before during and after their purchases.
• Understanding consumer behaviour is good business as it helps marketers define the market and predict the future.
• The 80/20 rule, also known as the Pareto principle, states that for many outcomes, ~80% of consequences comes from ~20% of consequences.
• Market Segmentation can be done on demographic dimensions such as age, gender, family structure & life style, social class & income, ethnicity, and geography.
• Psychographics refer to differences in consumers’ personalities, attitudes, values and lifestyles.
• Relationship marketing involves making an effort to regularly interact with customers to maintain a bond between them and the company.
• Types of relationships a person can have with a product include self-concept, attachment, nostalgic attachment, interdependence, love, and more.
• Marketing’s Impact on consumers can be seen in the way consumers consume products, not for what they do but for what they mean. This is called the meaning of consumption
• Global consumer culture has united people globally with common devotions to brand named consumer goods, movie stars, celebrities.
• important consumer trends that will impact marketing strategies in the near future:

  • sharing economy
  • authenticity and personalization
  • blurring of gender roles
  • diversity and multiculturalism
  • social shopping
  • healthy & ethical living
  • simplification
  • anonymity
• Marketing Ethics & Public Policy involve conducting business honestly and ethically, with rules of conduct guiding the workplace.
• Public Policy & Consumerism protect the welfare of the consumer through many laws at differing levels of government.
• Consumer Activism & Marketing’s Impact include culture jamming, green marketing, corporate social responsibility, and social marketing.
• Dark Side of Consumer Behaviour includes consumer addiction, illegal consumer behaviour, and anti-consumption.
• Primary research is when the data you collect is specifically used for the research at hand.
• the 5 steps of a consumer's decision process are:

  1. problem recognition
  2. information search
  3. alternative evaluation
  4. purchase decision
  5. post-purchase behaviour
• the marketing concept is all about understanding consumer needs
• Psychographics are:

  • the way we feel about ourselves
  • our attitudes to things and others around us
  • things we value
  • things we do in our spare time
• database marketing tracks consumers’ buying habits and crafts products/messages tailored to consumers’ wants/needs
• What does the meaning of consumption say?

  people often buy products not for what they do but for what they mean
• u-commerce is the use of ubiquitous networks
• • global consumer culture has been a result of things like:
  • u-commerce: use of ubiquitous networks
  • RFID tags: communication chips
  • companies expanding overseas
• shrinkage includes shoplifting & employee theft
• Secondary research is finding information by going to existing sources of information collected for another purpose.