MKTG 312: Consumer Behavior Exam 1
Part 1 Questions And Solutions
Why is Consumer Behavior relevant? - -"The purpose of a business is to
create and keep a customer" Ted Levitt
"Marketing is the activity directed at satisfying wants & needs through
exchange processes" Philip Kotler
- What is Consumer Behavior? - -A field of study, focusing on consumer
activities:
- buying AND using AND disposing
-Draws on a range of content areas
- A "social science"
Often surprising
(at least interesting to think about!!)
- Consumer Behavior Definition - -"the study of individuals, groups, or
organizations (buyers)
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"
- Understanding consumer behavior can mean: - -- better business for
companies (i.e., marketing strategy)
- better public policy for governments (i.e., regulatory and social policies)
- and a better life for individuals and groups (i.e., informed consumers)
- The Modern "Marketing Concept" - -The Goal is superior customer value
- It requires doing a better job of anticipating and reacting to customer needs
than the competition
- Consumer Orientation - -A business's priority Is consumer value and
satisfaction
- Marketer's perspective - -Marketing Strategy >
Consumer Behavior >
Outcomes
- A "business" can succeed only if: - -- consumers see a need that its
"product" can solve,
- become aware of the product and its capabilities,
- decide that it is the best available solution,
Part 1 Questions And Solutions
Why is Consumer Behavior relevant? - -"The purpose of a business is to
create and keep a customer" Ted Levitt
"Marketing is the activity directed at satisfying wants & needs through
exchange processes" Philip Kotler
- What is Consumer Behavior? - -A field of study, focusing on consumer
activities:
- buying AND using AND disposing
-Draws on a range of content areas
- A "social science"
Often surprising
(at least interesting to think about!!)
- Consumer Behavior Definition - -"the study of individuals, groups, or
organizations (buyers)
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"
- Understanding consumer behavior can mean: - -- better business for
companies (i.e., marketing strategy)
- better public policy for governments (i.e., regulatory and social policies)
- and a better life for individuals and groups (i.e., informed consumers)
- The Modern "Marketing Concept" - -The Goal is superior customer value
- It requires doing a better job of anticipating and reacting to customer needs
than the competition
- Consumer Orientation - -A business's priority Is consumer value and
satisfaction
- Marketer's perspective - -Marketing Strategy >
Consumer Behavior >
Outcomes
- A "business" can succeed only if: - -- consumers see a need that its
"product" can solve,
- become aware of the product and its capabilities,
- decide that it is the best available solution,
