Consumer behavior and marketing strategy

Consumer behavior and marketing strategy

1. Test of grand theories

   • Results show low R2 values
     • Difficults in measurement, in specifying, feedback loops, real consumer behavior

2. The wheel of consumer analysis

   • Is a framework that help us understand consumer behavior, we can understand it at various levels.

3. Consumer

   • Affect: consumers feelings about stimuli and events
   • Cognition: the mental structures and process involved in thinking, understanding and interpreting stimuli and events.
   • Consumer mind: black box

4. Consumer behavior

   • The physical actions of ocnsumers that can be directly observed and measured by others

5. How they buy?

   • High involvement products
     • High price, complex features, significant differences between alternatives, high perceived risk, reflect self concept of buyer
   • Low involvement products
     • Alternatives, does not reflect buyers self concept, frequent brand switching behavor.

6. Purchase

   • Problem/need recognition, evaluation of alternatives, decision

7. Theory of evoked set

   • Total set, awareness set, consideration, decision set, purchase

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