Consumer Behavior Marketing

[Edit]: I emailed the Marketing lecturer and got the correct link and it works! Hurrah!

The Marketing google groups

Ok, since I'm boring I'm gonna spam the blog with today's class notes.

4th June 2009

• Highly successful companies need to know if they take care of the customers, sales & profit will follow.
• Marketing must understand & satisfy customer's needs. It is important for marketers to look beyond the attributes of the product and services they sell.
• They need to create brand experience for the consumer. In summary, marketing means managing market to bring about profitable exchange relationship by creating value and satisfying needs & wants from the customer's point of view.
• In marketing, management information system try to balance where users would like to have against what they really need and what is feasible to offer.
• Thus depends where marketers must carefully balance the cost of additional info against the benefits resulting from it.
• Before doing real research, researcher will use exploratory research is to gather preliminary information that would help define the problem and suggest hypothesis.
• Primary data are usually expensive & consume a lot of time as compared to secondary data.
• Real-life tip: To get info from stubborn parties that don't want to co-operate, best thing is to simply observe.
• In marketing, one of the most difficult thing is human behavior.
• Marketers need to understand the role played by buyer's culture, subculture, and social class.
• Research on consumer buying decision is to find out: where, what, when, why, how much they buy.
• The starting point where marketers need to understand buyer behaviours is to understand the stimulus respond.
• 4Ps... Product, Price, Place, Promotion
To understand how motivation are changed into response, it is important to understand the consumer black box.
• An example of a consumer black box
• Each culture contain a subculture.
• Social class can measure: occupation, education & income.
• The reference group with special skills, knowledge, personality/characteristics that is able to influence others are opinion-leaders.
• Marketers use alot of buzz marketing on the street as well as cafe, clubs, & internet.
• From the 'net: What is buzz marketing?
• People buy clothing to show their status in their society. Buyer decision normally influence by personal characteristics.
• People tend to change the goods & services they purchase because of age & life cycle stage.
• The basic concept underlying marketing is to ensure they are able to retain their customers.
• Many sellers make mistake of paying more attention to products than benefits & experience.
• Marketers try to avoid deceptive practice because such practice harm their business in the long run. Eg. deceptive packaging, promotion and pricing.
• Major movement to keep business in line are the environment and consumer perspective.