Lars Perner, Ph.D. CONSUMER BEHAVIOR: Introduction The study of consumers helps firms and organizations improve their marketing strategies by understanding issues such as how
Consumer behavior involves the study of how people--either individually or in groups--acquire, use, experience, discard, and make decisions about goods, serivces, or even lifestyle practices such as socially responsible and healthy eating. As an evolving phenomenon, one should not be overly dogmatic about this defintion. Numerous alternatives, each taking a slighly different angle and emphasizing different aspects. However, the scope presented here suggests that:
There are four main applications of consumer behavior:
There are several units in the market that can be analyzed. Our main thrust in this course is the consumer. However, we will also need to analyze our own firm’s strengths and weaknesses and those of competing firms. Suppose, for example, that we make a product aimed at older consumers, a growing segment. A competing firm that targets babies, a shrinking market, is likely to consider repositioning toward our market. To assess a competing firm’s potential threat, we need to examine its assets (e.g., technology, patents, market knowledge, awareness of its brands) against pressures it faces from the market. Finally, we need to assess conditions (the marketing environment). For example, although we may have developed a product that offers great appeal for consumers, a recession may cut demand dramatically. --> Research methods Is the way in which the target market perceives the product relative to the competitors brand?Positioning refers to the development of strategy that helps to influence how a particular market segment perceives a brand, good, or service in comparison to the competition.
Which of the following occurs when prices and the cost of living rise while money loses its purchasing power group of answer choices?Inflation is when the dollars in your wallet lose their purchasing power — either because the money supply has dramatically increased or because prices have surged.
Which of the following refers to marketing strategies that support environmental?Key Takeaways. Green marketing describes a company's efforts to advertise the environmental sustainability of its business practices.
Are the tangible products that individuals purchase for personal or family use?Consumer Products
A consumer product is any tangible product for sale that is used by a person or household for non-business purposes. A consumer product is generally any tangible product for sale that is used for personal, family, household or non-business purposes.
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