MRKT 492 Consumer Behavior Class #2WHAT IS CONSUMER BEHAVIOR? Consumer Behavior: The study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desiresActors in Consumer Behavior: - Organization/group as consumer- Purchaser versus user versus influencerGENERAL STEPS IN SEGMENTING, TARGETING AND POSITIONING 1. Segmentinga. Identify bases for segmenting the marketb. Develop Profiles of resulting segment 2. Targetinga. Develop measures of segment attractivenessb. Select target segments 3. Positioning a. Develop positioning for each target segmentb. Develop marketing mix for each target segment. SEGMENTING CONSUMERS: DEMOGRAPHICSDemographics (U.S. Census Bureau): Statistics that measure observable aspects of a population - Age: Red bull, Taco Bell, Lucky Charm - Gender: Dr.Pepper, Old Spice- Race/Ethnicity: McDonalds (Fiesta Burger), Hallmark (Sincermante)- Family Structure: (Omega Couples Watches), Motts - Social class/Income: Nordstrom, Neiman Marcus vs. Wal-MartSEGMENTING CONSUMERS: PSYCHOGRAPHICS- Personality Traits- Lifestyles- Sociocultural ValuesTAPPING INTO CONSUMER LIFESTYLESRelationship Marketing: Interact with customers regularly; give them reason to come backSEGMENTING CONSUMERS: GEODEMOGRAPHICGeographic Segmentation: A hybrid segmentation based on the premise that people who live together have similar income, lifestyles, preferences, and consumption habitsExamples: McDonalds, Coca Cola south vs. Northeast, Kraft General Foods’ Maxwell House USAGE- RATE SEGMENTATIONDefining Markets by heavy usage: 80/20 rule- 1% of pet owners account for 80% of heavy purchasers of lams pet food- 1 out of 5 customers is a heavy user of fast food restaurantsPOPULAR CULTURE- Music- Movies- Sports- Books- Celebrities- Entertainment Marketers influence preferences for movie and music heroes, fashions, food, decorating choices, the way we evaluate others based on products they own and which types of cars or houses we
View Full Document