Summary: Consumer Behaviour

Read the summary and the most important questions on Consumer behaviour

• 1 An introduction to the study of consumer behaviour

• 1.1 DEVELOPMENT OF THE MARKETING CONCEPT AND THE DISCIPLINE OF CONSUMER BEHAVIOUR

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• The term consumer behavior describes two different kinds of consuming entities:

  • Personal consumer
  • Organisational consumer

• 1.1.1 The marketing concept

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• What is the key assumption underlying the marketing concept?

  to be successful a company must determine the needs and wants of specifi c target markets and deliver the desired satisfactions better than the competition.

• 1.1.2 Implementing the marketing concept

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• The strategic tool that are used to implement the marketing concept include:

  • Segmentation
  • Targeting
  • Positioning
  • Marketing mix

• 1.1.3 The role of consumer research

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• What are the two theoretical perspectives that guide the development of consumer research methodology?

  • Positivist approach
  • interpretivist approach

• 1.1.4 Segmentation, targeting and positioning

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• Around which two key principles does successful positioning center?

  • Communicating the benefits that the product will provide rather than the products features
  • A unique selling proposition: a distinct benefit or point of difference for the product or service.

• 1.2 CUSTOMER VALUE, SATISFACTION AND RETENTION

• The three drivers of successful relationships between marketers and customers are:

  1. Providing customer value
  2. Customer satisfaction
  3. Customer retention

• 1.2.3 Customer retention

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• Studies have shown that small reductions in customer defections produce significant increases in profits because:

  1. loyal customers buy more products;
  2. loyal customers are less price sensitive and pay less attention to competitors’ advertising;
  3. servicing existing customers, who are familiar with the firm’s offerings and processes, is cheaper; and
  4. loyal customers spread positive word-of-mouth and refer other customers.

• 2 Consumer research

• What are the two types of studying consumer behavior?

  • Quantitative
  • Qualitative

• 2.2.1 Developing research objectives

• Why is developing research objectives important?

   It is important for the marketing manager and the researcher to agree at the outset on the purposes and objectives of the study to ensure that the research design is appropriate. A carefully thought-out statement of objectives helps to defi ne the type and level of information needed.

• 2.2.3.2.2 Attitude scales

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• Behavior intention scale:

  •  measures the likelihood that consumers will act in a certain way in the future, such as buying the product again or recommending it to a friend.
    
  • easy to construct
  • future behavior