Fajardo analyzing consumer markets

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Fajardo analyzing consumer markets

  1. 1. Analyzing Consumer Markets Connecting with Customers Paul Vincent D Fajardo, DVM V49 Marketing Management May 2010
  2. 2. Outline <ul><li>Definition </li></ul><ul><li>How does consumer characteristics influence buying behavior? </li></ul><ul><li>How do consumers make purchasing decisions? </li></ul><ul><li>Summary </li></ul>
  3. 3. Consumer behavior Is the study of how individuals, groups, and organizations select, buy, use and dispose of goods, services, ideas, experiences to satisfy their needs and wants
  4. 4. Concept 1: Consumer’s buying behavior is influenced by Cultural Factor Culture is the fundamental determinant of a person’s wants and behavior
  5. 5. Concept 1: Consumer’s buying behavior is influenced by Cultural Factor <ul><li>Kotler: Quinceanera </li></ul><ul><li>Local : Mc Donald’s </li></ul><ul><li>RP Medical Application: </li></ul><ul><li>Herbal Medicine </li></ul>
  6. 6. Concept 2: Social factors affect buying behavior Primary groups: Family Secondary groups: Religious Opinion Leader
  7. 7. Concept 2: Social factors affect buying behavior Kotler: General Motors team up w/ Mc Donald’s Happy Meals Local : Ironman team up w/ Jollibee RP Medical Application: Century Tuna Health and Wellness
  8. 8. Concept 3: Buyer’s decision are influenced by personal characteristics Age and Stage In Life Cycle Personality and Self-concept Occupation & Economic Circumstances Lifestyle and Values
  9. 9. Concept 3: Buyer’s decision are influenced by personal characteristics <ul><li>Kotler: </li></ul><ul><li>Local : </li></ul><ul><li>RP Medical Application: </li></ul><ul><li>Calayan Medical </li></ul>
  10. 10. Concept 4: Motivation is the vigor which we pursue the goal <ul><li>Needs: </li></ul><ul><li>Biogenic: </li></ul><ul><li>Food, water, shelter </li></ul><ul><li>Psychogenic : Recognition, esteem </li></ul><ul><li>belonging </li></ul>
  11. 11. Concept 4: Motivation is the vigor which we pursue the goal <ul><li>Kotler: Chrysler PT Cruiser </li></ul><ul><li>Local : Vista Land </li></ul><ul><li>RP Medical Application: </li></ul><ul><li>Organization/Associations </li></ul>
  12. 12. Concept 5 : Perception affects consumer behavior <ul><li>Perception is the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world </li></ul><ul><li>3 Perceptual process: </li></ul><ul><li>Selective attention </li></ul><ul><li>Selective distortion </li></ul><ul><li>Selective retention </li></ul>
  13. 13. Concept 5: Perception affects consumer behavior Kotler: Coors Co. changed label from “Banquet beer” to “ Original Draft” Local : Coke to Coke Zero RP Medical Application: Alaxan vs Alaxan FR
  14. 14. Concept 6: Buying Decision Process <ul><li>Problem Recognition </li></ul><ul><li>Information Search </li></ul><ul><li>Evaluation of Alternatives </li></ul><ul><li>Purchase Decision </li></ul><ul><li>Post purchase behavior </li></ul>
  15. 15. Concept 6: Problem Recognition <ul><li>Kotler: Neighbor’s new car </li></ul><ul><li>Local : Buy a better car </li></ul><ul><li>RP Medical Application: </li></ul><ul><li>Executive Health Check </li></ul>Buyer recognizes a need
  16. 16. Concept 7: Information Search Heightened attention Active information search
  17. 17. Concept 7: Information Search <ul><li>Kotler: Doctors learn new info but still consults on fellow Physicians. </li></ul><ul><li>Local : Wheatgrass </li></ul><ul><li>RP Medical Application: </li></ul><ul><li>Wheatgrass </li></ul><ul><li>Controversial. Not yet substantiated by medical research. </li></ul>
  18. 18. Concept 8: Evaluation of Alternatives <ul><li>Consumer : </li></ul><ul><li>Trying to satisfy a need </li></ul><ul><li>Looking for certain benefits from the product solution </li></ul><ul><li>Will pay the most </li></ul><ul><li>attention to </li></ul><ul><li>attributes that </li></ul><ul><li>deliver the sought- </li></ul><ul><li>after benefits. </li></ul>
  19. 19. Concept 8: Evaluation of Alternatives Kotler: Hotel- Location, cleanliness, atmosphere, price Local : Vacation promos/ packages RP Medical Application: Health packages
  20. 20. Concept 9: Purchase decision <ul><li>Consumer : </li></ul><ul><li>form an intention to buy </li></ul><ul><li>the most powerful brand. </li></ul><ul><li>The attitudes of others can intervene between purchase intention and purchase decision. </li></ul><ul><li>The unanticipated situational factors may erupt to change the purchase intention. </li></ul>
  21. 21. Concept 9: Purchase decision Kotler: Intel inside processor logo. Local :San Miguel Beer RP Medical Application:
  22. 22. Concept 10: Post purchase behavior Postpurchase satisfaction Satisfaction is a function of the closeness between EXPECTATION and the product’s perceived PERFORMANCE. Satisfied Disappointed Delighted
  23. 23. Concept 10: Post purchase behavior Kotler: Oral B Toothbrush Indicator Local: Customer satisfaction surveys RP Medical Application: Cosmetic Surgery
  24. 24. Summary: Understanding the factors ( Cultural, Social & Personal ) that influence can provide marketers with clues to reach and serve consumers effectively
  25. 25. Analyzing Consumer Markets Connecting with Customers Paul Vincent D Fajardo, DVM V49 Marketing Management May 2010

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