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MKT 750 Consumer Behavior Instructor: Dr. West Office Hours & Location: W 11:00 – 12:00, Fisher 544 Phone & Fax: 292-0568 (O) 292-0879 (F) E-mail: [email protected] Agenda Introductions Class website: http://fisher.osu.edu/~west_284/mkt750w05 Syllabus highlights Course overview Assignment Syllabus Highlights Course Objective: To develop a deeper understanding of and appreciation for consumers To learn how to better serve your customers Class materials: Consumer Behavior: Building Marketing Strategy, 9th edition (Hawkins, Best, and Coney) Harvard readings packet Syllabus Highlights Requirements: Individual Components Points Participation 50 Memo & Case Write-up @ 50 points each 100 Two exams @ 100 points each 200 Team Components Demographic research project Advertising project 75 75 500 Keys to Success Come to class prepared Read the material in advance Keep up on assignments Treat others professionally Show pride in your work Be respectful Please refrain from: 1. 2. 3. 4. 5. Coming in late Leaving class early Sidebar conversations Cellular phone interruptions Eating food in the classroom Considered appropriate: 1. 2. 3. 4. Be considerate of others Get involved and participate Strive to be a good teammate Manage your time wisely Honor Code What is academic misconduct? Any activity that compromises the academic integrity of the institution or subverts the educational process. How will it be dealt with? You will be dismissed from the class. The University Committee on Academic Misconduct will be notified. Course Overview What is consumer behavior? Why study it? How does this relate to marketing? Some “essential tools” What is Consumer Behavior? “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 impact that these processes have on the consumer and society” -- Hawkins, Best, and Coney 2004 “The study of the cognitive, emotional, and physical activities associated with the perception, evaluation, choice, acquisition, use, and disposition of goods and services.” PERSONAL INFLUENCES Personality Values Resources Opinions Feelings Knowledge Life-stage Income Attitudes Motivations Past Experiences OBTAINING How you decide you want to buy Products you consider buying Where you buy How you pay for product How you transport product home SITUATIONAL INFLUENCES Brand Advertising Promotions Quality Service Product Packaging Assortment Availability Product Features Display Price Store Ambiance Convenience Loyalty Programs Goals Involvement SOCIAL INFLUENCES Justification Culture Family Word of Mouth Ethnicity Peer Groups CONSUMING DISPOSING How you use product How you store the product in your home Who uses the product How much you consume How product compares with expectations How you get rid of remaining product How much you throw away after use If you resell items yourself or through a consignment store How you recycle products Consumer Behavior What is Consumer Behavior? An interdisciplinary field Economics Physiology Cognitive Psychology Social Psychology Biology Anthropology Sociology Computer Science Why Study Consumer Behavior? The Marketing Concept: Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create more satisfying exchanges than the competition. Corollary: Success in the marketplace requires attracting, satisfying, and retaining customers. Why Study Consumer Behavior? No brand/product can appeal to all people. Firms must segment the market into groups with relatively homogeneous preferences and target one or more groups. Firms must position their offerings in the hearts and minds of these individuals in a favorable way. Why Study Consumer Behavior? Our guesses about people are inaccurate. This is because human nature leads us to believe that other people think like us false consensus People tend to perceive differences even when they don’t exist stereotyping Why Study Consumer Behavior? Therefore, we must strive to… Identify customer needs and wants Engage in research Understand how customers will respond to different messages and environments Learn about and apply theories Anticipate where preferences are headed Staying informed Connections to Marketing Segmentation & Targeting Customer Acquisition & Retention Building Loyalty Positioning & Repositioning New Products and Shaping Consumer Preferences Customer-based Brand Equity Connections to Marketing Communicating with your customers Influence & Persuasion Getting attention Generating “buzz” Essential Tools: Consumer Decision Making Demographics / Trends Family Life Cycle Information Processing Consumer Decision Making Consumer-side Need Recognition Alternative Evaluation Search Choice Post-Purchase Evaluation Marketer-side Awareness Interest Desire Action Essential Tools: Consumer Decision Making Demographics / Trends Family Life Cycle Information Processing Demographic Trends: Aging population Cultural Diversity & Globalization Lifestyle Trends: Staying connected Cellular phones Instant messaging Health & Fitness Atkins Water Essential Tools: Consumer Decision Making Demographics / Trends Family Life Cycle Information Processing Family Life Cycle Single Newly Full Married Empty Nest Nest Essential Tools: Consumer Decision Making Demographics / Trends Family Life Cycle Information Processing Consumer Information Processing Stimuli Exposure Attention Comprehension Acceptance Retention Purchase Assignment Carefully read the syllabus! Chapters 1 of the textbook Read the K-Mart and Sears story and develop a “marketing strategy” for the new company