Chap5

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Chap5

  1. 1. Chapter 5 PRINCIPLES OF MARKETING Consumer Markets and Consumer Buyer Behavior
  2. 2. Consumer Buying Behavior • Consumer Buying BehaviorConsumer Buying Behavior refers to the buying behavior of final consumers (individuals & households) who buy goods and services for personal consumption. • Study consumer behavior to answer: ““How do consumers respond toHow do consumers respond to marketing efforts the company mightmarketing efforts the company might use?”use?”
  3. 3. Model of Consumer Behavior Marketing and Other Stimuli Buyer’s Black BoxBuyer’s Black Box Buyer’s Response Product Price Place Promotion Economic Technological Political Cultural Characteristics Affecting Consumer Behavior Buyer’s Decision Process Product Choice Brand Choice Dealer Choice Purchase Timing Purchase Amount
  4. 4. Characteristics Affecting Consumer Behavior Buyer Psychological Personal Social Culture
  5. 5. Factors Affecting Consumer Behavior: Culture • Most basic cause of a person's wants and behavior. • Values • Perceptions • Most basic cause of a person's wants and behavior. • Values • Perceptions Social Class • People within a social class tend to exhibit similar buying behavior. • Occupation • Income • Education • Wealth Social Class • People within a social class tend to exhibit similar buying behavior. • Occupation • Income • Education • Wealth Subculture • Groups of people with shared value systems based on common life experiences. • Hispanic Consumers • African American Consumers • Asian American Consumers • Mature Consumers Subculture • Groups of people with shared value systems based on common life experiences. • Hispanic Consumers • African American Consumers • Asian American Consumers • Mature Consumers
  6. 6. Factors Affecting Consumer Behavior: Social Groups • Membership • Reference Family • Husband, wife, kids • Influencer, buyer, user Roles and Status Social Factors
  7. 7. Factors Affecting Consumer Behavior: Personal Personal Influences Age and Family Life Cycle Stage Age and Family Life Cycle Stage OccupationOccupation Economic SituationEconomic Situation Lifestyle Identification ActivitiesActivities OpinionsOpinions InterestsInterests Personality & Self-ConceptPersonality & Self-Concept
  8. 8. VALS 2 Principle Oriented Status Oriented Action Oriented Achievers Actualizers Strugglers Strivers Fulfilleds Believers Experiencers Makers Abundant Resources Minimal Resources
  9. 9. Factors Affecting Consumer Behavior: Psychological Factors Affecting Consumer Behavior: Psychological Psychological Factors Motivation Perception Learning Beliefs and Attitudes
  10. 10. Maslow’s Hierarchy of Needs Esteem Needs (self-esteem, status) Social Needs (sense of belonging, love) Safety Needs (security, protection) Physiological Needs (hunger, thirst) Self Actualization (Self-development)
  11. 11. Types of Buying Decisions Complex Buying Behavior Dissonance- Reducing Buying Behavior Variety- Seeking Behavior Habitual Buying Behavior High Involvement Significant differences between brands Few differences between brands Low Involvement
  12. 12. The Buyer Decision Process Need Recognition Information Search Evaluation of Alternatives Purchase Decision Postpurchase Behavior
  13. 13. The Buyer Decision Process Step 1. Need Recognition External Stimuli • TV advertising • Magazine ad • Radio slogan •Stimuli in the environment Internal Stimuli • Hunger • Thirst • A person’s normal needs Need Recognition Difference between an actual state and a desired state
  14. 14. The Buyer Decision Process Step 2. Information Search •Family, friends, neighbors •Most influential source of information •Advertising, salespeople •Receives most information from these sources •Mass Media •Consumer-rating groups •Handling the product •Examining the product •Using the product Personal SourcesPersonal Sources Commercial SourcesCommercial Sources Public SourcesPublic Sources Experiential SourcesExperiential Sources
  15. 15. The Buyer Decision Process Step 3. Evaluation of Alternatives The Buyer Decision Process Step 3. Evaluation of Alternatives Product Attributes Evaluation of Quality, Price, & Features Product Attributes Evaluation of Quality, Price, & Features Degree of Importance Which attributes matter most to me? Degree of Importance Which attributes matter most to me? Brand Beliefs What do I believe about each available brand? Brand Beliefs What do I believe about each available brand? Total Product Satisfaction Based on what I’m looking for, how satisfied would I be with each product? Total Product Satisfaction Based on what I’m looking for, how satisfied would I be with each product? Evaluation Procedures Choosing a product (and brand) based on one or more attributes. Evaluation Procedures Choosing a product (and brand) based on one or more attributes.
  16. 16. The Buyer Decision Process Step 4. Purchase Decision Purchase Intention Desire to buy the most preferred brand Purchase Decision Attitudes of others Unexpected situational factors
  17. 17. The Buyer Decision Process Step 5. Postpurchase Behavior Consumer’s Expectations of Product’s Performance Dissatisfied Customer Satisfied Customer! Product’s Perceived Performance Cognitive Dissonance
  18. 18. Stages in the Adoption Process Awareness Interest Evaluation Trial Adoption
  19. 19. Adoption of InnovationsPercentageofAdopters Time of Adoption Early Late Innovators Early Adopters Early Majority 2.5% 13.5% 34% 34% 16% Laggards Late Majority
  20. 20. Influences on the Rate of Adoption of New Products Divisibility Can the innovation be used on a trial basis? Compatibility Does the innovation fit the values and experience of the target market? Complexity Is the innovation difficult to understand or use? Relative Advantage Is the innovation superior to existing products? Communicability Can results be easily observed or described to others? Product Characteristics
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