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CHAPTER 1 CONSUMER BEHAVIOR AND MARKETING STRATEGY 1-4 Consumer Behavior and Marketing Strategy Consumer behavior is 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 that these processes have on the consumer and society. 1-5 Consumer Behavior In The News… Segmenting the Automobile Market ¾ J.D. Powers Examined Car Car--Buyer Segments. ¾ Can You Predict the Market for Each Brand? ¾ Honda H d Ci Civic i ¾ Honda Accord ¾ Toyota Sienna Mini Van ¾ Cadillac STS ¾ Lexus LS 430 Source: D. Kiley, “Sexy or Sensible?” Business Week, January 16, 2006, p. 60-61. 1-6 1 Consumer Behavior In The News… Segmenting the Automobile Market ¾ J.D. Powers Examined Car Car--Buyer Segments. ¾ Can You Predict the Market for Each Brand? ¾ Honda H d Ci Civic i – “teenage “t tterror”” ¾ Honda Accord – “recent MBA grad” ¾ Toyota Sienna Mini Van – “suburban mom” ¾ Cadillac STS – “mid “mid--career executive” ¾ Lexus LS 430 – “titan of industry” Source: D. Kiley, “Sexy or Sensible?” Business Week, January 16, 2006, p. 60-61. 1-7 Applications of Consumer Behavior 1. Marketing Strategy 2 Regulatory 2. R l t Policy P li 3. Social Marketing 4. Informed Individuals 1-8 Applications of Consumer Behavior Social marketing is applying marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole. For example … 1-9 2 Marketing Strategy and Consumer Behavior 1-10 Market Segmentation Market segmentation is a portion of a larger market whose needs differ from the larger market. 1-12 Market Segmentation Market Segmentation Involves Four Steps: 1. Identifying Product-Related Need Sets 2 Grouping 2. G i C Customers t with ith Si Similar il N Need dS Sets t 3. Describing Each Group 4. Selecting an Attractive Segment(s) to Serve 1-13 3 Marketing Strategy ¾ Marketing Strategy is the answer to the question: How will we provide superior customer value to our target market? ¾ This requires the formulation of a consistent marketing mix, mix which includes the 1. Product 2. Price 3. Communications 4. Distribution Distribution, and 5. Services 1-15 Consumer Decisions The consumer decision process intervenes between the marketing strategy, strategy as implemented in the marketing mix, mix and the outcomes outcomes. The firm can succeed only if consumers see a need that its product can solve, become aware of the product and its capabilities, decide that it is the best available solution, proceed to buy it, and become satisfied with the result of the purchase. 1-18 Outcomes Creating Satisfied Customers 1-20 4 The Nature of Consumer Behavior Overall Conceptual Model of Consumer Behavior 1-21 The Nature of Consumer Behavior External Influences The following are the major external influences: • Culture C lt • Demographics and social stratification • Ethnic, religious, and regional subcultures • Families and households • Groups 1-22 The Nature of Consumer Behavior Internal Influences Internal influences include: • Perception • Learning • Memory • Motives • Personality •Emotions •Attitudes 1-23 5 The Nature of Consumer Behavior Self--Concept and Lifestyle Self Self-concept is the totality of Selfan individual’s thoughts and feelings about oneself. Lifestyle is how one lives, including the products one buys, how one uses them, what one thinks about them, and how one feels about them. 1-24 The Nature of Consumer Behavior Situations and Consumer Decisions Consumer decisions result from perceived problems and opportunities. Consumer problems arise in specific situations and the nature of the situation influences the resulting consumer behavior. Using Outdoor Media to Trigger Problem Recognition 1-25 6