BU432 Lecture Notes - Lecture 2: Consumer Behaviour, Customer Relationship Management, Industrial Revolution
Document Summary
Consumer behaviour is a process: prepurchase issues: What cues do consumers use to determine which products are superior to others: purchase issues: Consumer: what is the experience of purchasing a product, what does the purchase say about the consumer. Marketer: what brings people into a store, what keeps them there: post-purchase issues: Consumer: how does the consumer feel about the product. Wheel of consumer behaviour: consumers in the marketplace, consumers as individuals, consumers as decision makers, consumers in their social and cultural settings. History of consumption: 1776 consumption is the sole end and purpose of all production. Puts consumer at the heart of what is going on. Came up with a term conspicuous consumption: acquiring goods represents a way to display power in order to gain social recognition. As a price goes up for a luxury good demand goes up. Whereas the price goes down for a normal good demand goes up.
