Ch 02 student slides

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Ch 02 student slides

  1. 1. © 2009 South-Western, a division of Cengage Learning. Chapter 2: Value and the Consumer Behavior Value Framework Babin/Harris
  2. 2. © 2009 South-Western, a division of Cengage Learning. 2-2 Learning Outcomes 1. Describe the consumer value framework, including its basic components. 2. Define consumer value and compare and contrast two key types of value. 3. Apply the concepts of marketing strategy and marketing tactics to describe the way firms go about creating value for consumers. 4. Explain the way market characteristics like market segmentation and product differentiation affect marketing strategy. 5. Analyze consumer markets using elementary perceptual maps. 6. Justify adopting the concept of consumers’ lifetime value as an effective long-term orientation for many firms.
  3. 3. © 2009 South-Western, a division of Cengage Learning. 2-3 The Consumer Value Framework (CVF)  Represents consumer behavior theory illustrating factors that shape consumption related behaviors and ultimately determine the value associated with consumption. LO1
  4. 4. © 2009 South-Western, a division of Cengage Learning. 2-4 Value and the CVF Components  Value is at the heart of experiencing and understanding consumer behavior.  Components of the CVF:  Relationship quality  Consumption process  Internal influences  External influences LO1
  5. 5. © 2009 South-Western, a division of Cengage Learning. 2-5 Relationship Quality  Connectedness  High perceived value improves relationship quality. LO1
  6. 6. © 2009 South-Western, a division of Cengage Learning. 2-6 Consumption Process  Needs  Wants  Exchange  Costs and benefits  Reactions LO1
  7. 7. © 2009 South-Western, a division of Cengage Learning. 2-7 Internal Influences  Things that go on inside the consumer or that can be thought of as part of the consumer.  The psychology of the consumer.  The personality of the consumer. LO1
  8. 8. © 2009 South-Western, a division of Cengage Learning. 2-8 Psychology of the Consumer  Cognition  Affect LO1
  9. 9. © 2009 South-Western, a division of Cengage Learning. 2-9 Personality of the Consumer  Every consumer has certain characteristics and traits that help define them as an individual.  Individual differences LO1
  10. 10. © 2009 South-Western, a division of Cengage Learning. 2-10 External Influences: Interpersonal Influences  External influences include the social and cultural aspects of life as a consumer.  Social environment  Situational influences LO1
  11. 11. © 2009 South-Western, a division of Cengage Learning. 2-11 Value  Value = What you get – What you give  Utilitarian value  Hedonic value LO2
  12. 12. © 2009 South-Western, a division of Cengage Learning. 2-12 Marketing Strategy  The way a company goes about creating value for customers.  Strategy exists at several levels:  Corporate strategy  Marketing strategy  Marketing tactics LO3
  13. 13. © 2009 South-Western, a division of Cengage Learning. 2-13 Total Value Concept  The understanding that products provide value in multiple ways.  Every product’s value is made up of the basic benefits, plus the augmented product, plus the “feel” benefits. LO3
  14. 14. © 2009 South-Western, a division of Cengage Learning. 2-14 Strategy  Market Segmentation  Product Differentiation  Product Positioning  Perceptual Map  Customer Lifetime Value  CLV=npv(sales – costs) + npv(equity) LO4

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