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Module 1 Flashcards

(7 cards)

1
Q

Define Consumer Behaviour

A

Consumer Behaviour studies how individuals and groups select, purchase, use, and dispose of products, services, ideas, and experiences.

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2
Q

What are the 3 stages of Consumer Behaviour?

A
  1. Pre-purchase (select)
  2. Purchase (buying)
  3. Post-purchase (usage/disposal)
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3
Q

Role of Consumer Behaviour in Marketing Strategy

A
  1. Market Segmentation and Targeting: Dividing consumers into groups (age, location, social class) to identify the most profitable segment.
  2. Identifying Threats and Opportunities: Adapting to market trends (Churchill insurance revamping its brand due to changing customer priorities).
  3. Tracking Behavioral Changes: Adjusting strategies based on evolving preferences (social media trends, shifting product preferences).
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4
Q

Changes in Consumer Behaviour

A
  1. Government Policies: Incentives for electric vehicles influence green purchases.
  2. Social Changes: Rise in single person households, gender role shifts, ethical living trends.
  3. Technology Advancements: Online reviews impact decisions, digital payments dominate.
  4. Globalization: More choices due to cross border e-commerce.
  5. Corporate Social Responsibility (CRS): Firms balance profit with social impact but consumer responses vary (Gillette’s toxic masculinity ad backlash).
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5
Q

Dark Side of Marketing

A
  1. Meaning of Consumption: Branding affects self image; marketing influences children’s materialism.
  2. Addictive Consumption: Social Media affects mental health.
  3. Compulsive Consumption: Shopping addiction leads to physiological distress.
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6
Q

Purpose of Research

A

Helps marketers answers:
~ What are consumers unsatisfied needs?
~ Who is likely to buy our product?
~ How much are they willing to pay?
~ Should we offer different service levels?

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7
Q

Research Methods

A
  1. Primary Data Collection:
    ~ Surverys: Structured questionnaires for large samples.
    ~ Interviews: In-depth discussions for detailed insights.
    ~ Focus Groups: Small group discussions to gauge perceptions.
    ~ Experiments: Testing different variables in controlled environments.
  2. Secondary Data Collection:
    ~ Using pre-existing data from external sources.
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