MKT 531: Marketing Theory: Consumer Behavior and Decision Making
Contents
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 module examines the nature of consumer behavior and consumer decision process. The effects of psychological influences (such as learning, motives, perception, and beliefs and attitudes) on consumer behavior and decision-making are discussed. 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.
Learning outcomes
Students develop an understanding of important theories in marketing and its relevance within business administration. More precisely, they will be able to critically discuss and apply models and theories of consumer behavior, such as prospect theory and mental accounting. They will further know about the foundations of social psychology, including feeling-as-information theory, attachment theory, attribution theory of motivation, and cognitive dissonance theory. Based on these foundations, they will be able to reflect on consumer perception as well as on concepts of consumer learning, memory, motivation, and attitudes, which altogether imply on consumer decision processes. In addition to their knowledge on marketing theory, they will be able to assess various frameworks and tools in this regard, e.g., marketing mix strategies and market analysis as well as segmentation.
Necessary prerequisites
Not taken MKT 530
Recommended prerequisites
Basic marketing knowledge on Bachelor level / B.Sc. Business Administration
| Forms of teaching and learning | Contact hours | Independent study time |
|---|---|---|
| Lecture | 2 SWS | 9 SWS |
| ECTS credits | 4 |
| Graded | yes |
| Workload | 120h |
| Language | English |
| Form of assessment | Written exam (60 min) |
| Restricted admission | no |
| Further information | – |
Examiner Performing lecturer |  | Prof. Dr. Florian Stahl Prof. Dr. Florian Stahl |
| Frequency of offering | Spring semester |
| Duration of module | 1 semester |
| Range of application | M.Sc. MMM, M.Sc. WiPäd, M.Sc. VWL, M.Sc. Wirt. Inf., LL.M., MAKUWI |
| Preliminary course work | – |
| Program-specific Competency Goals | CG 1 |
| Literature | Roger D. Blackwell, Paul W. Miniard, and James F. Engel (2005): Consumer Behavior (10 edition), Wiley. Del I Hawkins and David L Mothersbaugh (2013): Consumer behavior: building marketing strategy (12 Edition), McGraw-Hill. |
| Course outline | Principles of Behavioral Economics & Social Psychology Foundations of Preferences, Judgment and Choice Foundations of Consumer Decision Making Foundations of Social Psychology The Nature of Consumer Behavior Social Status and Reference Groups Consumer Perception Consumer Learning, Memory and Product Positioning Consumer Motivation, Personality and Emotion Consumer Attitudes and Influencing Attitudes Consumer Decision Process Pre-Purchase Processes: Need Recognition, Information Search, and Evaluation Purchase Post-Purchase Processes: Consumption and Post-Consumption Evaluations Consumer Behavior and Marketing Strategy Creating Marketing Strategies for Customer-Centric Organizations |