MARK 4100 Notes
We are Consumers 24/7
We are always consuming something (ex. The clothes we are wearing)
We are sometimes planning future consumption
We are sometimes enjoying memory of past consumption
What is Consumer Behavior?
Consumer behavior: the mental and physical activities undertaken to acquire and consume the products
and services so as to fulfill needs and wants.
Physical activity: buying a product, preparing for consumption, etc.
Mental activity: evaluating a product in your mind
Need and Want
Need: a discomforting human condition
Want: a desire for a specific product so as to alleviate that condition
3 Essentials of Consumer Behavior
Exchange: an interchange between two parties where each receives value (example: exchanging
things at Burning Man festival)
Resources: Something that others value
Five resources: money, time, physical energy, knowledge and skills, social capital
Value: sum total of all benefits we receive from a product
USER: utilitaria, social, ego-identity, recreation/hedonic
Purpose of Business and Marketing
To create satisfied customers.
The Age of the Empowered Consumer
The age of co-creation and personalization
The age of authentic experience
The age of collaborative consumption
The age of the consumer in the driver's seat
Source Diciplines for Consumer Behavior
Who Should Study Consumer Behavior
Public policy makers
Tattoo: A Metaphor for Desire
Purpose of Marketing: to help the consumer experience the proverbial tattoo that is already within
To satisfy the consumer you have to bring that tattoo out