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• Introduction to Consumer Behavior

3. Marketing- facilitates exchange between buyers


Consumer Behavior (CB)
and sellers including:
- Set of value-seeking activities that take place Product, Pricing, Promotion, Distribution,
as people go about addressing their real Retailing
needs CB and Other Disciplines
- Involves multiple psychological events like 4. Anthropology – study of human in past and
THINKING, FEELING, BEHAVING present
- Field of study involving interpretation of
Basic Consumption Process relationships between consumers and:
NEED Things they purchase
Products they own
WANT Activities in which they participate
EXCHANGE 5. Sociology - Study of groups of people within a
society
COSTS AND BENEFITS - Consumption is affected by group dynamics
REACTION
4 P’s by Kotler (PRODUCT, PRICE,
VALUE PROMOTION, PLACE)

(tas uulit ulit haha)


Firm Orientations and Consumers
Consumption Competition drives companies toward a high
degree of consumer orientation.
- Process by which consumers use and Firm's actions and decision making
transform goods, services, or ideas into value prioritize consumer value and
- Involves interaction between the marketer satisfaction above all other concerns.
and consumer Key component of a firm with market
- Outcomes affect the consumer’s well-being orientation
and quality of life Culture that embodies
Consumer Behaviour as a Field of Study importance of creating value
for customers among all
- Science of studying how consumers seek employees
value in an effort to address real needs.
- CB shares strong interdisciplinary bonds with: Stakeholder marketing - more than just the
buyer and seller are involved in the
1. Economics and Consumer behavior marketing process
- Study of production, consumption and • Primary stakeholders - Customers,
distribution. employees, owners, suppliers, and regulating
- Economists focus on the macro agencies
perspective of CB bounded by broad -
• Secondary stakeholders - Mass media,
assumptions
communities and trade organizations
- Data is derived from historical sales
records
Relationship Marketing
2. Consumer Psychology
- Activities based on the firm’s performance is
- Study of human reactions to their
enhanced through repeat business
environment
Touchpoints: Direct contacts
Social psychology - Study that focuses on the
between the firm and a customer
thoughts, feelings, and behaviors that people
- Channels of making contact
have as they interact with other people
Phone, email, text messaging, online
social networking, and face-to-face
Cognitive psychology - Study of the
contact
intricacies of mental reactions involved in
information processing.
Importance of CB Quantitative Consumer Research

• CB provides an input to business/marketing • Addresses questions about consumer


strategy behavior using numerical measurement and
• CB provides a force that shapes the society analysis tools
• CB provides an input to making responsible • Measurement is structured
decisions as a consumer • Data are not researcher dependent
• Enables researchers to better test hypotheses
Characteristics of Successful Innovations
• Doesn't require deep interpretation
1. Relative Advantage – kung gaano nag
Comparing Qualitative and Quantitative Research
improve yung innovation sa current situation
2. Simplicity - how difficult it is for adopters to
learn. Mas simple mas madali nilang ma
aadopt yung innovation.
3. Observability – oobserve muna if effective ba
yung ginawa nilang innovation sa ibang
consumers. Dapat makita nila yung benefit
nung changes.
4. Trialability - how easily potential adopters can
explore your innovation
5. Consistency- innovation is perceived to be
consistent with the existing values,
experiences and needs of potential adopters.
An innovation must be considered socially Big Data - Represents massive amounts of data
acceptable to be implemented available to companies that can be used to predict
customer behaviors
Effects of Consumer Behavior
• Predictive analytics: Application of statistical
CB and society - CB creates the society one lives in
tools to discover patterns in data that allow
and serves as an essential source of input for public
prediction of consumer behavior
policy.
VALUE AND THE CONSUMER BEHAVIOR
CB topics that can enlighten customers
FRAMEWORK
• Consequences of poor budget allocation
Consumer Value Framework (CVF)
• Role of emotions in decision making
• Social influences on decision making Consumer behavior theory
• Environmental effects on CB Illustrates factors that:
• Avenues for seeking redress for
unsatisfactory purchases • Shape consumption-related behaviors
• Determine the value associated with
Interpretive Research - explain the inner meanings
consumption
and motivations associated with specific consumption
experiences. (QUALITATIVE RESEARCH)

Qualitative research tools - gathering data in a


relatively unstructured way. Include case analysis,
clinical interviews, and focus group interviews.

Interpretive Research Orientations

Phenomenology- interpretation of their lived


experience associated with some aspect of
consumption.

Ethnography- interpretation of artifacts to draw


conclusions about consumption
Value - Personal assessment of the net worth Market Characteristics
obtained from an activity
• Marketing mix - Combination of product,
pricing, promotion, and distribution strategies
used to implement a marketing strategy
• Target market - Identified segment or
segments of a market that a company serves
• Market segmentation - Separation of a
market into groups based on the different
demand curves associated with each group
Requires marketing researchers to
identify segments and describe its
Utilitarian Value - usefulness of the product members
• Product differentiation - Consumers do not
Hedonic Value – emotional gratifying (basta yung view all competing products as identical to
appearance mas important kesa usefulness) one another
Marketing Strategy Perceptual Map - Tool used to depict graphically
• Way a company goes about creating value for the positioning of competing products
customers • Blue ocean strategy - Positioning a firm far
• Effectively developed and implemented when away from competitors.
there is a complete understanding of the o Creates an industry of its own
value consumers seek o Isolates itself from competitors
Marketing myopia- Company views itself in a product • Ideal point - Combination of product
business rather than in a value- or benefits-producing characteristics that provide the most value to
business. (basta yung company nag fofocus sa needs an individual consumer or market segment
nila instead sa needs ng mga customer) Customer Lifetime Value (CLV)
Corporate strategy: Way a firm is defined and sets its • worth of a customer to a company in
general goals economic terms
Marketing tactics: Way by which marketing • Overall profitability of an individual consumer
management is implemented. Involve price,
• CLV = npv (sales ─ costs) + npv (equity)
promotion, product, and distribution decisions
o Npv - Net present value
Total Value Concept

Total value proposition

• Basic benefits
• the augmented product- Original product plus
the extra things needed to increase the value
from consumption. (nag aadd ng extra
features para mas attractive sa normal
product)
• the feel benefits

Value Co-Creation

• Realization that a consumer is necessary and


must play a part in order to produce value
• Consumers add resources in the form of
knowledge and skills to do their own part in
the consumption process