Module 15 lecture

The Future of Consumer Behavior

• Overview of the importance of understanding consumer behavior for marketers.

• Discussion of the previous modules focusing on psychological core, decision-making, and consumer culture.

Key Concepts

• Marketers should focus on:

  • Emerging trends

  • Ethical implications

• Importance of understanding the double-edged nature of consumer behavior:

  • Tools and techniques to influence consumers should be used ethically.

Emerging Trends in Consumer Behavior

• Omnichannel Retail Experience:

  • Consumers can access products through multiple channels (online, pickup points, delivery).

  • Two flows in business: Information flow (communication with companies) and product flow (delivery routes).

• Digital Buying:

  • Enhanced communication through AR and VR to showcase products.

• Sustainable Shopping:

  • Increasing consumer demand for greener products due to environmental concerns.

  • Companies like Amazon adopting labels for sustainability.

• Personalization of Products:

  • Drive for unique products by consumers.

• Social Commerce:

  • Informal buying and selling between people, resembling unorganized markets.

• Privacy and Security:

  • Essential for maintaining consumer trust while pursuing personalization strategies.

Current Technologies in Marketing

• Emerging technologies in various sectors to be discussed in future sessions, emphasizing the need for marketers to stay informed.

Consumer Ethics and Controversial Behaviors

• Marketing Ethics:

  • Definition of moral values in marketing practices.

  • Variability of moral values across different countries and cultures.

• Controversial Consumer Behavior:

  • Behavior breaking societal acceptance; includes illegal activities like shoplifting and compulsive buying.

• Examples of Controversial Behaviors:

  • Acquisition: Shoplifting, compulsive buying.

  • Usage: Binge eating, alcohol addiction.

  • Disposition: Issues like improper disposal of medical waste.

Addressing Controversial Practices

• Recognize shoplifting as a significant issue in retail with implications on consumer behavior.

• Understand consumer motivations behind theft and strategies to mitigate these by addressing temptation and justification.

• Countering Controversial Practices:

  • Boycotts as a consumer-driven action against unethical marketing practices.

  • Importance of proactive measures to address potential consumer backlash.

Conclusion and Action Items

• Reminder for students to participate in discussion posts focusing on technology in marketing sectors.

• Upcoming finals format and encouragement to prepare well.