Marketing Theory

Marketing begins and ends with the consumer – from understanding consumer preferences and needs to providing consumer satisfaction. Thus, a clear understanding of consumers is critical in successfully managing the marketing function in any organization. This course examines the nature of consumer behavior and consumer decision process. We study the effect on consumer behavior and decision making of psychological influences (such as learning, motives, perception, and beliefs and attitudes). Understanding consumers' behavior and the irrationality of the human decision-making process is key to developing winning marketing strategies for advertising, branding, pricing or promotions. We will discuss in this course also econometric models of such consumer behavior, and then investigate the implications for optimal firm decision making and market outcomes.

Part A: Principles of Behavioral Economics & Social Psychology

I. Foundations of Preferences, Judgment and Choice

II. Prospect Theory and Mental Accounting

III. Foundations of Social Psychology

Part B: Consumer Behavior 

IV. External Influences: Social Status and Reference Groups

V. Internal Influences: Consumer Perception

VI. Internal Influences: Consumer Learning, Memory and Product Positioning

VII. Internal Influences: Consumer Motivation, Personality and Emotion

VIII. Internal Influences: Consumer Attitudes and Influencing Attitudes

Part C: Consumer Decision Process 

IX. Pre-Purchase, Purchase and Post-Purchase Processes

Part D: Marketing Strategy: 

X. Creating Marketing Strategies for Customer-Centric Organizations

XI. Shaping Consumers' Opinions and Helping Consumers to Remember