Consumer Buying Behavior and Buying Decision Process
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Characteristics affecting buying behavior and the Buying Decision Process. Deals with the consumer buying behavior.
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Consumer Buying Behavior and Buying Decision Process
- 1. Company LOGO C O N S U M E R B U Y IC O N S U M E R B U Y I N GN G B E H A V I O U RB E H A V I O U R RMD Sinhgad School of Management Studies11th June 2013 Presented by Jaideep Vasant SOLANKI at
- 2. Jaideep Vasant SOLANKI AGENDA Objective1 Buying Influencers*2 The BDP3 Encapsulate4
- 4. Jaideep Vasant SOLANKI OBJECTIVES We would learn the following by the end of the session 1. How do consumer characteristics influence buying behaviour? 2. How do consumers make purchasing decisions?
- 5. Jaideep Vasant SOLANKI Buying Influencers*2
- 6. Jaideep Vasant SOLANKI Buying Influencers* Factors Influencing Consumer Behaviour
- 7. Jaideep Vasant SOLANKI Characteristics Affecting Consumer Behavior Cultural Social Personal Psychological Culture Subcultures Racial Religious Regional Social Class Key Factors Buying Influencers*
- 8. Jaideep Vasant SOLANKI Characteristics Affecting Consumer Behavior Cultural Social Personal Psychological Key Factors Buying Influencers* Groups Membership Reference • Aspirational groups Opinion leaders • Buzz marketing Family Changing roles of H-W Children can influence Roles and Status
- 9. Jaideep Vasant SOLANKI Characteristics Affecting Consumer Behavior Cultural Social Personal Psychological Key Factors Buying Influencers* Age and life cycle Occupation Economic situation Lifestyle Activities, interests, and opinions Lifestyle segmentation Personality and self- concept Brand personality
- 10. Jaideep Vasant SOLANKI Characteristics Affecting Consumer Behavior Cultural Social Personal Psychological Key Factors Buying Influencers* Motivation Needs provide motives for consumer behavior Motivation research Maslow’s hierarchy of needs Perception Selective attention, selective distortion, selective retention Learning Drives, stimuli, cues, responses and reinforcement Memory
- 11. Jaideep Vasant SOLANKI The BDP3
- 12. Jaideep Vasant SOLANKI The 5 Stage Process to Buying Decision The Buying Decision Process
- 13. Jaideep Vasant SOLANKI The 5 Stage Process to Buying Decision The Buying Decision Process Need recognition Information search Evaluation of alternatives Purchase decision Postpurchase behavior Needs can be triggered by: Internal stimuli • Normal needs become strong enough to drive behavior External stimuli • Advertisements • Friends of friends ProcessProcess StagesStages
- 14. Jaideep Vasant SOLANKI The 5 Stage Process to Buying Decision The Buying Decision Process Need recognition Information search Evaluation of alternatives Purchase decision Postpurchase behavior Consumers exhibit heightened attention or actively search for information. Sources of information: Personal Commercial Public Experiential Word-of-mouth ProcessProcess StagesStages
- 15. Jaideep Vasant SOLANKI The 5 Stage Process to Buying Decision The Buying Decision Process Need recognition Information search Evaluation of alternatives Purchase decision Postpurchase behavior Evaluation procedure depends on the consumer and the buying situation. Most buyers evaluate multiple attributes, each of which is weighted differently. At the end of the evaluation stage, purchase intentions are formed. ProcessProcess StagesStages
- 16. Jaideep Vasant SOLANKI The 5 Stage Process to Buying Decision The Buying Decision Process Need recognition Information search Evaluation of alternatives Purchase decision Postpurchase behavior Two factors intercede between purchase intentions and the actual decision: Attitudes of others Unexpected situational factors ProcessProcess StagesStages
- 17. Jaideep Vasant SOLANKI The 5 Stage Process to Buying Decision Need recognition Information search Evaluation of alternatives Purchase decision Postpurchase behavior Satisfaction is important: Delighted consumers engage in positive word-of-mouth. Unhappy customers tell on average 11 other people. It costs more to attract a new customer than it does to retain an existing customer. Cognitive dissonance is common The Buying Decision Process ProcessProcess StagesStages
- 19. Jaideep Vasant SOLANKI 1 Consumer behaviour is influenced by 4 factors – Cultural, Social, Personal and Psychological. 3 Key Psychological parameters are, 1. Motivation 2. Perception 3. Learning 4. Memory 2 Stages of Buying Decision Making are – 1. Need Recognition 2. Info Search 3. Evaluate Alternatives 4. Purchase Decision 5. Post Purchase decision Encapsulate
- 20. THANK YOU “ My sincere Thanks to Dr. J. Peter & the Institute for providing me with this opportunity” …With every rising day, I aspire to raise my bar and be prepared to face new challenges on my way… © Jaideep Vasant SOLANKI
Editor's Notes
- Photograph Taken by Jaideep Solanki at Ras Al Jinz, Turtle Reserve in Sur, Oman