Consumer Behaviour – Future Trends and Conclusion

Flashcards on Consumer Behaviour, Marketing Definitions, and Future Trends

What is the current AMA definition of Marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large for a good cause.

What are the four fundamental questions that differentiate marketing from other fields?

Customers, Markets, Firms, and Contributions

What are the key components of a complete marketing strategy?

Objectives & measurement (SMART), Customer targets, Competitor targets, Core strategy, Complementation marketing mix (Product, Promotion, Price, Place, CRM)

What are the major drivers of marketing change?

Tech, Internet, and Globalization

What is the changing role of marketing in terms of focus?

A shift from product centricity to consumer centricity

What are the four ages of consumerism?

Manufacturing (1900–1960), Distribution (1960–1990), Information (1990–2010), The consumer (2010–?)

What are the 4Es that are replacing the 4Ps in marketing?

Emotion, Engagement, Experience, and Exclusivity

What future trends are predicted for marketing?

Brand experience and brand engagement, Privacy and security, Shopping holograms , AI , CB → Neuromarketing → Nano marketing → Eye-tracking

What are some key marketing trends?

Customer experience – embrace , Marketing 3.0 – “virtually” , Big data is in, Mobile – now!, Video content, Content → engagement

What are the final key characteristics of marketing?

Requires deliberate and detailed planning, is dynamic, and always in flux, with the consumer at the center.