Consumer behavior notes Description: Examining the processes by which consumers select, purchase, use and dispose of products, services, ideas and experiences Importance of consumer research: 1. Understanding the customer 2. Strategic marketing planning 3. Risk reduction Mechanism for Impact Compact search satisfied with options Stronger when uncertain Strong Show that we can control the process by checking low skills options. Instruct clients (and managers) to systematically and approximately exaggerate and underestimate capabilities and features in 1. Above Average – Likes to think of himself above average 2. Below Average – Likes to think of himself below average Decision Making Consumers identify or estimate from the beginning of the reference point Anchors, then adjust Usually occurs unintentionally May be irrelevant Research secondary data for purposes other than Internal (such as sales records, salesperson call reports, returns) External, government sites, trade associations, networks, etc.) Syndication (browser data, TV ratings Chi-Square Test: Tests for differences by dividing sample into subgroups to learn whether there is an association between variables. T-Test: Tests for differences by determining whether the average between two groups is either the same or different.
Perceptual Map: Graphical representation of how consumers see brands Created by identifying competitors, identifying attributes of interest, and asking consumers to rate brands along those attributes Independent variable (X) - the factors manipulated in a study to see if they affect the dependent variable Dependent variable (Y) - the factors measured to see if they are affected by the independent variable Experiments: Quantitative Primary Research Goal: to be able to identify the causal relationship between a set of variables Focus on patterns of data Elements of a good experiment: