![References
Think Twice Before Buying | Lucía González Schuett | TEDxHHL
https://www.youtube.com/watch?v=HGQg_nVPEq8
Decision-making in a future of Big Data and AI | Christina Orphanidou | TEDxUniversityofNicosia
https://www.youtube.com/watch?v=ZT8uSJojmqw
The paradox of choice | Barry Schwartz
https://www.youtube.com/watch?v=VO6XEQIsCoM
McDonalds Vs Burger King Burger Wars [2019]
https://www.youtube.com/watch?v=W8NdvQCnS54
The founder Movie
https://www.youtube.com/watch?v=r-St3WAEf-4](https://image.slidesharecdn.com/cdmandinformationunit4and5final6thmay2021-210523195559/85/Consumer-Decision-Making-Process-27-320.jpg)
Uploaded byLovely Professional University
Consumer Decision Making Process
The document discusses various aspects of Consumer Decision Making (CDM), particularly how brands can strategically enter crowded markets with new products. It highlights factors such as the use of celebrities, types of decision-making processes, and the significance of consumer information search during the purchasing stages. Important concepts include neuromarketing, the impact of promotional materials, and the implications of consumer choices in both fast-moving consumer goods and durable products.
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Consumer Decision Making Process
- 1. CDM : Importantdimensions Stages of CDM What a brand should do when entering a crowded market? When entering a “ New Concept” product market Use of celebrities in CDM Kind of decision making in CDM FMCG vs Durables for CDM Factors affecting CDM
- 2. Neuromarketing: Decoding theconsumer mind | Shikher Chaudhary | TEDxMICA – YouTube https://youtu.be/m8XBkwLPgLQ
- 3. Basic Model ofConsumer Decision Making Need Information Search Evaluations of Alternatives Purchase Post- Purchase
- 4. Stage to target •Medicine, • Medical equipment, • New technology in phone New Concept Product: Need Stage • Soap, • Biscuit, • Toothpaste Low involvement category: Purchase stage
- 5. For Durables Electric vehicles Electriccookers Microwave Refrigerator Information search for New brands which provide value or features. Good if in print media to highlight new offerings . Coupled with demonstration at various stages eads to higher motivation of purchase . Harpic
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- 7. Customer may think new product hasfailed in market, so offered free Consumer may not use the product, because of in adequate knowledge
- 8. Applying CDM- NewProduct
- 9. Applying CDM- FamiliarProduct
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- 11. Impulsive Purchase andCDM Soft drinks, chocolates, biscuits, ice creams • Attractive display • Packaging • POP materials Move from urge to buy
- 12. Substitutability of Products •Ice Cream, Soft drink, mithai, snacks • Kwality, Pepsi flotters,rasgulla,biscuit ice-cream • Bisleri, Aquafina(Pepsi), Kinley(Coke)…youth and fun • High visibility campaign • In above items it may happen • But in durables, the substitutability effect is very low • In durables, showing value preposition of the product is beneficial
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- 14. Plenty of choices Soupchoices in a retail store Music system choice Phone choices Doctor and patient
- 15. Dilemma Marriage children gender when how manychoices Work and when to choice laptop mobile Email Values earlier were written , now they are made or created
- 16. Dilemma • Opportunity cost •Number of alternative available • Escalation of expectations with increase choices • Perfections have increased expectations and reduces surprises Choices create paralysis
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- 18. Types of InformationSought Which provide satisfaction? USPs Probable outcomes Which identify with consumer ? Positioning of product in consumer eyes Inert Sets means which are Back Up Brands for substitution Multiple benefits
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- 21. Examples of Information •Do consumers compare prices when they buy commodities/ essentials? • What is the time spent by consumers in reading in-store promotional material? • How many consumers check if a price deal is available at the store in the product category they are about to purchase? • Do consumers read the labels of the brands they select (especially, if they make a brand switch)? • Do consumers spend time on brands placed at the entry point of the store? • How many consumers buy products based on advertising/word of mouth when they make a brand switch? • Do children influence consumers at the retail outlet? • Do consumers change their decisions when cooperative sales promotion is involved? How many change their decision based on POP material?
- 22. Types of CDM •https://www.youtube.com/watch?v=qvh8uT68hFQ • https://www.youtube.com/watch?v=aWdwlZ6StA0 • https://www.youtube.com/watch?v=l5jNyT_dsoc • https://www.youtube.com/watch?v=Mau-Bt-J6Io&t=1s
- 23. “Brand Set “CDM Process
- 24. Branding and “Choice Set”
- 25. Strategies of applyingCDM Maintenance Disrupt capture Intercept Preference Acceptance
- 26. Extra Resources Tip ofthe Iceberg by Suveen Sinha Curious Marketer by Harish Bhat
- 27. References Think Twice BeforeBuying | Lucía González Schuett | TEDxHHL https://www.youtube.com/watch?v=HGQg_nVPEq8 Decision-making in a future of Big Data and AI | Christina Orphanidou | TEDxUniversityofNicosia https://www.youtube.com/watch?v=ZT8uSJojmqw The paradox of choice | Barry Schwartz https://www.youtube.com/watch?v=VO6XEQIsCoM McDonalds Vs Burger King Burger Wars [2019] https://www.youtube.com/watch?v=W8NdvQCnS54 The founder Movie https://www.youtube.com/watch?v=r-St3WAEf-4