Business Notes

1276 words 6 pages
Bsns 103 Key aspects:
Culture: Language and symbols, norms, beliefs rituals.
Affluenza: “The consumers disease” We want more and more, the more we have the more we want.
Over consumption: (eg) Fast food leads to obesity. Having to have the latest model that is released. Driving cars = pollution.
Purchasing decision model:
• Identification/recognition
• Info search (other options)
• Alternative evaluation
• Purchase and delivery
• Post purchase evaluation
Needs
Wants
Perception
Senses
Attitudes:
• Affect (feelings)
• Behaviour (intentions to act towards the object because of this attitude)
• Cognition (beliefs about the object) eg. We convince ourselves why it is a good object.
Balance theory: (eg) Bob doesn’t like Bcoms but Betty
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(eg) Only buying fair trade, or only buying local (Consumer ethnocentrism) , free range eggs
Value: - Not just price of a product. Perceived quality and benefits and perceived cost of acquiring and using. Value is perceived differently to individuals. (eg) Lifetime guarantees or money back guarantees give a higher perception of quality or value. (eg) Something made from a different country may have better perceived quality/value. (eg) Something with sentimental value to someone, does not necessarily have to be of high monetary value.
Co-creation of value: Consumers more involved in their consumption, can get more involved in the company. We are now Prosumers, we are much more involved in our own consumption than we used to be. (eg) Addidas, “create your own shoe” complain. (eg) BMW interior design contest. (eg) Bluebird “create your own flavour”.
Shift from old marketing/media: Technology advances (internet) Social marketing.
Consumer relationship: Companies are changing towards retaining relationships instead of one off sales, tends to lead to: Loyalty, trust, consistency.
Models of response: - AIDA model
• Attention
• Interest ----- desire
• Action

How marketing has changed:
From: Marketing as
• Management led
• Firm-centric
• Product based
• Value fixed

Behaviour as:
• Rational
• Predictable
• Measurable
• Knowable

“We know how consumers behave”
“we do things to consumers”

• Single sales
• Importance of

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