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Chapter 6 Analyzing Consumer Markets

6 concepts that would aid a marketer in understanding consumer behavior

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Chapter 6 Analyzing Consumer Markets

  1. 1. m ANALYZING CONSUMER MARKETS Mary Anne Cuartero September 18, 2013
  2. 2. m Key Questions 1. What Influences Consumer Behavior? 2. What are the Three Theories of Human Motivation? 3. What are the Five Stages of Consumer Buying Process? 4. What is Behavioral Decision Theory?
  3. 3. m What is Consumer Behavior? Study of how individuals, groups, and organizations select, buy, use, and dispose of goods services, ideas or experiences to satisfy their needs and wants
  4. 4. m Concept 1: What Influnces Consumer Behavior? Cultural Factors Social Factors Personal Factors
  5. 5. m Cultural Factors Subcultures Nationalities Racial Groups Religions Geographical Locations
  6. 6. m Social Factors A. Reference Groups Primary Groups - family, friends, neighbors, co-workers Secondary Groups – religious, professional, trade-union groups
  7. 7. m Social Factors Aspirational Groups – those that a person wishes to join Dissociative Groups – those whose values or behavior an individual rejects
  8. 8. m Social Factors B. Family 2 Families in a Buyer’s Life: 1.Family of Orientation 2.Family of Procreation
  9. 9. m Social Factors C. Roles and Status
  10. 10. m Personal Factors Age and Stage in the Lifecycle
  11. 11. m Personal Factors Occupation Economic Circumstances Personality and Self Concept
  12. 12. m Personal Factors Lifestyle Time Money Constrained Constrained Values
  13. 13. m Concept 2: Freud’s Theory of Human Motivation Freud’s Theory Behavior is guided by subconscious motivations
  14. 14. m Concept 3: Maslow’s Theory of Human Motivation Maslow’s Hierarchy of Needs Behavior is driven by lowest, unmet need
  15. 15. m Concept 4: Herzberg’s Theory of Human Motivation Herzberg’s Two-Factor Theory Behavior is guided by motivating and hygiene factors
  16. 16. m Concept 5: Buying Decision Process 1. Problem Recognition Internal External Stimuli Stimuli
  17. 17. m Buying Decision Process 2. Information Search
  18. 18. m Buying Decision Process 3. Evaluation of Alternatives Beliefs and Attitudes Expectancy Value Model
  19. 19. m Buying Decision Process 4. Purchase Decision Non-compensatory Models of Consumer Choice – decision short-cuts Cojunctive Heuristic
  20. 20. m Buying Decision Process Lexicographic Heuristic Elimination by Aspect Heuristic
  21. 21. m Buying Decision Process Intervening Factors Influence of Others Unanticipated Situational Factors Mitsubishi to recall Montero units due to weld issues
  22. 22. m Buying Decision Process 5. Post-purchase Behavior
  23. 23. m Concept 6: Behavior Decision Theory • Consumers don’t always make deliberate or rational decisions. Decision Heuretics 1. Availability Heuristic – decision based on a past outcome
  24. 24. m Behavior Decision Theory 2. Representativeness Heuristic – predictions based on how similar the outcome is to other examples 3.Anchoring and Adjustment Heuristic – first impressions
  25. 25. m Conclusion Marketers must have a thorough understanding of how consumers think, feel, and act. A connection must be made between companies and consumers
  26. 26. m ANALYZING CONSUMER MARKETS Mary Anne Cuartero September 18, 2013