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Consumer markets and buyer behaviour

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Consumer markets and buyer behaviour

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Consumer markets and buyer behaviour

  1. 2. <ul><li>The buying behavior of final consumers (individuals & households) who buy goods and services for personal consumption. </li></ul><ul><li>“ How do consumers respond to marketing efforts the company might use?” </li></ul>
  2. 3. Marketing and Other Stimuli Buyer’s Black Box Buyer’s Response <ul><li>Product </li></ul><ul><li>Price </li></ul><ul><li>Place </li></ul><ul><li>Promotion </li></ul><ul><li>Economic </li></ul><ul><li>Technological </li></ul><ul><li>Political </li></ul><ul><li>Cultural </li></ul>Characteristics Affecting Consumer Behavior Buyer’s Decision Process Product Choice Brand Choice Dealer Choice Purchase Timing Purchase Amount
  3. 4. Buyer Psychological Personal Social Culture
  4. 5. <ul><li>Social Class </li></ul><ul><li>People within a social class tend to exhibit similar buying behavior. </li></ul><ul><li>Occupation </li></ul><ul><li>Income </li></ul><ul><li>Education </li></ul><ul><li>Wealth </li></ul><ul><li>Subculture </li></ul><ul><li>Groups of people with shared value systems based on common life experiences. </li></ul><ul><li>Geographic </li></ul><ul><li>Religions </li></ul><ul><li>Racial groups </li></ul>Determines a person's wants and behavior Values. Perceptions. Preferences, Behaviors.
  5. 6. <ul><li>Reference Groups </li></ul><ul><li>Membership </li></ul><ul><li>Aspiration </li></ul><ul><li>Dissociative </li></ul><ul><li>Family </li></ul><ul><li>Husband, wife, kids </li></ul><ul><li>Influencer, buyer, user </li></ul>Roles and Status Social Factors
  6. 7. Personal Influences Age and Family Life Cycle Stage Occupation Economic Situation Lifestyle Identification Activities Opinions Interests Personality & Self-Concept
  7. 8. Principle Oriented Status Oriented Action Oriented Achievers Actualizers Strugglers Strivers Fulfilleds Believers Experiencers Makers Abundant Resources Minimal Resources
  8. 9. Psychological Factors Motivation Perception Learning Beliefs and Attitudes
  9. 10. Esteem Needs ( self-esteem, status) Social Needs (sense of belonging, love) Safety Needs (security, protection) Physiological Needs (hunger, thirst) Self Actualization (Self-development )
  10. 11. Complex Buying Behavior Dissonance- Reducing Buying Behavior Variety- Seeking Behavior Habitual Buying Behavior High Involvement Significant differences between brands Few differences between brands Low Involvement
  11. 12. Need Recognition Information Search Evaluation of Alternatives Purchase Decision Postpurchase Behavior
  12. 13. <ul><li>External Stimuli </li></ul><ul><li>TV advertising </li></ul><ul><li>Magazine ad </li></ul><ul><li>Radio slogan </li></ul><ul><li>Stimuli in the </li></ul><ul><ul><li>environment </li></ul></ul><ul><li>Internal Stimuli </li></ul><ul><li>Hunger </li></ul><ul><li>Thirst </li></ul><ul><li>A person’s normal </li></ul><ul><ul><li>needs </li></ul></ul>Need Recognition Difference between an actual state and a desired state
  13. 14. <ul><li>Family, friends, neighbors </li></ul><ul><li>Most influential source of </li></ul><ul><li>information </li></ul><ul><li>Advertising, salespeople </li></ul><ul><li>Receives most information </li></ul><ul><ul><li>from these sources </li></ul></ul><ul><li>Mass Media </li></ul><ul><li>Consumer-rating groups </li></ul><ul><li>Handling the product </li></ul><ul><li>Examining the product </li></ul><ul><li>Using the product </li></ul>Personal Sources Commercial Sources Public Sources Experiential Sources
  14. 15. Product Attributes Evaluation of Quality, Price, & Features Degree of Importance Which attributes matter most to me? Brand Beliefs What do I believe about each available brand? Total Product Satisfaction Based on what I’m looking for, how satisfied would I be with each product? Evaluation Procedures Choosing a product (and brand) based on one or more attributes.
  15. 16. Purchase Intention Desire to buy the most preferred brand Purchase Decision Attitudes of others Unexpected situational factors
  16. 17. <ul><li>Consumer’s Expectations of </li></ul><ul><li>Product’s Performance </li></ul>Dissatisfied Customer Satisfied Customer! <ul><li>Product’s Perceived </li></ul><ul><li>Performance </li></ul>Cognitive Dissonance The Buyer Decision Process Step 5. Postpurchase Behavior

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