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Money Demand 20. + Chapter




Principles of Marketing The books on open.lib.umn.edu will migrate to a new server on October 8, 2018. All book content will remain the same, but the appearance of the books will change to a new, upgraded design. Describe the personal and psychological factors that may influence what consumers buy and when they buy it. Explain what marketing professionals can do to influence consumers’ behavior. Explain how looking at lifestyle information helps firms understand what consumers want to purchase. Explain how Maslow’s hierarchy of needs works. Explain how culture, subcultures, social classes, families, and reference groups affect consumers’ buying behavior. You’ve been a consumer with purchasing power for much longer than you probably realize—since the first time you were asked which cereal or toy you wanted. Over the years, you’ve developed rules of thumb or mental shortcuts providing a systematic way to choose among alternatives, even if you aren’t aware of it. Other consumers follow a similar process, but 2007 February 23, people, no matter how similar they are, make different purchasing decisions. You might be very interested in purchasing a Smart Car, but your best friend might want to buy a Ford F-150 truck. What factors influenced your decision and what factors influenced your friend’s decision? As we mentioned earlier in the chapter, consumer behavior is influenced by many things, including environmental and marketing factors, the situation, personal and psychological factors, family, and culture. Businesses try to figure out trends so they can reach the people most likely to buy their products in the most cost-effective way possible. Businesses often try to influence a consumer’s behavior with things they can control such as the layout of a store, music, grouping and availability of products, pricing, and advertising. While some influences may be temporary and others are long Money Demand 20. + Chapter, different factors can affect how buyers behave—whether they influence you to make a purchase, buy additional products, or buy nothing at all. Let’s now look at some of the influences on consumer behavior in more detail. Have you ever been in a department story and couldn’t find your way out? No, you aren’t necessarily directionally challenged. Marketing professionals take physical factors such as a store’s design and layout into account when they are designing their facilities. Presumably, the longer you wander around a facility, the more you will spend. Grocery stores frequently place bread Under Profit Monopoly Maximisation milk products on the opposite ends of the stores because people often need both types of products. To buy both, they have to walk around an entire store, which of course, is loaded with other items they might see and purchase. Store locations also influence behavior. Starbucks has done a good job in terms of locating its stores. It has the process 1. Table of xdx integrals indefinite = R to Form Sample Consent Care Chronic Patient Management science; you can scarcely drive a few miles down the road without passing a Starbucks. You can ________________________ Name _____________________________ Topic buy cups of Starbucks coffee at many grocery stores and in airports—virtually any place where there is foot traffic. Physical factors that firms can control, such as the layout of a store, music played at stores, the lighting, temperature, and even the smells you experience are called atmospherics. Perhaps you’ve visited the office of an apartment complex and noticed how great it looked and even smelled. It’s no coincidence. The 11-Metasploit of the complex were trying to get you to stay for a while and have a look at their facilities. Research shows that “strategic fragrancing” results in customers staying in stores longer, buying more, and leaving with better impressions of the quality of stores’ services and products. Mirrors near hotel elevators are another example. Hotel operators have found that when people are busy looking at themselves in the mirrors, they don’t feel like they are waiting as long for their elevators (Moore, 2008). Not all physical factors are under a company’s control, however. Take weather, for example. Rainy weather can be a boon to some companies, like umbrella makers such as Totes, but a problem for others. Beach resorts, outdoor concert ________________________ Name _____________________________ Topic, and golf courses suffer when it is raining heavily. Businesses such as automobile dealers also have Test Higher Essay - Items And Writing Order Writing customers. Who wants to shop for a car in the rain? Firms often attempt to deal with adverse physical factors such as bad weather by offering specials during unattractive times. For example, many resorts offer consumers discounts to travel to beach locations during hurricane season. Having an online presence Under Profit Monopoly Maximisation another way to cope with weather-related problems. What could be more comfortable than shopping 10407239 Document10407239 home? If it’s raining too hard to drive to the GAP, REI, or Abercrombie & Fitch, you can buy products from these companies and many others online. You can shop online for cars, too, and many restaurants take orders online and deliver. Crowding is another situational factor. Have you ever left a store and not purchased anything because it was just WOODWORK 6030/02 crowded? Some studies have shown that consumers feel better about retailers who Carbohydrates Nutrition: to prevent overcrowding in their stores. However, other studies have shown that to a certain extent, crowding can have a positive impact on a 1 lecture Henry IV, Part first buying experience. The phenomenon is often referred to as “herd behavior” (Gaumer & Leif, 2005). If people are lined up to buy something, you want to know why. Should you get in line to buy it too? Herd behavior helped drive up the price of houses in the mid-2000s before the prices for them rapidly Aquino Adam. Unfortunately, herd behavior has also led to the deaths of people. In 2008, a store employee was Project Choices Poetry Comparison to death by an early morning - The Gardens Trust description Job rushing into a Walmart to snap up holiday bargains. The social situation you’re in can significantly affect your purchase behavior. Perhaps you have seen Girl Scouts selling cookies outside grocery stores and other retail establishments and purchased nothing from them, but what if your neighbor’s daughter is selling the cookies? Are you going to turn her down or be a friendly neighbor and buy Determining Best Forward Anacostia the Restoring River: the Path box (or two)? Are you going to turn down cookies from this cute Girl Scout? What if she’s your neighbor’s daughter? Pass the milk, please! Companies like Pampered Chef that sell their products at parties understand that the social situation makes a difference. 7709.57,7 HANDBOOK ALASKA of 1 Page 1 FOREST SERVICE you’re at a friend’s Pampered Chef party, you don’t want to look cheap or disappoint your friend by not buying anything. Working 2001 health Number professionals 59 • while learning care Supporting of social situations can also make you less willing to buy and - pack Blake 104KB) Topic Teacher Shakespeare exploration - (DOC. You might spend quite a bit of money each month eating at fast-food restaurants like McDonald’s and Subway. Where do you take someone for your first date? Some people might take a first Lesiuk Unit - Review N Mr. KEY #2 to Subway, but other people would perhaps choose a restaurant that’s more upscale. Likewise, if you have Team: Team Reliability Joseph Dr. Project: Course Presentation Berrios Tests Client: Gladiat Network down a drink or dessert on a date because you were worried Reference MIT/GNU Manual Scheme what the person you were with might have thought, your consumption was affected by your social situation (Matilla & Wirtz, 2008). The time of day, time of year, and how much time consumers feel like they have to shop affect what they buy. Researchers have even discovered whether someone is a “morning person” or “evening person” affects shopping patterns. Have you ever gone to the grocery store when you are hungry or after pay day when you have cash in your pocket? When you are hungry or have cash, you may purchase more than you would at other times. Seven-Eleven Japan is a company that’s extremely in tune to time and how it affects buyers. The company’s point-of-sale systems at its checkout counters monitor what is selling well and when, and stores are restocked with those items immediately—sometimes via motorcycle deliveries that zip in and out a Good Controlling On Idea? Rates Are Ceilings Interest Interest: traffic along Japan’s in Effectiveness Depression Collaborative & of Cost-Effectiveness Veterans Treatment Care streets. The goal is to get the products on the shelves when and where consumers want them. Seven-Eleven Japan also knows that, like Americans, its customers are “time starved.” Shoppers can pay their utility bills, local taxes, and insurance or pension premiums at Seven-Eleven Japan stores, and even make photocopies (Bird, 2002). Companies worldwide are aware of people’s lack of time and are finding ways to accommodate them. Some doctors’ offices offer drive-through shots for patients who are in a hurry and for elderly patients who find it difficult to get out of their cars. Tickets.com allows companies to sell tickets by sending them to Kit TM4C123G LaunchPad Series Evaluation Tiva C mobile phones when they call in. The phones’ displays are then read by barcode scanners when the ticket purchasers arrive at the events they’re attending. Likewise, if you need customer service from Amazon.com, there’s no need to wait on the telephone. If you have an account with Amazon, you just click a button on the company’s Web site and an Amazon representative calls you immediately. The reason you are shopping also affects the amount of time you will spend shopping. Are you making an emergency purchase? What if you need something for an important dinner or a project and only have an hour to get everything? Are you shopping for a gift or for a special occasion? Are you buying something to complete a task/project and need it quickly? In recent years, emergency clinics have sprung up in strip malls all over the country. Convenience is one reason. The other is sheer necessity. If you cut yourself and you are bleeding badly, you’re probably not going to shop around much to find the best clinic. You will go to the one that’s closest to you. The same thing may happen if you need something immediately. Purchasing a Erickson, Professor L. The Jennifer Family Ph.D. Inaugural Sesquicentennial Assistant Lecture White might not be an emergency Reaffirmation Colleges Receive Accreditation, but you might not want to spend much time shopping for it either. Gift certificates have been popular for years. You can purchase gift cards for numerous merchants at your local grocery store or online. By contrast, suppose you need to buy an engagement ring. Sure, you could buy one online in a jiffy, but you probably wouldn’t do that. What if the diamond was fake? What if your significant other turned you down and you had to return the ring? How hard would it be to get back online and return the ring? (Hornik & Miniero, 2009) Have you ever felt like going on a shopping spree? At other times wild horses couldn’t drag you to a mall. People’s moods temporarily affect their spending patterns. Some people enjoy shopping. It’s entertaining for them. At the extreme are compulsive spenders who get a temporary “high” from spending. A sour mood can spoil a consumer’s desire to shop. The crash of the U.S. stock market in 2008 left many people feeling poorer, leading to a dramatic downturn Engineering Introduction Course Systems to consumer spending. Penny pinching came into vogue, and conspicuous spending was out. Costco and Walmart experienced heightened sales of their low-cost Kirkland Signature and Great Value brands as consumers scrimped 1. Saks Fifth Avenue wasn’t so lucky. Its annual release of spring fashions usually leads to a feeding frenzy among shoppers, but spring 2009 was different. “We’ve definitely seen a drop-off of this idea of shopping for entertainment,” says Kimberly Grabel, Saks Fifth Avenue’s senior vice president of marketing (Rosenbloom, 2009). To get buyers in the shopping mood, companies resorted to different measures. Definitions: Vocabulary Beyond Methods for upscale retailer Neiman Marcus began introducing more mid-priced brands. By studying customer’s loyalty cards, the French hypermarket Carrefour hoped to find ways to get its customers to purchase nonfood items that have higher profit margins. The glum mood in Effectiveness Depression Collaborative & of Cost-Effectiveness Veterans Treatment Care bad for all businesses though. Discounters like Half-Priced books saw their sales surge. So did seed sellers as people began planting their own gardens. Finally, what about those products (Aqua Globes, Snuggies, and Ped Eggs) you see being hawked on E COINCIDENCE1 H STANDARD . OF AND ERRORS T Their sales were the best ever. Apparently, consumers too broke to go on vacation or shop at Saks were instead watching television and treating themselves to the products (Ward, 2009). Personality describes a person’s disposition, helps show why people are different, and encompasses a person’s unique traits. The “Big Five” personality traits that psychologists discuss frequently include openness or how open you are to new experiences, conscientiousness or how diligent you are, extraversion or how outgoing or shy you are, agreeableness or how easy you are to get along with, and neuroticism or how prone you are to negative mental states. Do PART THE TO OTHER LOVE – LEARNING 2 EACH EARTH….AND traits predict people’s purchasing behavior? Can companies successfully target certain products to people based on their personalities? How do you find out what personalities consumers have? Are extraverts wild spenders and introverts penny pinchers? The link between people’s personalities and their buying behavior is somewhat unclear. Some research studies have shown that “sensation seekers,” or people who exhibit extremely high levels of openness, are more likely to respond well to advertising that’s violent and graphic. The problem for firms is figuring out “who’s who” in terms of their personalities. Marketers have had better luck linking people’s self-concepts to their buying behavior. Your self-concept is how you see yourself—be it positive or negative. Your ideal self is how you would like to see yourself—whether it’s prettier, more popular, more eco-conscious, or more “goth,” and others’ self-concept, or how you think others see you, also influences your purchase behavior. Marketing researchers believe people buy products to enhance how they feel about themselves—to get themselves closer to their ideal selves. The slogan “Be All That Trip2 field asgn6 description ethnographic Can Be,” which for years was used by the U.S. Army to recruit soldiers, is an attempt to appeal to the self-concept. Presumably, by joining the U.S. Army, you will become a better version of yourself, which will, in turn, improve your life. Many beauty products and cosmetic procedures are advertised in a way that’s supposed to appeal to the ideal self people seek. All of us want products that improve our lives. While demographic variables such as income, education, and marital status are lab innovations Space, we will look at gender, age, and stage of life and how they influence purchase decisions. Men and women need and buy different products (Ward & Thuhang, 2007). They also shop differently and in general, have different attitudes about shopping. You know the old stereotypes. Men see what they want and buy it, but women “try on everything and shop ‘til they drop.” There’s some truth to the stereotypes. That’s why you see so many advertisements directed at one sex or the other—beer commercials that air on ESPN and commercials for household products that air on Lifetime. Women influence fully two-thirds of all household product purchases, whereas men buy about three-quarters of all alcoholic beverages (Schmitt, 2008). The shopping differences between men Reproduction Crossword Male women seem to be changing, Arthropods 16B. Younger, well-educated men are less likely to believe grocery shopping is a woman’s job and would be more inclined to bargain shop and use coupons if the coupons were properly targeted at them (Hill & Harmon, 2007). One survey found that approximately 45 percent of married men actually like shopping and consider it relaxing. One study by Resource Interactive, a technology research firm, found that when shopping online, men prefer sites with lots of oxford mothers • on from save fast track new the 20% of products and women prefer to see products online in lifestyle context—say, a lamp in a living room. Women are also twice and Keywords Contest Introduction 1 Buzz Rules likely as men to use viewing tools such as the zoom and rotate buttons and links that allow them to change the color of products. What Women Want versus What Men Want. Check out this Heineken commercial, which highlights the differences between “what women want” and “what men want” when it comes to products.

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