Created by: Blake Oberc Consumer Behavior Evaluation: The Importance of Consumer Satisfaction in the Retail World Created by: Blake Oberc

Consumer Behavior Defined Focus and study of a Consumer’s Neuroscience during the consumption process Emotions Self-Concept Brand Appeal Memory Psychographics Force that shapes societal standards and norms Always changing, Always Dynamic Consumer Value Framework (Value associated with overall consumption of product(s))

Four Aspects of Consumer Behavior Internal Influences Personality of Consumer Learning Perception Personal Values External Influences Culture and Cultural Values Social Class Family Influence Social media and internet influence(s) Situational Influences Environment Time and Conditions Consumption Process Needs, Wants, Exchange, Costs and Benefits, and Reaction to purchase Value Utilitarian or Hedonic

Consumption to Customer Satisfaction Key to success lies in value since value is more important than satisfaction ACSI Index Graph depiction of Walmart Lowest Satisfaction on Graph High Utilitarian Value Factors to consider upon selling a product Expectations Anticipation Time Physical Environment Postconsumer Reactions Strive for Delight, Positive Performance, and Satisfied/Exceeded Expectations (Leads to Positive WOM) Avoid Cognitive Dissonance, Anger, and Disgust (Leads to Negative WOM) Ways to measure Consumer Satisfaction/Dissatisfaction Direct, Global measures Attribute Specific Disconfirmation

Summary of Team Case: Postconsumer Reactions Response to Product malfunctions and Negative Disconfirmation Apologize/Recall Six Sigma Plan (Pinpoints problem) New Social Media Campaign, Endorsed Press Releases, and Television/New Media Advertisements Re-shipment to retailers worldwide Results in Left-Skewed response and Positive Brand Image Article Analyzation Does not discuss Cognitive Dissonance or Negative Disconfirmation QR Code technology substitutes for retail experience Leads to future Cognitive Dissonance or Negative Disconfirmation due to “impulse buys”

In Conclusion Consumer Behavior is essential for any corporation selling a product or service Can help create relationship marketing through: Implementing Customer Relationship Management (CRM) Understanding the Consumer Value Framework(CVF) Create better future Customer Satisfaction and Positive Word of Mouth Set the bar for new and innovative standards

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