Ch6 Analyzing Consumer Markets

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Chapter 6: Analyzing Consumer Markets

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Ch6 Analyzing Consumer Markets

  1. 1. TOP 10 Learning Questions for<br />Chapter 6<br />Analyzing Consumer Markets<br />Grace Sumera<br />24 September 2010<br />
  2. 2. 1. ____ factors exert the broadest and deepest influence on consumer behavior.<br />Economic<br />Personal<br />Cultural<br />Social<br />Demographic<br />2<br />
  3. 3. Factors Affecting Consumer Behavior<br />3<br />Culture<br />Social<br />Personal<br />Psychological<br />Buyer<br />
  4. 4. Factors Affecting Consumer Behavior<br />A consumer’s buying behaviour is influenced by cultural, social, and personal factors. <br />Cultural factors exert the broadest and deepest influence.<br />Culture is the fundamental determinant of a person’s wants and behaviour.<br />4<br />
  5. 5. 1. ____ factors exert the broadest and deepest influence on consumer behavior.<br />Economic<br />Personal<br />Cultural<br />Social<br />Demographic<br />5<br />
  6. 6. 2. ___ is a key psychological process that has both direction and intensity.<br />Motivation<br />Perception<br />Learning<br />Memory<br />Sensation<br />6<br />
  7. 7. Key Psychological Processes<br />7<br />
  8. 8. Motivation<br />8<br />4 key psychological processes – motivation, perception, learning, & memory – fundamentally influence consumer responses.<br />Motivation has both direction – we select one goal over another – & intensity – the vigor with which we pursue the goal.<br />
  9. 9. 2. ___ is a key psychological process that has both direction and intensity.<br />Motivation<br />Perception<br />Learning<br />Memory<br />Sensation<br />9<br />
  10. 10. 3. The following are major information sources to which consumers turn to EXCEPT<br />Experiential<br />Commercial <br />Public<br />External<br />Personal<br />10<br />
  11. 11. Major Information Sources<br />11<br />
  12. 12. Major Information Sources<br />12<br />
  13. 13. 3. The following are major information sources to which consumers turn to EXCEPT<br />Experiential<br />Commercial <br />Public<br />External<br />Personal<br />13<br />
  14. 14. 4. Buyer’s decisions are influenced by personal characteristics EXCEPT<br />Nationality<br />Age & Stage in the Life Cycle<br />Occupation & Economic Circumstances<br />Personality<br />Lifestyle<br />14<br />
  15. 15. Personal Factors<br />15<br />
  16. 16. Nationality is a Cultural Factor!<br />16<br />SUBCULTURES<br />
  17. 17. 4. Buyer’s decisions are influenced by personal characteristics EXCEPT<br />Nationality<br />Age & Stage in the Life Cycle<br />Occupation & Economic Circumstances<br />Personality<br />Lifestyle<br />17<br />
  18. 18. 5. Which of the following is true?<br />Groups having either face-to-face or indirect influence to consumer behavior are called membership groups. <br />People are influenced by groups to which they do not belong.<br />Reference groups are groups having direct influence on consumer behavior.<br />Dissociative groups do not influence consumer behavior.<br />Friends are considered secondary groups while family is a primary group.<br />18<br />
  19. 19. Social Factors<br />19<br />Reference Groups<br />
  20. 20. Social Factors<br />Social factors such as reference groups affect consumer behaviour.<br />Reference groups have either direct (face-to-face) or indirect influence.<br />Groups having direct influence are called membership groups.<br />Primary groups are groups with whom a person interacts fairly continuously and informally, such as family & friends.<br />People are also influenced by groups to which they do not belong, such as aspirational & dissociative groups.<br />20<br />
  21. 21. 5. Which of the following is true?<br />Groups having either face-to-face or indirect influence to consumer behavior are called membership groups. <br />People are influenced by groups to which they do not belong.<br />Reference groups are groups having direct influence on consumer behavior.<br />Dissociative groups do not influence consumer behavior.<br />Friends are considered secondary groups while family is a primary group.<br />21<br />
  22. 22. 6. Which of the following statements is false?<br />The buying decision process is a five-stage model. <br /> The model starts with problem recognition & ends with the purchase decision.<br /> The buying process starts long before the actual purchase.<br /> Consumers don’t always pass through all 5 stages in buying a product.<br /> The attitude of others & unanticipated situations may intervene with the purchase decision.<br />22<br />
  23. 23. Consumer Buying Process<br />23<br />
  24. 24. Consumer Buying Process<br />The Buying Process does not end with the purchase. Marketers monitor the buyer’s feelings or behavior towards the product or service after the purchase. <br />Marketers are concerned about post-purchase satisfaction, actions (repurchase or abandonment), & disposal (rent, lend, or store).<br />24<br />
  25. 25. 6. Which of the following statements is false?<br />The buying decision process is a five-stage model. <br />The model starts with problem recognition & ends with the purchase decision.<br /> The buying process starts long before the actual purchase.<br /> Consumers don’t always pass through all 5 stages in buying a product.<br /> The attitude of others & unanticipated situations may intervene with the purchase decision.<br />25<br />
  26. 26. 7. MTV appears to have a brand personality of<br />Competence<br />Excitement<br />Ruggedness<br />Sincerity<br />Sophistication<br />26<br />
  27. 27. Brand Personalities<br />27<br />Brand Personality is the specific mix of human traits that we can attribute to a particular brand.<br />
  28. 28. Brand Personalities<br /> caters to the young generation who’s interested in the latest music, fashion, videos, concerts, events, movies, etc. It is a total expression of youth, individuality, and breaking conventions. It exudes a daring, spirited, imaginative, and up-to-date personality – Excitement.<br />28<br />
  29. 29. 7. MTV suggests to having a brand personality of<br />Competence<br />Excitement<br />Ruggedness<br />Security<br />Sophistication<br />29<br />
  30. 30. 8. Highly Price-sensitive people deciding to purchase the cheapest brand is an example of this purchase strategy<br />Conjunctive heuristic<br /> Elimination-by-aspects heuristic<br /> Lexicographic heuristic<br /> Availability heuristic<br /> Representative heuristic<br />30<br />
  31. 31. Purchase Decision<br />Heuristics are rules of thumb or mental shortcuts in the decision process.<br />31<br />
  32. 32. Heuristics<br />Conjunctive heuristic – consumer chooses the 1st alternative that meets the minimum standard for all attributes.<br />Lexicographic heuristic – consumer chooses the best brand on the basis of its perceived most important attribute.<br />Elimination-by-aspects heuristic – consumer compares brands & eliminates brands that do not meet minimum acceptable cut-offs.<br />32<br />
  33. 33. 8. Highly Price-sensitive people deciding to purchase the cheapest brand is an example of<br />Conjunctive heuristic<br /> Elimination-by-aspects heuristic<br />Lexicographic heuristic<br /> Availability heuristic<br /> Representative heuristic<br />33<br />
  34. 34. 9. A Filipina who recently postponed her trip to HK was influenced by this type of risk<br />Psychological Risk <br /> Physical Risk<br /> Financial Risk<br /> Social Risk<br /> All of the above<br />34<br />
  35. 35. Perceived Risks<br />35<br />A consumer’s decision to modify, postpone, or avoid a purchase is heavily influenced by perceived risks.<br />
  36. 36. Perceived Risks<br />Due to the recent hostage incident, Filipinos may cancel their trip to HK because of perceived risks:<br />Functional Risk – the product may not perform up to expectations<br />Physical Risk – the product poses a threat to the physical well-being of the user/others<br />Financial Risk – the product is not worth the price paid<br />Social Risk – the product results in embarrassment from others<br />Psychological Risk – the product affects the mental well-being of the user<br />Time Risk – wasted time in finding a new product in case of product failure<br />36<br />
  37. 37. 9. A Filipina who recently postponed her trip to HK was influenced by this type of risk<br />Psychological Risk <br /> Physical Risk<br /> Financial Risk<br /> Social Risk<br />All of the above<br />37<br />
  38. 38. 10. Marketers who learn about the buying process for their service by conducting surveys on recent diners in their restaurant display an example of this customer profiling method<br />Prospective Method <br /> Prescriptive Method<br /> Retrospective Method<br /> Introspective Method<br /> Scientific Method<br />38<br />
  39. 39. Profiling the Customer Buying-Decision Process<br />Marketers learn about the stages in the buying process for their product through:<br />Introspective Method<br />Retrospective Method<br />Prospective Method<br />Prescriptive Method<br />39<br />
  40. 40. Profiling the Customer Buying-Decision Process<br />Interviewing a small number of recent purchasers, asking them to recall the events leading to their purchase is the retrospective method.<br />40<br />
  41. 41. 10. Marketers who learn about the buying process for their service by conducting surveys on recent diners in their restaurant display an example of this customer profiling method<br />Prospective Method <br /> Prescriptive Method<br />Retrospective Method<br /> Introspective Method<br /> Scientific Method<br />41<br />
  42. 42. TOP 10 Learning Questions for<br />Analyzing Consumer Markets<br />Chapter 6<br />Grace Sumera<br />24 September 2010<br />

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