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Chapter six

Analyzing Consumer Markets

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Chapter six

  1. 1. 6  Dr. Shahzad Ahmad Khan  Assistant Professor  In-charge Undergraduate (FMS)  Email: Riphah School of Leadership Faculty of Management Sciences Riphah International University Islamabad CHAPTER :6 Analyzing Consumer Markets
  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?
  3. 3. 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.
  4. 4. What are the subcultures? 1.Nationalities 2.Religions 3.Racial Groups 4.Geographic Regions CulturalFactors
  5. 5. The Social Factors are subdivided into four groups: Consumer Family Status es Reference Groups Social Roles
  6. 6. Personal Factor Age Values Life cycle stage Occupation Personality Self- concept Wealth Lifestyle
  7. 7. What are the Personal Factors? Self- Concept How do they view themselves?
  8. 8. What are Personal Factors? 21 y.o Age What are their critical life events at their age?
  9. 9. What are Personal Factors? What are their current psychological life stages that matter? Life Cycle
  10. 10. What are Personal Factors? What are their consumption Patterns due to their current Occupations? Occupation
  11. 11. What are Personal Factors? How much are they willing To spend? Wealth
  12. 12. What are Personal Factors? What are their traits and characteristics? Personality
  13. 13. What are Personal Factors? What are the things that they believe in and are important to them? Values
  14. 14. What are Personal Factors? What would benefit them for their way of living? Lifestyle
  15. 15. 21 y . o In summary, all of these affect the consumer’s buying decision
  16. 16. Key Psychological Processes Motivation MemoryLearning Perception
  17. 17. The consumer’s mind responds according to… 1. Perception His interpretation of information 2. Motivation His drive to act 3. Learning His change in behavior due to experience 4. Memory His retention of experience and ideas
  18. 18. Perception Selective Attention means that marketers must work hard to attract consumers’ notice. Subliminal Perception The selective perception mechanisms require consumers’ active engagement and thought. Selective Retention we do retain information that supports our attitudes and beliefs Selective Distortion is the tendency to interpret information in a way that fits our preconceptions.
  19. 19. Motivation Freud’s Theory Behavior is guided by subconscious motivations Maslow’s Hierarchy of Needs Behavior is driven by the lowest, unmet need Herzberg’s Two-Factor Theory Behavior is guided by motivating and hygiene factors
  20. 20. Maslow’s Hierarchy of Needs
  21. 21. Figure 6.5 Successive Sets Involved in Consumer Decision Making
  22. 22. Perceived Risk FunctionalFunctional PhysicalPhysical FinancialFinancial SocialSocial PsychologicalPsychological TimeTime
  23. 23. Figure 6.7 How Customers Use and Dispose of Products
  24. 24. Figure 6.1 Model of Consumer Behavior
  25. 25. THANKS