Definition of ConsumerBehavior Individuals or groups acquiring, using and disposing of products, services, ideas, or experiences Includes search for information and actual purchase Includes an understanding of consumer thoughts, feelings, and actions
Consumer ResearchThe systematic and objective process of gathering, recording, and analyzing data for aid in understanding and predicting consumer thoughts, feelings, and behaviors.In a global environment, research has become truly international.
Important Factors inConsumer Research Speed The Internet Globalization
Types of Consumer Research Basic Research To expand knowledge about consumers in general Applied Research When a decision must be made about a real-life problem
The Consumer ResearchProcess Defining the Problem and Project Scope The Research Approach The Research Design Data Collection Data Analysis and Interpretation Report
Production Concept Focus on Production View of consumers: They will buy as long as the product is available and affordable. Focus on production justified: Demand higher than supply Non-competitive product cost
Selling Concept Focus on selling View of consumers: We have to sell to them or else they won’t buy. Focus on selling justified: Introductory stages of product life cycle
Marketing Concept Focus on marketing Creating mutually rewarding exchange relationships Consumer needs and wants have priority View of consumers: They will buy if you fulfill their needs better than the competition.
Market Research:Research Designs Exploratory Research (Formulative) Descriptive Research (Statistical) Causal Research