Consumer Behavior & Marketing Strategy. What is Consumer Behavior? “The study of individuals, groups, or organizations and the processes they use to select,

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Presentation transcript:

Consumer Behavior & Marketing Strategy

What is Consumer Behavior? “The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts these processes have on consumers and society.” “The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts these processes have on consumers and society.”

Applications of Consumer Behavior Marketing Strategy Marketing Strategy Regulatory Strategy Regulatory Strategy Social Marketing Social Marketing Informed Individuals Informed Individuals

Marketing Strategy and Consumer Behavior What is customer value? What is customer value? Main components of marketing strategy Main components of marketing strategy Market analysis Market analysis Market segmentation Market segmentation Marketing strategy Marketing strategy Consumer decision-making process Consumer decision-making process Outcomes Outcomes

Market Analysis Consumers Consumers Company Company Competitors Competitors Conditions Conditions

Market Segmentation What is a segment? What is a segment? Four Steps Four Steps Product-Related need sets Product-Related need sets Need sets Need sets Customers with similar need sets Customers with similar need sets Description of each group Description of each group Attractive segments to serve Attractive segments to serve Target market Target market

Marketing Strategy The Marketing Mix The Marketing Mix Think back to Principles Class….. Think back to Principles Class….. Services!? Services!?

Consumer Decision-Making Process Problem recognition Problem recognition Data gathering Data gathering Evaluation of alternatives Evaluation of alternatives Purchase Purchase Post-purchase behavior Post-purchase behavior

Outcomes Firm Outcomes Firm Outcomes Product position Product position Sales Sales Customer satisfaction Customer satisfaction Individual Outcomes Individual Outcomes Need satisfaction Need satisfaction Injurious consumption Injurious consumption Society Outcomes Society Outcomes Economic outcomes Economic outcomes Physical outcomes Physical outcomes Social welfare Social welfare