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Consumer Buying Behavior

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Consumer Buying Behavior

  1. 1. Consumer Buying Behavior
  2. 2. Learning Objectives <ul><li>Understand the major factors influencing consumer behavior </li></ul><ul><li>Know and recognize the types of buying decision behavior </li></ul><ul><li>Understand the stages in the buying decision process </li></ul>
  3. 3. Consumer Market <ul><li>Consists of all the individuals and households who buy or acquire goods and services for personal consumption. </li></ul>
  4. 4. Consumer Buying Decision Process Problem Recognition Information Search Evaluation of Alternatives Purchase Decision Post-Purchase Evaluation
  5. 5. Types of Buying Behavior <ul><li>Routine Response </li></ul><ul><li>Limited Decision </li></ul><ul><li>Extension Decision </li></ul><ul><li>Impulse Buying </li></ul>
  6. 6. Factors Influencing Consumer Behavior <ul><li>Personal </li></ul><ul><li>Psychological </li></ul><ul><li>Social </li></ul><ul><li>Cultural </li></ul>
  7. 7. Personal Factors <ul><li>Age </li></ul><ul><li>Life-Cycle Stage </li></ul>
  8. 8. Stages in Family Life-Cycle <ul><li>Single </li></ul><ul><li>Newly Married Couples </li></ul><ul><li>Full Nest I </li></ul><ul><li>Full Nest II </li></ul><ul><li>Full Nest III </li></ul><ul><li>Empty Nest I </li></ul><ul><li>Empty Nest II </li></ul><ul><li>Solitary Survivor </li></ul><ul><li>Solitary Survivor, Retired </li></ul>
  9. 9. Personal Factors <ul><li>Age </li></ul><ul><li>Life-Cycle Stage </li></ul><ul><li>Occupation </li></ul><ul><li>Economic Circumstances </li></ul><ul><li>Life Style </li></ul>
  10. 10. Psychological Factors <ul><li>“ Wants” </li></ul><ul><ul><li>Based on a want or desire to have something. Not a necessity. </li></ul></ul>
  11. 11. Psychological Factors <ul><li>Motivation: </li></ul><ul><ul><li>Freud </li></ul></ul><ul><ul><ul><li>Id </li></ul></ul></ul><ul><ul><ul><li>Ego </li></ul></ul></ul><ul><ul><ul><li>Super Ego </li></ul></ul></ul><ul><ul><li>Maslow </li></ul></ul><ul><ul><ul><li>Hierarchy of Needs </li></ul></ul></ul>
  12. 12. Psychological Factors <ul><li>Motivation </li></ul><ul><li>Perception </li></ul><ul><ul><li>The process by which an individual selects, organizes, and interprets inputs to create a meaningful picture of the world. </li></ul></ul><ul><ul><ul><li>Selective Exposure </li></ul></ul></ul><ul><ul><ul><li>Selective Distortion </li></ul></ul></ul><ul><ul><ul><li>Selective Retention </li></ul></ul></ul>
  13. 13. Psychological Factors <ul><li>Motivation </li></ul><ul><li>Perception </li></ul><ul><li>Learning </li></ul><ul><ul><li>Changes in an individual’s behavior arising form experience </li></ul></ul>
  14. 14. Psychological Factors <ul><li>Motivation </li></ul><ul><li>Perception </li></ul><ul><li>Learning </li></ul><ul><li>Beliefs </li></ul><ul><ul><li>Descriptive thoughts that a person holds about something </li></ul></ul>
  15. 15. Psychological Factors <ul><li>Motivation </li></ul><ul><li>Perception </li></ul><ul><li>Learning </li></ul><ul><li>Beliefs </li></ul><ul><li>Attitudes </li></ul><ul><ul><li>Enduring favorable or unfavorable cognitive evaluations emotional feelings and action tendencies </li></ul></ul>
  16. 16. Functional Factors <ul><li>“ Needs” </li></ul><ul><ul><li>Need over wants. Delivers to a real “need” to have something. </li></ul></ul>
  17. 17. Social Class <ul><li>Relatively homogenous, enduring divisions in a society, hierarchically ordered with members sharing similar values, interests, and behaviors. </li></ul>
  18. 18. American Social Classes <ul><li>Upper Upper 1% </li></ul><ul><li>Lower Upper 2% </li></ul><ul><li>Upper Middle 12% </li></ul><ul><li>Middle 32% </li></ul><ul><li>Working 38% </li></ul><ul><li>Upper Lower 9% </li></ul><ul><li>Lower Lower 7% </li></ul>
  19. 19. Group Influences Strong Weak Strong Weak Brand Choice Product Choice Private Necessities Mattresses Floor Lamps Refrigerators Public Necessities Wrist Watch Automobiles Dress Clothes Private Luxuries TV Video Games Ice Makers Trash Compactors Public Luxuries Golf Clubs Snow Skis Sail Boat
  20. 20. Family Influence on Buying Behavior <ul><li>Husband-Dominant </li></ul><ul><li>Wife-Dominant </li></ul><ul><li>Equal </li></ul>
  21. 21. Culture & Subcultures <ul><li>Cultures </li></ul><ul><ul><li>The accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment </li></ul></ul><ul><li>Subcultures </li></ul><ul><ul><li>Groups of individuals who have similar value and behavior patterns within the group but differ from those in other groups. </li></ul></ul>
  22. 22. Adoption Process <ul><li>Awareness </li></ul><ul><li>Interest </li></ul><ul><li>Evaluation </li></ul><ul><li>Trial </li></ul><ul><li>Decision </li></ul><ul><li>Confirmation </li></ul>
  23. 23. Examples of Buying Motives: Psychological or Functional? <ul><li>A senior wants to impress his date at the prom . </li></ul><ul><li>His primary motive is …? </li></ul>Psychological
  24. 24. Examples of Buying Motives: Psychological or Functional? <ul><li>A girl wants to remember her grandmother on her birthday. </li></ul><ul><li>Her primary motive is…? </li></ul>Psychological
  25. 25. Examples of Buying Motives: Psychological or Functional? <ul><li>A homemaker needs a new washing machine and has had good experiences with Sears. </li></ul><ul><ul><li>Her primary motive is …? </li></ul></ul>Functional
  26. 26. Examples of Buying Motives: Psychological or Functional? <ul><li>A teacher wants to buy a practical car to be used for family transportation. </li></ul><ul><li>Her/His primary motive is …? </li></ul>Functional
  27. 27. Examples of Buying Motives: Psychological or Functional? <ul><li>A career woman always buys Liz Claiborne clothes. </li></ul><ul><li>Her primary motive is…? </li></ul>Psychological
  28. 28. Examples of Buying Motives: Psychological or Functional? <ul><li>An overweight 40 year old man wants to loose weight so that he can reduce his blood pressure. </li></ul><ul><li>His primary motive is…? </li></ul>Functional
  29. 29. Examples of Buying Motives: Psychological or Functional? <ul><li>A homeowner needs to mow their lawn. </li></ul><ul><li>Their primary motive is…? </li></ul>Functional
  30. 30. Consumer Buying Behavior Competency Ninety-day warranty. Serving you since 1971. Diamonds are forever. It never needs ironing. The price is 40 cents off the regular price. Psychological Motive Functional Motive
  31. 31. Consumer Buying Behavior Competency A watch—a gift she will treasure always. Steel-belted radial tires warranted for 40,000 miles Wheaties—the breakfast of champions! It’s all the rage—colored action wear and style. Running shoe with built-in arch. Psychological Motive Functional Motive
  32. 32. Learning Objectives--Reviewed <ul><li>Understand the major factors influencing consumer behavior </li></ul><ul><li>Know and recognize the types of buying decision behavior </li></ul><ul><li>Understand the stages in the buying decision process </li></ul>
  33. 33. Consumer Buying Behavior THE END
  34. 34. Consumer Buying Decision Process Problem Recognition Information Search Evaluation of Alternatives Purchase Decision Post-Purchase Evaluation

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