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Consumer Buying Behavior and Buying Decision Process

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Characteristics affecting buying behavior and the Buying Decision Process. Deals with the consumer buying behavior.

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Consumer Buying Behavior and Buying Decision Process

  1. 1. Company LOGOC O N S U M E R B U Y IC O N S U M E R B U Y IN GN GB E H A V I O U RB E H A V I O U RRMD SinhgadSchool of ManagementStudies11thJune 2013Presented byJaideep Vasant SOLANKIat
  2. 2. Jaideep Vasant SOLANKIAGENDAObjective1Buying Influencers*2The BDP3Encapsulate4
  3. 3. Jaideep Vasant SOLANKIObjectives1
  4. 4. Jaideep Vasant SOLANKIOBJECTIVESWe would learn the following by theend of the session1. How do consumer characteristicsinfluence buying behaviour?2. How do consumers make purchasingdecisions?
  5. 5. Jaideep Vasant SOLANKIBuying Influencers*2
  6. 6. Jaideep Vasant SOLANKIBuying Influencers*Factors Influencing Consumer Behaviour
  7. 7. Jaideep Vasant SOLANKICharacteristics AffectingConsumer Behavior Cultural Social Personal Psychological Culture Subcultures Racial Religious Regional Social ClassKey FactorsBuying Influencers*
  8. 8. Jaideep Vasant SOLANKICharacteristics AffectingConsumer Behavior Cultural Social Personal PsychologicalKey FactorsBuying Influencers* Groups Membership Reference• Aspirational groups Opinion leaders• Buzz marketing Family Changing roles of H-W Children can influence Roles and Status
  9. 9. Jaideep Vasant SOLANKICharacteristics AffectingConsumer Behavior Cultural Social Personal PsychologicalKey FactorsBuying Influencers* Age and life cycle Occupation Economic situation Lifestyle Activities, interests, andopinions Lifestyle segmentation Personality and self-concept Brand personality
  10. 10. Jaideep Vasant SOLANKICharacteristics AffectingConsumer Behavior Cultural Social Personal PsychologicalKey FactorsBuying Influencers* Motivation Needs provide motives forconsumer behavior Motivation research Maslow’s hierarchy of needs Perception Selective attention, selectivedistortion, selective retention Learning Drives, stimuli, cues,responses and reinforcement Memory
  11. 11. Jaideep Vasant SOLANKIThe BDP3
  12. 12. Jaideep Vasant SOLANKIThe 5 Stage Process to BuyingDecisionThe Buying Decision Process
  13. 13. Jaideep Vasant SOLANKIThe 5 Stage Process to BuyingDecisionThe Buying Decision Process Need recognition Informationsearch Evaluation ofalternatives Purchase decision Postpurchasebehavior Needs can betriggered by: Internal stimuli• Normal needs becomestrong enough to drivebehavior External stimuli• Advertisements• Friends of friendsProcessProcessStagesStages
  14. 14. Jaideep Vasant SOLANKIThe 5 Stage Process to BuyingDecisionThe Buying Decision Process Need recognition Informationsearch Evaluation ofalternatives Purchase decision Postpurchasebehavior Consumers exhibitheightened attention oractively search forinformation. Sources of information: Personal Commercial Public Experiential Word-of-mouthProcessProcessStagesStages
  15. 15. Jaideep Vasant SOLANKIThe 5 Stage Process to BuyingDecisionThe Buying Decision Process Need recognition Informationsearch Evaluation ofalternatives Purchase decision Postpurchasebehavior Evaluation proceduredepends on theconsumer and thebuying situation. Most buyers evaluatemultiple attributes,each of which isweighted differently. At the end of theevaluation stage,purchase intentions areformed.ProcessProcessStagesStages
  16. 16. Jaideep Vasant SOLANKIThe 5 Stage Process to BuyingDecisionThe Buying Decision Process Need recognition Informationsearch Evaluation ofalternatives Purchase decision Postpurchasebehavior Two factorsintercede betweenpurchase intentionsand the actualdecision: Attitudes of others Unexpected situationalfactorsProcessProcessStagesStages
  17. 17. Jaideep Vasant SOLANKIThe 5 Stage Process to BuyingDecision Need recognition Informationsearch Evaluation ofalternatives Purchase decision Postpurchasebehavior Satisfaction isimportant: Delighted consumers engagein positive word-of-mouth. Unhappy customers tell onaverage 11 other people. It costs more to attract a newcustomer than it does toretain an existing customer. Cognitive dissonance iscommonThe Buying Decision ProcessProcessProcessStagesStages
  18. 18. Jaideep Vasant SOLANKIEncapsulate4
  19. 19. Jaideep Vasant SOLANKI1Consumerbehaviour isinfluenced by 4factors – Cultural,Social, PersonalandPsychological.3KeyPsychologicalparameters are,1. Motivation2. Perception3. Learning4. Memory2Stages of BuyingDecisionMaking are –1. NeedRecognition2. Info Search3. EvaluateAlternatives4. PurchaseDecision5. Post PurchasedecisionEncapsulate
  20. 20. THANK YOU“ My sincere Thanks to Dr. J. Peter & the Institute forproviding me with this opportunity”…With every rising day, Iaspire to raise my bar and beprepared to face newchallenges on my way…© Jaideep Vasant SOLANKI

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