Instructor Solution Manual For Consumer Behavior Building Marketing Strategy, 15th Edition By David Mothersbaugh, Susan Bardi Kleiser and Delbert Hawkins Chapter 1-20 With Cases [I II III IV V]
CHAPTER 1: CONSUMER BEHAVIOR AND MARKETING STRATEGY LEARNING OBJECTIVES LO1: LO2: LO3: LO4: LO5:
Define consumer behavior Summarize the applications of consumer behavior Explain how consumer behavior can be used to develop marketing strategy Explain the components that constitute a conceptual model of consumer behavior Discuss issues involving consumption meanings and firm attempts to influence them
SUMMARY LO1: Define consumer behavior The field of consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. LO2: Summarize the applications of consumer behavior Consumer behavior can be applied in four areas, namely (a) marketing strategy, (b) regulatory policy, (c) social marketing, and (d) creating informed individuals. Developing marketing strategy involves setting levels of the marketing mix based on an understanding of the market and segments involved to create desirable outcomes. Developing regulatory guidelines involves developing policies, guidelines, and laws to protect and aid consumers. Social marketing is the application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole. Creating more informed individuals involves educating consumers about their own consumption behaviors as well as marketers’ efforts to influence it in such a way as to create a more sound citizenship, effective purchasing behavior, and reasoned business ethics. LO3: Explain how consumer behavior can be used to develop marketing strategy The interplay between consumer behavior and marketing strategy involves five stages. First is market analysis which involves gathering data and tracking trends related to the company, competitors, conditions, and consumers. Second is market segmentation. A market segment is a portion of a larger market whose needs differ somewhat from the larger market. Firms segment their markets and choose a segment or segments that best fit their capabilities and market conditions. Third is marketing strategy which involves setting appropriate levels for the marketing mix as a function of the segments being targeted and the market conditions that exist. Fourth is the consumer decision process which is a series of steps starting with problem recognition and moving through information search, alternative evaluation, purchase, use, and post purchase evaluation. Marketing efforts can be targeted to these different stages. Fifth is 1-1 © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC.