MKT 400 Chapter Notes - Chapter 1: Brand Equity, Social Marketing, Paradigm Shift
4 Feb 2013
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Customer behaviour: study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences, to satisfy needs and desires: ongoing process emphasizing on the interaction between consumers and producers. Exchange: two or more organizations or people give and receive something of value. Basic marketing concept states that firms exist to satisfy consumers" needs. Marketing segmentation: identifies groups of consumers who are similar to one another in one or more ways and then devises marketing strategies that appeal to one or more groups. Family structure family and marital status has a big effect on a consumer"s spending priorities. Social class and income people grouped within the same social class are approximately equal in terms of their incomes and social standings in the community. Relationship marketing: interaction with customers on a regular basis, giving them reasons to maintain a bond with the company over time.
