MKT 400 Lecture Notes - Lecture 4: Product Differentiation, Marketing Myopia, Homeostasis

• School: Ryerson University
• Department: Marketing
• Course: MKT 400
• Professor: Steven Chuang

Document Summary

Chapter 2: value and the consumer behaviour value framework. Individual differences: characteristic traits of individuals, including personality and lifestyle. Orange line -> segment is highly price sensitive. Green line -> segment is not price sensitive. Lo5: analyze consumer markets using elementary perceptual maps: product positioning: combination of product characteristics that provide the most value to an individual consumer or market segment, perceptual maps: tools used to depict graphically the positioning of competing products. Chapter 5: motivation and emotion: motivation & emotion -> inner reasons and driving forces behind human actions; consumers are driven to address real needs. Types of motivation: utilitarian: drive to acquire products that can be used to accomplish something; common with the behaviour of maintaining behaviour (homeostasis, hedonic: drive to experience something emotionally gratifying, emotionally satisfying -> buying experience. High vs. low product involvement: speciality purchases -> high product involvement, everyday items -> low product involvement.