Mba marketing m-analyzing consumer markets - copy

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Mba marketing m-analyzing consumer markets - copy

  1. 1. ۩ Analyzing Consumer Markets
  2. 2. <ul><li>Consumer behavior is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. </li></ul><ul><li>It provides clues for improving or introducing products or services, setting prices, devising channels, crafting messages, and developing other marketing activities. </li></ul>CONSUMER BEHAVIOR
  3. 3. Explain how consumer characteristics influence buying behavior. Enter your title here Cultural Factors. Culture is the fundamental determinant of a person‘s wants and behavior. Social Factors. Reference groups;- groups that have influence on consumers attitudes or behavior. Family;- the most influential primary reference groups. Roles and statutes;- Role – activities a person is expected to perform. Status – in society, eg, a senior vice president has more status than a sales manager. Personal Factors. Age, stage in the life-cycle; occupation and economic circumstances;personality and self-concept; life style and values QUESTION 1
  4. 4. Four main psychological processes affect consumer behavior: motivation, perception, learning, and memory. <ul><li>MOTIVATION </li></ul><ul><ul><li>A need that is sufficiently pressing to drive the person to act . </li></ul></ul><ul><li>PERCEPTION </li></ul><ul><li>A process by which individual selects, organizes, and interprets information inputs to create a meaningfull picture of the world. </li></ul>Psychological Processes MEMORY Information and experiences individual encounter as they go through life can end up in their long-term memory. LEARNING Changes in individual’s behavior arising from experience.
  5. 5. <ul><li>Marketing Stimuli </li></ul><ul><li>Products & Services </li></ul><ul><li>Price </li></ul><ul><li>Distribution </li></ul><ul><li>Communications </li></ul><ul><li>Other Stimuli </li></ul><ul><li>Economic </li></ul><ul><li>Technological </li></ul><ul><li>Political </li></ul><ul><li>Cultural </li></ul>MODEL OF CONSUMER BEHAVIOR Marketing Stimuli Other Stimuli Consumer Psychology Consumer Characteristic Buying Decision PurchaseDecision <ul><li>Buying Decision Process </li></ul><ul><li>Problem recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluate alternatives </li></ul><ul><li>Purchase decision </li></ul><ul><li>Post-purchase behavior </li></ul>Purchase Decision- P roduct choice. B rand choice. D ealer choice. Purchase a mount.Purchase t iming. P ayment method.
  6. 6. Discuss how consumers make purchasing decisions <ul><li>Problem recognition </li></ul><ul><li>Buyer recognise need. </li></ul><ul><li>Information search </li></ul><ul><li>Buyer search for information. </li></ul><ul><li>Evaluate alternatives </li></ul><ul><li>Buyer make value judgement. </li></ul><ul><li>Purchase decision </li></ul><ul><li>Form preference and intention to buy. </li></ul><ul><li>Post-purchase behavior </li></ul><ul><li>After purchase,buyer will be alert to information that supports decision. </li></ul>QUESTION 2 Buying Decision Process
  7. 7. <ul><li>Consumer Involvement </li></ul><ul><li>From viewing an ad or evaluating a product or service. </li></ul><ul><li>Elaboration likelihood model. </li></ul><ul><li>Make evaluations in both low-and high-involvement. </li></ul><ul><li>Low involvement marketing strategies. </li></ul><ul><li>Absence of significant brand differences. </li></ul>OTHER THEORIES OF CONSUMER DECISION MAKING <ul><li>Variety-seeking buying behavior </li></ul><ul><li>Brand switching. </li></ul><ul><li>Decision heuristics and biases </li></ul><ul><li>Rules of thumb or mental short cuts in decision process. </li></ul><ul><li>Mental accounting </li></ul><ul><li>Manner by which consumers code,categorize,and evaluate financial outcomes of choices. </li></ul>
  8. 8. „ The best thing about the future is that it comes only one day at a time.“ Abraham Lincoln (1809-1865) THANK YOU.

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