Marketing Management, 16th Edition

Summary

1. To successfully compete in the market and create customer value, managers must fully understand both the theory and the reality of consumer behavior.

2. Consumer behavior is influenced by three factors: cultural, social, and personal. Research into these factors can provide clues to help companies reach and serve consumers more effectively. Of these, cultural factors exert the broadest and deepest influence on people’s perceptions and desires and on how they go about fulfilling their needs and wants.

3. Four main psychological processes affect consumer behavior: motivation, perception, learning, and memory.

4. Understanding consumer motivation begins with understanding the needs that consumers aim to fulfill with their actions. Some needs are ...