Introduction to Consumer Behaviour

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Questions and Answers

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?

  • 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?

  • Descriptive Research
  • Quantitative Research (correct)
  • Qualitative Research
  • Interpretive Research

How has the perception of smoking changed over the years, according to societal attitudes?

<p>Smoking is considered less socially acceptable. (B)</p> Signup and view all the answers

What is a significant dynamic aspect of consumer behavior?

<p>Recent trends can significantly influence consumer behavior. (D)</p> Signup and view all the answers

Which approach is NOT typically used to study consumer behavior?

<p>Behavioral Research (D)</p> Signup and view all the answers

What role does social influence play in consumer behavior?

<p>It helps consumers understand their purchasing decisions. (C)</p> Signup and view all the answers

What misconception might consumers have about environmental effects on their decisions?

<p>Consumers often overlook environmental effects. (B)</p> Signup and view all the answers

What does consumer behavior primarily involve?

<p>The set of value seeking activities addressing realized needs (B)</p> Signup and view all the answers

Which of the following describes the basic consumption process?

<p>The transformation of goods, services, or ideas into value (D)</p> Signup and view all the answers

What perspective do economists typically use to study consumer behavior?

<p>Macro perspective (C)</p> Signup and view all the answers

Which learning outcome focuses on the varied treatment of consumers in different exchange environments?

<p>LO2 (D)</p> Signup and view all the answers

Why is consumer behavior considered dynamic?

<p>Recent trends significantly impact consumer choices (D)</p> Signup and view all the answers

What does consumer behavior NOT include?

<p>Collecting products as a hobby (A)</p> Signup and view all the answers

Which of the following is a key component of consumer behavior?

<p>Evaluating and disposing of products (D)</p> Signup and view all the answers

In the study of consumer behavior, what is NOT a focus area?

<p>Comparison of advertising strategies (D)</p> Signup and view all the answers

What level do consumer behavior researchers primarily focus on?

<p>Individual level analysis of consumer behavior (A)</p> Signup and view all the answers

In what way are consumers treated differently in various exchange environments?

<p>Based on the level of competition in the environment (B)</p> Signup and view all the answers

What is one key output of studying consumer behavior?

<p>Input to business and marketing strategy (D)</p> Signup and view all the answers

Which term best describes the theory explaining why companies succeed or fail based on resource acquisition from consumers?

<p>Resource-Advantage Theory (C)</p> Signup and view all the answers

What is one reason for the marketing environment's competitiveness?

<p>The reliance on repeat business (A)</p> Signup and view all the answers

How does consumer behavior influence society?

<p>It shapes societal trends through purchasing decisions. (C)</p> Signup and view all the answers

What is the focus of relationship marketing?

<p>Building long-term relationships with consumers (C)</p> Signup and view all the answers

What role does consumer behavior play in making responsible decisions?

<p>It helps shape awareness and understanding of product value. (B)</p> Signup and view all the answers

Flashcards

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

The process of using and transforming goods, services, or ideas into value for the 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

The study of how consumers are treated differently in different buying and selling situations.

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Consumer Behavior's Role in Business

The application of consumer behavior principles to understand how companies can create and deliver value to consumers.

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Consumer Behavior's Role in Society

The use of consumer behavior insights to address social issues and promote positive change.

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Fields of Study Contributing to Consumer Behavior

A field of study that combines psychology, sociology, anthropology, and economics to understand consumer behavior.

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Dynamic Nature of Consumer Behavior

Consumer behavior constantly changes due to factors like technology, social trends, and economic conditions.

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Marketer dependency on repeat business

The degree to which a marketer relies on repeat business to be successful.

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Marketing environment competitiveness

The level of competition a marketer faces in a specific market.

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Consumer orientation

A company's focus on understanding and meeting customer needs and wants.

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Market orientation

A company's focus on understanding and meeting market needs and wants. It's broader than consumer orientation.

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Relationship marketing

A marketing strategy that focuses on building long-term relationships with customers.

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Touchpoints

Touchpoints are the interactions a customer has with a brand throughout the customer journey.

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Resource-advantage theory

Resource-advantage theory explains why companies succeed or fail based on how they acquire resources from consumers in exchange for value.

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Myopic Business View

A business perspective that focuses solely on products without taking into account the value customers receive. This approach fails to consider the needs and desires of consumers.

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What is Consumer Behavior?

The study of how individuals and groups make decisions about acquiring, using, and disposing of products, services, ideas, and experiences to satisfy needs and wants.

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Why is Consumer Behavior Dynamic?

Consumer behavior is constantly changing due to factors such as technological advancements, social trends, and economic conditions.

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What is Consumption?

The process of using and transforming goods, services, or ideas into value for the consumer.

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Who is a 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.

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What is Interpretive Research?

Qualitative research uses in-depth interviews, focus groups, and observations to gather rich, descriptive data about consumer experiences and motivations.

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What is Quantitative Research?

Quantitative research uses surveys, experiments, and statistical analysis to gather numerical data about consumer behavior, allowing researchers to analyze patterns and trends.

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How Does Studying Consumer Behavior Help Consumers?

Studying consumer behavior helps consumers make better decisions by understanding the consequences of poor budgeting, the role of emotions and social influences in purchasing decisions, and avenues for redress against unfair business practices.

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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).
  • 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.
  • Trends like internationalization, technological changes, and changing demographics and economies impact consumer behaviour.

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