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Consumer Decison Making Process
The document discusses Consumer Decision Making (CDM) processes, highlighting stages such as information search, evaluation, purchase, and post-purchase, particularly in crowded markets. It contrasts fast-moving consumer goods (FMCG) with durable goods, emphasizing the impact of marketing strategies, including celebrity endorsements and product visibility. Various factors influencing consumer decisions, including neuromarketing, are explored, with specific examples of products in different categories.
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Consumer Decison 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 • 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 • Bisleri, Aquafina(Pepsi), Kinley(Coke)…youth and fun
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- 14. Strategies of applyingCDM Maintenance Disrupt capture Intercept Preference Acceptance
- 15. Extra Readings Tip ofthe Iceberg by Suveen Sinha Curious Marketer by Harish Bhat