Consumer Behavior CONSUMER BEHAVIOR MKT310. Consumer Behavior SOME DEFINITIONS l Marketing l Marketing exchange l Marketing strategies l Marketing concept.

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Presentation transcript:

Consumer Behavior CONSUMER BEHAVIOR MKT310

Consumer Behavior SOME DEFINITIONS l Marketing l Marketing exchange l Marketing strategies l Marketing concept l Marketing mix l Consumer behavior

Consumer Behavior Wise Words l “The purpose of a business is to create and keep a customer.” (Ted Leavitt) l “You don’t sell products -- you sell expectations.” (Charles Revson)

Consumer Behavior BASES OF CONSUMER BEHAVIOR l Motivations l Processes l External Influences l ‘Rules of Behavior’

Consumer Behavior TYPES OF CONSUMER DECISIONS l Consume vs. save l Categories to consumer l Brands to consume l How and where to shop l Usage l Disposal

Consumer Behavior SEGMENTATION

Consumer Behavior SEGMENTATION l ISSUES l BASES l PROFILE SEGMENTS l SELECT TARGET SEGMENTS l DEVELOP MARKETING STRATEGIES

Consumer Behavior BASES FOR SEGMENTING A MARKET l Geographic l Demographic l Psychographic l Behavioral

Consumer Behavior SELECTING TARGET SEGMENTS l Can you identify? Is basis relevant? l Are they interested? l Market potential? l Accessible? l Stable?

Consumer Behavior Database Segmentation l Create customer database l Determine best customers:score by RFM l Rank customers from best to worst l Determine profitability cutoffs

Consumer Behavior WAYS TO MASS CUSTOMIZE l Customize services around standard product l Mass-produce item customizable to each client l Point-of-sale customization l Modularize components to customize end products