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Buys goods and services for his/her own use, for the use of the household, or as a gift for a friend. |
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Includes profit and non-profit businesses, government agaencies, all of which must buy products, equipment and services in order to run their organizations. |
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| The field of consumer behavior is rooted in the marketing concept, a business orientation that evolved in the 1950s through several alternative approaches toward doing business. |
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Business leader: Henry Ford, introduced the assembly line. |
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Assumes that consumers will buy the product that offers them the highest quality, the best performance, and the most features. |
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| Marketer's primary focus is selling the product that it has unilaterally decide to produce. |
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Segmenting the market based on consumers' differences. The process of dividing a market into subsets of consumers with common needs or characteristics.
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Represents the process and tools used to study consumer behavior. |
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| The selection of one or more of the segments identified for the company to pursue. |
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Refers to the development of a distict image for the product or service in the mind of the consumer, an image that will differentiate the offering from competing ones and communicate to the target market that the good/service will satisfy their need. |
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Consists of 4 elements (the 4p's): Product/Service Price Placement Promotion |
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Defined as the ratio between the customer's perceived benefits (economic, functional, and psychological) and the resources (monetary, time, effort, psychological) used to obtain those benefits. |
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The individual's perception of the performance of the product or service in relation to his/her expectations. |
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| Makes it in the best interest of customers to stay with the company rather than switch to another firm. |
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| Allow much greater customization of products, services, and promotional messages than older marketing tools. |
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Changes in the Business Environment due to Digital Technologies |
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| Customers have more power, more access to information. More interaction between customers and marketers and therefore marketers must offer more services and products. Marketers can gather more information about consumers more quickly and easily. |
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A method that enables them to develop and deliver more customized messages to increasingly smaller markets on an ongoing basis. |
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Societal Marketing Concept (marketing ethics & social responsability) |
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| Requires that all marketers adhere to principles of social responsability in the marketing of their goods and services. |
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Consumer Decision Making (3 stages) |
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Input Stage- Recognition of product Process Stage- Focuses on consumers decisions Output Stage- Purchase Behavior and post-purchase evaluation. |
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