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Consumer Markets and Consumer Buyer Behavior Chapter 5
Learning Goals <ul><li>Learn the consumer market and construct model of consumer buyer behavior  </li></ul><ul><li>Know th...
Case Study Harley Davidson <ul><li>Building Success </li></ul><ul><li>Understanding the customers’ emotions and motivation...
Definitions <ul><li>Consumer buyer behavior  refers to the buying behavior of final consumers – individuals and households...
Stimulus-Response Model of Consumer Behavior <ul><li>Stimuli </li></ul><ul><li>4P’s </li></ul><ul><li>Other characteristic...
Characteristics Affecting Consumer Behavior <ul><ul><li>Culture </li></ul></ul><ul><ul><ul><li>Forms a person’s wants and ...
Characteristics Affecting Consumer Behavior <ul><ul><li>Groups </li></ul></ul><ul><ul><ul><li>Membership </li></ul></ul></...
Characteristics Affecting Consumer Behavior <ul><ul><li>Age and life cycle </li></ul></ul><ul><ul><li>Occupation </li></ul...
Characteristics Affecting Consumer Behavior <ul><li>Sincerity </li></ul><ul><li>Ruggedness </li></ul><ul><li>Excitement </...
Characteristics Affecting Consumer Behavior <ul><ul><li>Motivation </li></ul></ul><ul><ul><li>Perception </li></ul></ul><u...
Psychological Factors Motivation <ul><li>A  motive  is a need that is sufficiently pressing to direct the person to seek s...
Psychological Factors Perception <ul><li>Perception  is the process by which people select, organize, and interpret inform...
Psychological Factors Learning <ul><li>Learning  describes changes in an individual’s behavior arising from experience </l...
Psychological Factors Beliefs and Attitudes <ul><li>Belief  </li></ul><ul><ul><li>a descriptive thought about a brand or s...
Types of Buying  Decision Behavior <ul><li>Complex </li></ul><ul><ul><li>Highly involved, significant brand differences  <...
The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of a...
The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of a...
The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of a...
The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of a...
The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of a...
Buyer Decision Process for New Products <ul><li>New Products </li></ul><ul><ul><li>Good, service or idea that is perceived...
Buyer Decision Process for New Products <ul><li>Awareness </li></ul><ul><li>Evaluation </li></ul><ul><li>Interest </li></u...
Buyer Decision Process for New Products <ul><li>Individual Differences in Innovativeness </li></ul><ul><ul><li>Consumers c...
Buyer Decision Process for New Products <ul><li>Relative Advantage </li></ul><ul><li>Compatibility </li></ul><ul><li>Compl...
Buyer Decision Process for New Products <ul><li>International Consumer Behavior </li></ul><ul><ul><li>Values, attitudes an...
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Consumer Markets and Consumer Buyer Behavior

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Consumer Markets and Consumer Buyer Behavior

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  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy &amp; Proven Way to Build Good Habits &amp; Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
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  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy &amp; Proven Way to Build Good Habits &amp; Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
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  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy &amp; Proven Way to Build Good Habits &amp; Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
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  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy &amp; Proven Way to Build Good Habits &amp; Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
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Consumer Markets and Consumer Buyer Behavior

  1. 1. Consumer Markets and Consumer Buyer Behavior Chapter 5
  2. 2. Learning Goals <ul><li>Learn the consumer market and construct model of consumer buyer behavior </li></ul><ul><li>Know the four factors that influence buyer behavior </li></ul><ul><li>Understand the types of buying decision behavior and stages in the process </li></ul><ul><li>Comprehend the adoption and diffusion process for new products </li></ul>
  3. 3. Case Study Harley Davidson <ul><li>Building Success </li></ul><ul><li>Understanding the customers’ emotions and motivation </li></ul><ul><li>Determining the factors of loyalty </li></ul><ul><li>Translating this information to effective advertising </li></ul><ul><li>Measuring Success </li></ul><ul><li>Currently 22% of all U.S. bike sales </li></ul><ul><li>Demand above supply </li></ul><ul><li>Sales doubled in the past 5 years with earnings tripled. </li></ul>
  4. 4. Definitions <ul><li>Consumer buyer behavior refers to the buying behavior of final consumers – individuals and households who buy goods and services for personal consumption </li></ul><ul><li>All of these final consumers combine to make up the consumer market </li></ul>Goal 1: Learn the consumer market & construct model of buyer behavior
  5. 5. Stimulus-Response Model of Consumer Behavior <ul><li>Stimuli </li></ul><ul><li>4P’s </li></ul><ul><li>Other characteristics </li></ul><ul><li>economic </li></ul><ul><li>technological </li></ul><ul><li>political </li></ul><ul><li>cultural </li></ul>Buyer Response Product choice Brand choice Dealer choice Purchase timing Purchase amount Buyer’s Black Box Buyer characteristics Buyer decision process Goal 1: Learn the consumer market & construct model of buyer behavior
  6. 6. Characteristics Affecting Consumer Behavior <ul><ul><li>Culture </li></ul></ul><ul><ul><ul><li>Forms a person’s wants and behavior </li></ul></ul></ul><ul><ul><li>Subculture </li></ul></ul><ul><ul><ul><li>Groups with shared value systems </li></ul></ul></ul><ul><ul><li>Social Class </li></ul></ul><ul><ul><ul><li>Society’s divisions who share values, interests and behaviors </li></ul></ul></ul>Cultural Social Personal Psychological Key Factors Goal 2: Know the four factors that influence consumer buying behavior
  7. 7. Characteristics Affecting Consumer Behavior <ul><ul><li>Groups </li></ul></ul><ul><ul><ul><li>Membership </li></ul></ul></ul><ul><ul><ul><li>Reference </li></ul></ul></ul><ul><ul><ul><ul><li>Aspirational </li></ul></ul></ul></ul><ul><ul><ul><li>Opinion Leaders </li></ul></ul></ul><ul><ul><ul><ul><li>Buzz marketing </li></ul></ul></ul></ul><ul><ul><li>Family </li></ul></ul><ul><ul><ul><li>Many influencers </li></ul></ul></ul><ul><ul><li>Roles and Status </li></ul></ul>Cultural Social Personal Psychological Key Factors Goal 2: Know the four factors that influence consumer buying behavior
  8. 8. Characteristics Affecting Consumer Behavior <ul><ul><li>Age and life cycle </li></ul></ul><ul><ul><li>Occupation </li></ul></ul><ul><ul><li>Economic situation </li></ul></ul><ul><ul><li>Lifestyle </li></ul></ul><ul><ul><ul><li>Activities, interests and opinions </li></ul></ul></ul><ul><ul><ul><li>Lifestyle segmentation </li></ul></ul></ul><ul><ul><li>Personality and self-concept </li></ul></ul>Cultural Social Personal Psychological Key Factors Goal 2: Know the four factors that influence consumer buying behavior
  9. 9. Characteristics Affecting Consumer Behavior <ul><li>Sincerity </li></ul><ul><li>Ruggedness </li></ul><ul><li>Excitement </li></ul><ul><li>Competence </li></ul>Brand Personality Dimensions <ul><li>Sophistication </li></ul>Goal 2: Know the four factors that influence consumer buying behavior
  10. 10. Characteristics Affecting Consumer Behavior <ul><ul><li>Motivation </li></ul></ul><ul><ul><li>Perception </li></ul></ul><ul><ul><li>Learning </li></ul></ul><ul><ul><li>Beliefs and attitudes </li></ul></ul>Cultural Social Personal Psychological Key Factors Goal 2: Know the four factors that influence consumer buying behavior
  11. 11. Psychological Factors Motivation <ul><li>A motive is a need that is sufficiently pressing to direct the person to seek satisfaction </li></ul><ul><li>Motivation research is based on Freud; Looks for hidden and subconscious motivation </li></ul><ul><li>Maslow ordered needs based on how pressing they are to the consumer </li></ul>Goal 2: Know the four factors that influence consumer buying behavior
  12. 12. Psychological Factors Perception <ul><li>Perception is the process by which people select, organize, and interpret information </li></ul><ul><li>Perception Includes: </li></ul><ul><ul><li>Selective attention </li></ul></ul><ul><ul><ul><li>Consumers screen out information </li></ul></ul></ul><ul><ul><li>Selective distortion </li></ul></ul><ul><ul><ul><li>People interpret to support beliefs </li></ul></ul></ul><ul><ul><li>Selective retention </li></ul></ul><ul><ul><ul><li>People retain points to support attitudes </li></ul></ul></ul>Goal 2: Know the four factors that influence consumer buying behavior
  13. 13. Psychological Factors Learning <ul><li>Learning describes changes in an individual’s behavior arising from experience </li></ul><ul><li>Learning occurs through: </li></ul><ul><ul><li>Drives </li></ul></ul><ul><ul><ul><li>Internal stimulus that calls for action </li></ul></ul></ul><ul><ul><li>Stimuli </li></ul></ul><ul><ul><ul><li>Objects that move drive to motive </li></ul></ul></ul><ul><ul><li>Cues </li></ul></ul><ul><ul><ul><li>Minor stimuli that affect response </li></ul></ul></ul><ul><ul><li>Reinforcement </li></ul></ul><ul><ul><ul><li>Feedback on action </li></ul></ul></ul>Goal 2: Know the four factors that influence consumer buying behavior
  14. 14. Psychological Factors Beliefs and Attitudes <ul><li>Belief </li></ul><ul><ul><li>a descriptive thought about a brand or service </li></ul></ul><ul><ul><li>may be based on real knowledge, opinion, or faith </li></ul></ul><ul><li>Attitude </li></ul><ul><ul><li>describes a person’s evaluations, feelings and tendencies toward an object or idea </li></ul></ul><ul><ul><li>They are difficult to change </li></ul></ul>Goal 2: Know the four factors that influence consumer buying behavior
  15. 15. Types of Buying Decision Behavior <ul><li>Complex </li></ul><ul><ul><li>Highly involved, significant brand differences </li></ul></ul><ul><ul><li>Example – computer </li></ul></ul><ul><li>Dissonance-reducing </li></ul><ul><ul><li>Highly involved, little brand differences </li></ul></ul><ul><ul><li>Example – carpeting </li></ul></ul><ul><li>Habitual </li></ul><ul><ul><li>Low involvement, little brand differences </li></ul></ul><ul><ul><li>Example – salt </li></ul></ul><ul><li>Variety-seeking </li></ul><ul><ul><li>Low involvement, significant perceived brand differences </li></ul></ul><ul><ul><li>Example – cookies </li></ul></ul>Goal 3: Understand types of buying decisions and stages in the process
  16. 16. The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of alternatives </li></ul><ul><li>Purchase decision </li></ul><ul><li>Postpurchase behavior </li></ul><ul><li>Needs can be triggered by: </li></ul><ul><ul><li>Internal stimuli </li></ul></ul><ul><ul><ul><li>Normal needs become strong enough to drive behavior </li></ul></ul></ul><ul><ul><li>External stimuli </li></ul></ul><ul><ul><ul><li>Advertisements </li></ul></ul></ul><ul><ul><ul><li>Friends of friends </li></ul></ul></ul>Process Stages Goal 3: Understand types of buying decisions and stages in the process
  17. 17. The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of alternatives </li></ul><ul><li>Purchase decision </li></ul><ul><li>Postpurchase behavior </li></ul><ul><li>Consumers exhibit heightened attention or actively search for information. </li></ul><ul><li>Sources of information: </li></ul><ul><ul><li>Personal </li></ul></ul><ul><ul><li>Commercial </li></ul></ul><ul><ul><li>Public </li></ul></ul><ul><ul><li>Experiential </li></ul></ul><ul><li>Word-of-mouth </li></ul>Process Stages Goal 3: Understand types of buying decisions and stages in the process
  18. 18. The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of alternatives </li></ul><ul><li>Purchase decision </li></ul><ul><li>Postpurchase behavior </li></ul><ul><li>Evaluation procedure depends on the consumer and the buying situation. </li></ul><ul><li>Most buyers evaluate multiple attributes, each of which is weighted differently. </li></ul><ul><li>At the end of the evaluation stage, purchase intentions are formed. </li></ul>Process Stages Goal 3: Understand types of buying decisions and stages in the process
  19. 19. The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of alternatives </li></ul><ul><li>Purchase decision </li></ul><ul><li>Postpurchase behavior </li></ul><ul><li>Two factors intercede between purchase intentions and the actual decision: </li></ul><ul><ul><li>Attitudes of others </li></ul></ul><ul><ul><li>Unexpected situational factors </li></ul></ul>Process Stages Goal 3: Understand types of buying decisions and stages in the process
  20. 20. The Buyer Decision Process <ul><li>Need recognition </li></ul><ul><li>Information search </li></ul><ul><li>Evaluation of alternatives </li></ul><ul><li>Purchase decision </li></ul><ul><li>Postpurchase behavior </li></ul><ul><li>Satisfaction is important: </li></ul><ul><ul><li>Delighted consumers engage in positive word-of-mouth. </li></ul></ul><ul><ul><li>Unhappy customers tell on average 11 other people. </li></ul></ul><ul><ul><li>It costs more to attract a new customer than it does to retain an existing customer. </li></ul></ul><ul><li>Cognitive dissonance is common </li></ul>Process Stages Goal 3: Understand types of buying decisions and stages in the process
  21. 21. Buyer Decision Process for New Products <ul><li>New Products </li></ul><ul><ul><li>Good, service or idea that is perceived by customers as new. </li></ul></ul><ul><li>Stages in the Adoption Process </li></ul><ul><ul><li>Marketers should help consumers move through these stages. </li></ul></ul>Goal 4: Comprehend the diffusion & adoption process for new products
  22. 22. Buyer Decision Process for New Products <ul><li>Awareness </li></ul><ul><li>Evaluation </li></ul><ul><li>Interest </li></ul><ul><li>Trial </li></ul>Stages in the Adoption Process Adoption Goal 4: Comprehend the diffusion & adoption process for new products
  23. 23. Buyer Decision Process for New Products <ul><li>Individual Differences in Innovativeness </li></ul><ul><ul><li>Consumers can be classified into five adopter categories, each of which behaves differently toward new products. </li></ul></ul><ul><li>Product Characteristics and Adoption </li></ul><ul><ul><li>Five product characteristics influence the adoption rate. </li></ul></ul>Goal 4: Comprehend the diffusion & adoption process for new products
  24. 24. Buyer Decision Process for New Products <ul><li>Relative Advantage </li></ul><ul><li>Compatibility </li></ul><ul><li>Complexity </li></ul><ul><li>Divisibility </li></ul>Product Characteristics Communicability Goal 4: Comprehend the diffusion & adoption process for new products
  25. 25. Buyer Decision Process for New Products <ul><li>International Consumer Behavior </li></ul><ul><ul><li>Values, attitudes and behaviors differ greatly in other countries. </li></ul></ul><ul><ul><li>Physical differences exist which require changes in the marketing mix. </li></ul></ul><ul><ul><li>Customs vary from country to country. </li></ul></ul><ul><ul><li>Marketers must decide the degree to which they will adapt their marketing efforts. </li></ul></ul>Goal 4: Comprehend the diffusion & adoption process for new products

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