Study Notes Mark217

Why we are here?

* Why study consumer behaviour(CB)?

* What is consumer behaviour?

* How does it affect marketing strategy?

These are 3 fundamental questions we need to consider. We are all ‘consumers’, as consumption of products and services is a vital part of our society and economy.

they are underlying issues that marketers need to analyse to make marketing decisions.

Besides this individual need, your career, current employment or business is continually coming in contact with and using consumer behaviour knowledge.

Aspects of CB rely on psychology, sociology, economics and marketing theories and knowledge.

The vital aspect is to know how to apply this knowledge to the formulation of the appropriate marketing strategies for competitive advantage.

One of the key issues in development to the marketing mix.

As Certain situations influence the consumer decision process. Once the consumer realises that there is a difference between the actual and the desired state, i.e. problem recognition, the consumer searches for information—this can be either internal (think about it) or an external search (ask someone).

They then evaluate this information, make a selection and choose a location for the purchase.

The engine of the marketing strategy - We need consumer behaviour knowledge to be able to develop effective marketing strategies

What is a consumer?

3 levels of consumers

1. Personal consumer

2. Household consumer

3. Organisational consumer

For each level of consumer the influences will be different for each eg organisations need to work to a budget.

What type of behaviour?

* What they buy

* Why they buy - Maslow’s hierarchy of needs

* First shelter and then food leading to self esteem

* When they buy

* Where they buy

* How often they buy and how often they use it – if information not readily available market research needed.

Chapter One – Consumer behaviour and marketing strategy

* Studying the...