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Analyzing Consumer Markets

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Analyzing Consumer Markets
What Influences Consumer Behavior?
What is Culture?
Subcultures
Fast Facts About American Culture
Social Classes
Characteristics of Social Classes
Reference Groups
Roles and Status
Personal Factors
The Family Life Cycle
Lifestyle Influences
Model of Consumer Behavior
Motivation
Maslow’s Hierarchy of Needs
Consumer Buying Process
Problem Recognition

Published in: Education
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Analyzing Consumer Markets

  1. 1. Analyzing Consumer Markets Prepared By, Mr. Nishant Agrawal
  2. 2. Chapter Questions • How do consumer characteristics influence buying behavior? • What major psychological processes influence consumer responses to the marketing program? • How do consumers make purchasing decisions? • How do marketers analyze consumer decision making?
  3. 3. Crest Used Mobile Phones to Engage Consumers in Its Irresistibility Campaign
  4. 4. What Influences Consumer Behavior? Cultural FactorsCultural Factors Social FactorsSocial Factors Personal FactorsPersonal Factors
  5. 5. What is Culture? Culture is the fundamental determinant of a person’s wants and behaviors acquired through socialization processes with family and other key institutions.
  6. 6. Subcultures NationalitiesNationalities ReligionsReligions Racial/Ethic groupsRacial/Ethic groups Geographic regionsGeographic regions
  7. 7. David’s Bridal Targets the Latino Sub- Culture with its Collection of Quinceañera Dresses
  8. 8. Fast Facts About American Culture • The average American: • chews 300 sticks of gum a year • goes to the movies 9 times a year • takes 4 trips per year • attends a sporting event 7 times each year
  9. 9. Social Classes Upper uppers Lower uppers Upper middles Middle class Working class Upper lowers Lower lowers
  10. 10. Characteristics of Social Classes • Within a class, people tend to behave alike • Social class conveys perceptions of inferior(lower) or superior (higher) position • Class may be indicated by a cluster of variables (occupation, income, wealth) • Class designation is mobile over time
  11. 11. Social Factors Reference groups Social roles Statuses Family
  12. 12. Reference Groups Membership groupsMembership groups Primary groupsPrimary groups Secondary groupsSecondary groups Aspirational groupsAspirational groups Dissociative groupsDissociative groups
  13. 13. Family Distinctions Affecting Buying Decisions • Family of Orientation • Family of Procreation
  14. 14. Targets Women with Female Store Managers
  15. 15. Roles and Status A role consist of the activities a person is expected to perform. Each role in turn in to Status.
  16. 16. Personal Factors Age Values Life cycle stage Occupation Personality Self- concept Wealth Lifestyle
  17. 17. The Family Life Cycle
  18. 18. Brand Personality SinceritySincerity ExcitementExcitement CompetenceCompetence SophisticationSophistication RuggednessRuggedness
  19. 19. Lifestyle Influences Multi-tasking Time- starved / hungry Money-constrained
  20. 20. Table 6.2 LOHAS (Lifestyles of Health and Sustainability) Market Segments • Sustainable Economy • Healthy Lifestyles • Ecological Lifestyles • Alternative Health Care • Personal Development
  21. 21. Model of Consumer Behavior
  22. 22. Key Psychological Processes Motivation MemoryLearning Perception
  23. 23. Motivation Freud’s Theory Behavior is guided by subconscious Motivations & that person can not understand His motivation. Maslow’s Hierarchy of Needs Behavior is driven by the lowest, unmet need. (Need are arranged in Hierarchy) Herzberg’s Two-Factor Theory Behavior is guided by motivating and hygiene factors
  24. 24. Maslow’s Hierarchy of Needs
  25. 25. Herzberg’s Two-Factor Theory
  26. 26. Perception Selective Attention Subliminal Perception Selective Retention Selective Distortion It is process by which we select, organize and interpret information input to create meaningful picture of the world.
  27. 27. Figure 6.3 State Farm Mental Map
  28. 28. Bahlsen Uses Crunchy Sounds to Encode Brand Associations
  29. 29. Consumer Buying Process Problem Recognition Information Search Evaluation of Alternative Purchase Decision Postpurchase Behavior
  30. 30. Problem Recognition • The need recognition is the first and most important step in the buying process. If there is no need, there is no purchase. • This recognition happens when there is a lag between the consumer’s actual situation and the ideal and desired one.
  31. 31. Sources of Information Personal ExperientialPublic Commercial •Once the need is identified, it’s time for the consumer to seek information about possible solutions to the problem. •He will search more or less information depending on the complexity of the choices to be made
  32. 32. Successive Sets Involved in Consumer Decision Making
  33. 33. Evaluation of Alternative • Once the information collected, the consumer will be able to evaluate the different alternatives that offer to him, evaluate the most suitable to his needs and choose the one he think it’s best for him.
  34. 34. A Consumer’s Evaluation of Brand Beliefs About Laptops
  35. 35. Purchase Decision Non-Compensatory Models of Choice • Conjunctive • Lexicographic • Elimination-by-aspects
  36. 36. Stages between Evaluation of Alternatives and Purchase
  37. 37. Perceived Risk FunctionalFunctional PhysicalPhysical FinancialFinancial SocialSocial PsychologicalPsychological TimeTime
  38. 38. Purchase decision • Now that the consumer has evaluated the different solutions and products available for respond to his need, he will be able to choose the product or brand that seems most appropriate to his needs. Then proceed to the actual purchase itself. • Decision will depend on the information and the selection made in the previous step based on the perceived value, product’s features and capabilities that are important to him.
  39. 39. Post-purchase behaviour • Once the product is purchased and used, the consumer will evaluate • whether he has made the right choice in buying this​​ product or not. He will feel either a sense of satisfaction or a disappointment
  40. 40. How Customers Use and Dispose/arrange of Products Page No 152
  41. 41. Other Theories of Consumer Decision Making Involvement • Elaboration Likelihood Model • Low-involvement marketing strategies • Variety-seeking buying behavior Decision Heuristics • Availability • Representativeness • Anchoring and adjustment
  42. 42. Mental Accounting • Consumers tend to… • Segregate gains • Integrate losses • Integrate smaller losses with larger gains • Segregate small gains from large losses
  43. 43. Marketing Debate  Is target marketing ever bad? Take a position: 1. Targeting minorities is exploitive. or 2. Targeting minorities is a sound business practice.
  44. 44. Marketing Discussion  Do you have rules you employ in spending money?  Do you follow Thaler’s four principles in reacting to gains and losses?
  45. 45. Example of Consumer Buying Decision Process • Stage 1 – Need recognition: It’s Sunday night. You’re and there is nothing in the fridge. You will order food • Stage 2 – Information search: You already have ordered to the Indian restaurant in your street last month .A friend recommended a pizzeria in your neighbourhood. And this morning you’ve found a flyer for a sushi restaurant in your mailbox. • Stage 3 – Alternative evaluation: You have a bad opinion of the Indian restaurant since you’ve been sick the last time. The pizzeria is both recommended by your friend and also happens to be a well-known brand .As for the sushi restaurant, it got good reviews on Tripadvisor • Stage 4 – Purchase decision: After evaluating the possibilities, you’ve decided to choose the well-known pizza delivery chain. In addition, a new episode of your favorite TV show is broadcasted tonight on TV. • Stage 5 – Post-purchase behavior: The pizza was good (positive review). But you know there was too many calories and you regret a little bit (mixed feelings about yourself). The next time you will choose the sushi restaurant. There is less fat in sushi than pizza (next
  46. 46. Assignments 1. Discuss the various steps involved in consumer buying process. 2. Explain the concepts of customer perceived value and customer lifetime value 3. Explain the various factors affecting the consumption behaviour (2 time asked) 4. Write a note on BCG matrix
  47. 47. Thank You

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