Cb Notes
bChapter 2
Value and the Consumer Behavior VALUE Framework
WHAT DO YOU THINK Polling Question
I get a lot out of shopping even when I don’t buy anything.
Strongly disagree 1 2 3 4 5 6 7 Strongly agree
Have students access www.cengagebrain.com to answer the polling questions for each chapter of CB. Ask them to take the online poll to see how their answers compare with other students taking a consumer behavior course across the country. Then turn to the last page of the chapter to find the What Others Have Thought box feature. This graph is a snapshot of how other consumer behavior students have answered this polling question thus far.
Learning Outcomes
After studying this chapter, the student should be able to:
L01 Describe the consumer value framework, including its basic components.
L02 Define consumer value and compare and contrast two key types of value.
L03 Apply the concepts of marketing strategy and marketing tactics to describe the way firms go about creating value for consumers.
L04 Explain the way market characteristics like market segmentation and product differentiation affect marketing strategy.
L05 Analyze consumer markets using elementary perceptual maps.
L06 Justify consumers’ lifetime value as an effective focus for long-term business success.
Suggested Lecture Opener
Consumer segments play a vital and sometimes surprising role in marketing. Consider the wine industry. The image that likely comes to mind is of an older crowd composed mostly of Baby Boomers. While this image isn’t completely wrong, the demographics of wine consumption have changed dramatically in the last decade. According to the Wine Market Council, under-35 consumers have increased by almost 40% over the last year alone. This means more and more of the consumers who are buying and drinking wine are Millennials—a target segment almost as large as the Boomers and one marketers are already eager to reach. [Source: Jessica Yadegaran, “Millennials:
Value and the Consumer Behavior VALUE Framework
WHAT DO YOU THINK Polling Question
I get a lot out of shopping even when I don’t buy anything.
Strongly disagree 1 2 3 4 5 6 7 Strongly agree
Have students access www.cengagebrain.com to answer the polling questions for each chapter of CB. Ask them to take the online poll to see how their answers compare with other students taking a consumer behavior course across the country. Then turn to the last page of the chapter to find the What Others Have Thought box feature. This graph is a snapshot of how other consumer behavior students have answered this polling question thus far.
Learning Outcomes
After studying this chapter, the student should be able to:
L01 Describe the consumer value framework, including its basic components.
L02 Define consumer value and compare and contrast two key types of value.
L03 Apply the concepts of marketing strategy and marketing tactics to describe the way firms go about creating value for consumers.
L04 Explain the way market characteristics like market segmentation and product differentiation affect marketing strategy.
L05 Analyze consumer markets using elementary perceptual maps.
L06 Justify consumers’ lifetime value as an effective focus for long-term business success.
Suggested Lecture Opener
Consumer segments play a vital and sometimes surprising role in marketing. Consider the wine industry. The image that likely comes to mind is of an older crowd composed mostly of Baby Boomers. While this image isn’t completely wrong, the demographics of wine consumption have changed dramatically in the last decade. According to the Wine Market Council, under-35 consumers have increased by almost 40% over the last year alone. This means more and more of the consumers who are buying and drinking wine are Millennials—a target segment almost as large as the Boomers and one marketers are already eager to reach. [Source: Jessica Yadegaran, “Millennials: