Ibs consumer markets and buying behaviour22july11

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Ibs consumer markets and buying behaviour22july11

  1. 1. Consumer markets and buying behaviour
  2. 2. What influences consumer behaviour?• Cultural factors- Culture; sub culture; social class• Social factors-reference groups; family; social roles and status• Personal factorsAge and stage in life cycleOccupation and economic circumstancesPersonality and self conceptLifestyle and values
  3. 3. Key psychological processesMotive: A need that is sufficiently pressing to drive a person to act.Freud: Psychological forces shaping people’s behaviour are largely unconscious.Maslow: Hierarchy of needsHerzborg: Dissatisfiers and satisfiers. Absence of dissatisfiers alone not enough
  4. 4. Key psychological processes• Perception: The process by which a person selects, organizes, and interprets information to create a meaningful picture of the world.• Can vary widely among individuals exposed to the same reality.• Selective attention/ distortion• Learning-change in behaviour arising from experience• Memory- associative network model-STM and LTM• Retrieval
  5. 5. Actors in the buying process• Initiators• Influencers• Deciders• Buyers• Users
  6. 6. The buying decision process• 5 stage modelProblem recognitionInformation searchEvaluation of alternativesPurchase decisionPost purchase behaviour
  7. 7. Decision sets• Total set• Awareness set• Consideration set• Choice set• Decision
  8. 8. Other theories• Level of consumer involvement: High/ low involvement; Variety seeking behaviour• Decision heuristics and biasesi) The availability heuristicii) The representativeness heuristiciii) The anchoring and adjustment heuristicMental accounting
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