MK 527 Consumer Behavior *
This course examines the consumer behavior process and what, when, why, where and how consumers choose products and services. It explores how consumer behavior is influenced by marketers¿ actions. The different steps in the consumer behavior process will be evaluated to gain awareness of how various products, services and circumstances can be adapted for managerial decisions on segmentation and positioning. The relationship of consumer behavior to marketing research is addressed promoting clarity in the selection of research methodology, question design and selection and the interpretation and analysis of consumer responses to such questions. Class projects include a team project focused on discovering an unmet consumer need and designing a product and marketing plan to address that a need.
Outcomes
- This course will prepare students to:
- Argue how consumer behavior can assist marketers to anticipate reactions to changes in the marketing mix, or determine whether introduction of new products is warranted.
- Defend how value-based pricing, brand equity and customer relationship management is influenced by consumer behavior.
- Adapt consumer behavior influences on formulating managerial decisions on segmentation and positioning.
- Compare the role of culture, psychological processes (e.g. motivation, perception, memory, attitudes, persuasion, judgment, and decision-making, etc.) and marketplace behaviors (e.g. in retail settings, online, post-purchase, etc.) in consumer purchasing decisions.
- Distinguish how research methodology and question design and selection contribute to analysis and interpretation of consumer responses.
- Develop a plan for a successful implementation of a marketing strategy, using the need to use consumer behavior (consumers who they are, what they want, how they make decisions, and how their behavior is influenced by the marketers’ actions).