MKT 327 1st Edition Lecture 10 Understanding Target Market part 2Outline of Last Lecture A. Marketing planning processII. Target market analysisIII. Being on codeIV. Buyer customer behaviorV. Consumer buyer decision processVI. Choice frame work for how consumers make decisionsVII. Steps between evaluation of alternatives and a purchase decisionOutline of Current Lecture B. Example ‘on code’VIII.Buyer behavior model reviewIX. Social influences on behaviorX. Psychological influencesXI. Attitudes: 3 stages Current Lecture1) Example ‘on code’a) Stir’n Frosti) It was off code, then the company had to take stuff out and make it so that it was ‘truly instant’b) ROSSi) Store is full of discontinued clothes with dispersed pieces of label brands (latest fashion, or latest designer)(1) But this aspect keeps then on code, have ‘the hunt’ or ‘the discovery’ of the ‘diamond in the rough’ piece of clothing2) Buyer behavior modeli) Who buys(1) Types of customer(a) Demographic profile(b) Psychographic profileThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.(2) Types of buyer(a) Heavy vs. light(b) Frequent vs. infrequent(c) Loyal vs. deal proneii) What is bought(1) Features/attributes(2) Benefits/contributionsiii) Why they buy & how(1) Influences- psychological factors(a) Motivation(b) Perception(c) Attitudes(d) Learning(e) Information processing(2) Decision models- processing(a) Consumer involvement(i) Low, high(b) Consumer decision making(i) Passive, active(3) Societal factors-influences(a) Culture (b) Subculture(c) Social class(d) Preference groups(e) Family3) Social influences on consumera) Who issuesi) Culture(1) Defines values and norms- learned way of looking at things(a) Impacts what we feel is right or wrong (acceptable, appropriate, unacceptable, inappropriate)(b) Subculture: example- ethnic affiliation (2) What is ‘cool’ code?(a) Authenticity ii) Social(1) Survival needs- lifestyle survival (2) Social class, reference groups, family (3) Who and what issues iii) Personal(1) Performance specifics- product specifics- individual characteristics(2) Nature of information processing(3) Purchase process(4) Method of payment/acquisition(5) When issues(a) Time of year, week, day(b) Usage situation(c) Impulse vs. shopping(6) Where issues(a) Type of retail store(b) Geographic location4) Psychological influencesa) Maslow’s Hierarchy of Needsi) (Top-bottom = least important –most important)ii) Self-actualization(1) Self-development and realizationiii) Esteem needs(1) Self-esteem, recognitioniv) Social needs(1) Sense of belonging, lovev) Safety needs(1) Security, protectionvi) Physiological needs(1) Food, water, sheltersb) Learning and perspectivei) Formation of beliefsii) Importancec) Attitudesi) Predisposition to actd) Information processingi) Structure and process of evaluation5) Attitudes: 3 stagesa) Cognitivei) Does a product have a particular attribute the consumer wants?b) Affectivei) Does that consumer like a particular attribute?c) Behaviorali) Is the consumer likely to buy the
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