Chapter 1 – consumer behavior 1. Decision making at margin marginal cost: the additional cost of consuming or producing one more unit of a good marginal benefit: the additional benefit of consuming or producing one more unit of good Utility: satisfaction derived from consuming units of good consumed in a given period of time Marginal utility: additional satisfaction gained from consuming an extra unit of good within a period of time 2. The law of diminishing utility marginal utility
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Introduction to Consumer Behavior What is Consumer behavior? – pg 6-8 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. Application of consumer behavior – pg 9-11 1) Marketing Strategy 2) Regulatory Policy Social Marketing The application of marketing strategies and tactics
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Marketers expend considerable effort to have consumers learn about their products. Therefore it is vital that we understand how consumers‚ and that includes us‚ learn. Learning: Learning refers to any change in the content or organisation of long-term memory. Consumer behaviour is largely learned behaviour. Learning is defined as any change in the content or organisation of long-term memory. Consumers must learn almost everything related to being a consumer: product existence‚ performance‚ availability
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placed a great emphasis on health care and authenticity of its products where they have introduced into the market: Kellogg’s Special K brand a ‘good source of fibre’ is targeted at women who are health conscious about their body weight attracting a lot of consumers and therefore has been a success to the company. The Special K brand has a variety of products; Cereals Original Cereal Low Fat Granola. Red Berries Cinnamon Pecan Protein cereal Chocolatey Delight Blueberry
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Consumer Behavior A Vera Bradley handbag can be one of the many fashion statements made by almost any female ranging from the age of 10 to 90. “Vera Bradley is a leader in fashionable‚ colorful‚ cotton quilted handbags‚ accessories‚ luggage‚ and paper and gift items for women of every age.” As one can see this product is mostly purchased by women. However‚ each individual has their own personal characteristics like gender‚ age‚ family life cycle‚ personality‚ self-concept‚ and lifestyle that influence
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COUNTRY OF ORIGIN OF A PRODUCT ON CONSUMERS’ BUYING BEHAVIOR By FIREW KIFLE GUDERO Bachelor of Arts in Business Management Jimma University Jimma‚ Ethiopia July 2001 Submitted to the Faculty of the Graduate College of the Oklahoma State University in partial fulfillment of the requirements for the Degree of MASTER OF SCIENCE May‚ 2009 COPY RIGHT BY FIREW KIFLE GUDERO MAY 2009 THE EFFECT OF COUNTRY OF ORIGIN OF A PRODUCT ON CONSUMERS’ BUYING BEHAVIOR Thesis Approved: Dr. Todd J
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CHAPTER 1 QUESTION 1: Explain the concept of the 80/20 rule and why it is important to marketers. The 80/20 rule of marketing is derived from the broader Pareto Principle concept introduced by Italian economist Vilfredo Pareto in 1906. Pareto noted that the majority of wealth in a free market economy is concentrated within a relatively small group of people -- roughly 20 percent of the population. Importance of rule 80/20 to marketers: Marketing investment: relates to how money is spent on advertising
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An analysis on Wahaha’s marketing strategies in applying consumer behaviour theories Hangzhou Wahaha Group is a private group of companies‚ featuring beverage products‚ which also has become one of major beverage producers in China. The name ‘Wahaha’ is a children’s folk rhyme and also stands for the sound of children’s laugh in Chinese. The company is run by zong qinhou who started the business by selling ice cream and sodar on a tricycle in 1987. (Wahaha‚ 2012)The turning point of his business
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promotional strategies to see how they attract their respective market segments. REASERCH METHADOLOGY NON PARTICIPATORY OBSERVATION -> It involves collection of data by observing behaviour without interacting with the participants [CONSUMERS+SALESPERSON] -> WE WILL BE FOCUSING ON THE PROMOTION AL STRATEGIES LIKE product positioning and availability ‚ pricing‚ discounts ‚ special offers ‚in-store environment etc. TYPE MANUFACTURING AND RETALING TAG LINE THE BEST OF BRANDS
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Groups-Friends- Because Friends determine your behavior because they are part of your daily environment.we become more like the people we hang out with.http://www.dailytitan.com/2011/05/do-friends-influence-your-behavior/ Family- Parents –because they are generally the first‚ and often the most enduring‚ influence in people’s political decisions. They vote what their parents vote because they were the ones who first taught us what sort of behaviors were expected of someone in our society. The more
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