MKTG 305 1st Edition Lecture 4Outline of Last Lecture I. Defining “marketing”II. Defining “consumer”III. The Consumer ProcessOutline of Current Lecture I. Consumer Impact on MarketII. SegmentationIII. Tapping into Consumer LifestylesIV. Marketing’s Impact on ConsumersCurrent LectureConsumer Impact on Market:Understanding consumer behavior is good business. - Understanding people/organizations can help you satisfy consumer needs/wants- Knowledge and data about consumers can be gained by segmenting the consumers marketSegmentation:There are 2 types of segmentation: Demographics and LifestylesDemographics- these are quantitative. Things like age, race, gender, geography, income, etc.Lifestyles- these are qualitative and can only be determined through interviews.- Psychographics is used to segment by lifestyleo The way we feel about ourselveso The things we valueo Things we do in out spare time ie. HobbiesTapping into Consumer Lifestyles:Relationship Marketing- interact with customers regularly, give them reasons to maintain a bond with the company. These 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.Database marketing- this uses databases to track specific consumers’ buying habits and crafts products and messages tailored precisely to their wants. Ex. Grocery store loyalty programs Marketing’s Impact on Consumers:Meaning for consumption- people often buy products not for what they are but for what they mean. People develop relationships with brands. Self-concept and attachment- products help establish the user’s identityNostalgic attachment-products serve as a link with the past self. “The good old days”Interdependence- products that are a part of the user’s daily routine; can’t leave home without itLove- products elicit emotional bonds of warmth, passion, or other
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