Podcast
Questions and Answers
What misconception characterizes a myopic business view?
What misconception characterizes a myopic business view?
- It focuses on consumer value over products.
- It defines the business in terms of the value consumers receive.
- It emphasizes the importance of consumer emotions.
- It defines the business solely in terms of products. (correct)
What factor does studying consumer behavior help consumers understand?
What factor does studying consumer behavior help consumers understand?
- The consequences of poor budgeting. (correct)
- The impact of competition on product choice.
- The relationship between budgeting and emotional health.
- The importance of product advertising.
Which research approach focuses more on numerical data?
Which research approach focuses more on numerical data?
- Descriptive Research
- Quantitative Research (correct)
- Qualitative Research
- Interpretive Research
How has the perception of smoking changed over the years, according to societal attitudes?
How has the perception of smoking changed over the years, according to societal attitudes?
What is a significant dynamic aspect of consumer behavior?
What is a significant dynamic aspect of consumer behavior?
Which approach is NOT typically used to study consumer behavior?
Which approach is NOT typically used to study consumer behavior?
What role does social influence play in consumer behavior?
What role does social influence play in consumer behavior?
What misconception might consumers have about environmental effects on their decisions?
What misconception might consumers have about environmental effects on their decisions?
What does consumer behavior primarily involve?
What does consumer behavior primarily involve?
Which of the following describes the basic consumption process?
Which of the following describes the basic consumption process?
What perspective do economists typically use to study consumer behavior?
What perspective do economists typically use to study consumer behavior?
Which learning outcome focuses on the varied treatment of consumers in different exchange environments?
Which learning outcome focuses on the varied treatment of consumers in different exchange environments?
Why is consumer behavior considered dynamic?
Why is consumer behavior considered dynamic?
What does consumer behavior NOT include?
What does consumer behavior NOT include?
Which of the following is a key component of consumer behavior?
Which of the following is a key component of consumer behavior?
In the study of consumer behavior, what is NOT a focus area?
In the study of consumer behavior, what is NOT a focus area?
What level do consumer behavior researchers primarily focus on?
What level do consumer behavior researchers primarily focus on?
In what way are consumers treated differently in various exchange environments?
In what way are consumers treated differently in various exchange environments?
What is one key output of studying consumer behavior?
What is one key output of studying consumer behavior?
Which term best describes the theory explaining why companies succeed or fail based on resource acquisition from consumers?
Which term best describes the theory explaining why companies succeed or fail based on resource acquisition from consumers?
What is one reason for the marketing environment's competitiveness?
What is one reason for the marketing environment's competitiveness?
How does consumer behavior influence society?
How does consumer behavior influence society?
What is the focus of relationship marketing?
What is the focus of relationship marketing?
What role does consumer behavior play in making responsible decisions?
What role does consumer behavior play in making responsible decisions?
Flashcards
Consumer Behavior
Consumer Behavior
The study of how individuals and groups select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
Consumption
Consumption
The process of using and transforming goods, services, or ideas into value for the consumer.
Consumer
Consumer
A person who identifies a need or want, seeks information, evaluates options, makes a purchase, and then uses and disposes of a product or service.
Consumer Behavior in Exchange Environments
Consumer Behavior in Exchange Environments
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Consumer Behavior's Role in Business
Consumer Behavior's Role in Business
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Consumer Behavior's Role in Society
Consumer Behavior's Role in Society
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Fields of Study Contributing to Consumer Behavior
Fields of Study Contributing to Consumer Behavior
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Dynamic Nature of Consumer Behavior
Dynamic Nature of Consumer Behavior
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Marketer dependency on repeat business
Marketer dependency on repeat business
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Marketing environment competitiveness
Marketing environment competitiveness
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Consumer orientation
Consumer orientation
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Market orientation
Market orientation
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Relationship marketing
Relationship marketing
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Touchpoints
Touchpoints
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Resource-advantage theory
Resource-advantage theory
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Myopic Business View
Myopic Business View
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What is Consumer Behavior?
What is Consumer Behavior?
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Why is Consumer Behavior Dynamic?
Why is Consumer Behavior Dynamic?
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What is Consumption?
What is Consumption?
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Who is a Consumer?
Who is a Consumer?
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What is Interpretive Research?
What is Interpretive Research?
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What is Quantitative Research?
What is Quantitative Research?
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How Does Studying Consumer Behavior Help Consumers?
How Does Studying Consumer Behavior Help Consumers?
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Study Notes
Consumer Behaviour Introduction
- Consumer behaviour is a field of study examining how consumers make decisions.
- Individuals seek value when making consumption decisions.
- Consumer behaviour is a dynamic field, impacted by recent trends.
Module Details
- Weekly 2-hour lectures
- Weekly 1-hour compulsory seminars
- Mid-term module evaluation
- Mock exam question and answer support (Week 11)
- Final exam support
Learning Outcomes
- LO1: Understand consumption and consumer behaviour.
- LO2: Describe differing treatment of consumers in various exchange environments.
- LO3: Explain consumer behaviour’s role in business and society.
- LO4: Be familiar with basic approaches to studying consumer behaviour.
- LO5: Explain dynamic consumer behaviour and the effect of recent trends.
Icebreaker Activity
- Students pair up and interview each other.
- Determine how many times they took on the role of consumer in the past week.
- Describe the process and emotions associated with these experiences.
Consumer Behaviour Perspectives
- Consumer behaviour is a field studying human thought and action related to consumption.
Consumer Behaviour as Human Behaviour
- Consumer behaviour involves value-seeking activities to address needs.
- Activities include searching for, purchasing, using, evaluating, and disposing of products/services.
The Basic Consumption Process
- The basic consumption process involves need, want, exchange, costs/benefits, reaction, and value.
Consumption
- Consumption is the process by which goods, services, or ideas are used and transformed into value.
Macro or Micro Perspective
- Economists study consumer behaviour from a broad (macro) perspective.
- Consumer behaviour researchers focus on the individual (micro) level.
Evolving New Dominant Logic
- Pre-1900: Goods-centered exchange (tangibles, static trans).
- 21st Century: Service-centered exchange (intangibles, dynamics).
Consumer Behaviour and Related Disciplines
- Diverse disciplines like law, economics, neuroscience, marketing, statistics, psychology, finance, anthropology, history, sociology, and management are closely related to consumer behaviour.
Describing Different Exchange Environments
- This learning objective focuses on how various factors influence different consumer experiences in exchange environments (e.g., fast-food chains vs. fine restaurants).
Questions to Consider
- Analyze the competitive marketing environment.
- Evaluate the marketer's dependence on repeat business.
Some Terminology
- Consumer (customer) orientation: Focus on customer needs and desires.
- Market orientation: Company strategy focused on consumer needs.
- Relationship marketing: Building long-term relationships with customers.
- Touchpoints: Interactions between customers and businesses.
Role of Consumer Behaviour in Business and Society
- Explains how businesses understand consumers and make marketing strategies.
- Explains how changing consumer behaviour impacts society.
Why Study Consumer Behaviour?
- Input to business/marketing strategies.
- Force that shapes society.
- Responsible consumer decision-making.
Resource-Advantage Theory
- Companies succeed/fail based on resource acquisition from consumers.
- This acquisition is in return for the value the company's resources create.
Make-Up or Hope?
- Myopic view focuses on products rather than the value consumers receive.
Different Ways of Doing Business
- Differentiated, undifferentiated, and niche marketing strategies.
Consumer Behaviour and Society
- Social attitudes toward smoking have significantly evolved over the past few decades.
Consumer Behaviour and Personal Growth
- Understanding consumer behaviour improves consumer decision-making.
- Factors like consequences of poor budgeting, emotions, social influences, and environmental effects are crucial.
Basic Approaches to Studying Consumer Behaviour
- Interpretive research, qualitative research, and quantitative research are different research approaches.
Comparing Quantitative and Qualitative Research
- Qualitative research discovers ideas, uses exploratory research on general objects, observes and interprets; unstructured, subjective.
- Quantitative research tests hypotheses, measures and tests, structured response, objective, and large sample sizes.
Dynamic Consumer Behaviour and Recent Trends
- Trends like internationalization, technological changes, and changing demographics and economies impact consumer behaviour.
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