Which of the following statements about the dynamic nature of consumer behavior is not true

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Introduction (CBMS1)

Chapter #1 Peter&Olson

Introduction to consumer behavior and marketing strategy

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To deploy the marketing concept (an organization must satisfy consumer needs and wants while making profits), firms must understand both their customers and their products/brands. Consumer behavior will help on that.

What is consumer behavior?

The AMA defines consumer behavior as the dynamic interaction of affect and cognition, behavior, and the environment by which human beings conduct the exchange aspects of their lives. Consumer behavior involves the thoughts and feelings people experience and the actions they perform in consumption processes. It also includes the environment that influence these thoughts, feelings and actions. Consumer behavior is dynamic, involves interactions, and exchanges.

• Consumer behavior is dynamic

The thinkings, feelings, and actions of individual consumers, targeted consumer groups, and society at large are constantly changing. Cue: product life cycles are shorter.

• Consumer behavior involves interactions

Among people's thinking, feelings, and actions, and the environment. Thus marketers need to understand what products and brands mean to consumers, what consumers must do to purchase and use them, and what influences shopping, purchase, and consumption. The aim is to satisfy consumer needs by making profits.

• Consumer behavior involves exchanges

Between human beings. People give up something of value to others and receive something in return.

Approaches to consumer behavior research

Uses of consumer behavior research

Marketing organizations --> Marketing strategies

Government and political organizations --> Public policy

Consumers --> Consumer activities

Marketing strategies <--> Public policy <--> Consumer activities <--> Marketing strategies

Consumer behavior's role in marketing strategy

A marketing strategy is the design, implementation, and control of a plan to influence exchanges to achieve organizational objectives. Consumer behavior will provide the knowledge to understand customers, allowing marketing strategies to be accurately defined and result to be achieved.

Marketers have to analyze and understand not only consumers of their products and brands but also consumers of competitive offerings and the reasons they purchase competitive products.

Some marketing strategy questions consumer behavior research can help answer:

1. Which consumers are likely to buy this product and our brand, what are they like, how are they different from consumers who don't buy, and how do we reach them?
2. What criteria are consumers likely to use to decide which products and brands to purchase? What will be consumer decision process entail, and what will influence it?
3. Is brand image, convenience, price, particular product attributes, or other criteria most important to consumers of this product?
4. What strategies should be used to encourage consumers to purchase our brand and not purchase those of competitors?
5. How do consumers process information about products, and how can this process be influenced to increase the chances that consumers will have a favorable impression of our brand?
6. What do consumers think and feel about our brand versus competitive brands? What can be done to improve their opinion of our brand?
7. How can we increase the chances that consumers will process information about our brand and come up with a favorable impression?
8. What behaviors do consumers have to perform to purchase and use this product and our brand? How can we increase the frequency with which consumers perform these behaviors? Are there opportunities to change the way consumers purchase and use this product that could give us a competitive advantage?
9. In what situations are consumers likely to purchase and use this product and our brand? How can the number of these situations be increased? What environmental factors influence purchase and use?
10. What price are consumers willing to pay for our product and still believe they are getting good value? Should sales promotion be used and, if so, which ones and how should they be timed?
11. What can we do to satisfy and even delight consumers with our brand so that they become loyal customers?
12. How can we delight consumers of our brand and also meet the needs of owners, employees, suppliers, channel members, society, and other stakeholders?

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