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What is Consumer Behavior? Chapter 1 Overview of Consumer Behavior Every day interactions Important to: Marketers Policymakers Consumers Consumer Behavior Two definitions: 1. As human behavior: “Set of value-seeking activities that take place as people go about addressing realized needs” Basic Consumption Process NEED WANT EXCHANGE COSTS & BENEFITS REACTION VALUE Consumer Behavior Two definitions: 2. Study of consumers as they go about the consumption process; study how they seek value to address needs Consumer Behavior Anthropology Economics Consumer Behavior Sociology Psychology Marketing How Are Consumers Treated? Two determinants How competitive is the environment? License Bureau v. Upscale restaurant Consumer orientation v. market orientation How dependent on repeat business? Relationship marketing Touchpoint Role of Consumer Behavior CB & Marketing Resource advantage theory Products v. Attributes What do consumers give up? What are they looking for? Milkshake study Understanding value helps determine who your competitors are Examples: Role of Consumer Behavior Business Orientation Undifferentiated Differentiated Production Wal-mart Toyota Niche One specific group Role of Consumer Behavior CB & Society Purchasing behaviors shape society What’s “cool” and “not cool” CB & Personal Growth Debt Credit cards Approaches to CB How can we study it? Interpretive research Qualitative Pros & cons Phenomenology Ethnography Quantitative Pros & cons CB is Dynamic CB changes over time Internationalization Technological changes TV ads Internet Changing demographics Changes in the family How does this affect their CB?