The document discusses consumer buying behavior and the factors that influence it. It provides definitions of consumer behavior and discusses the need to study consumer behavior to satisfy customer needs, understand consumer psychology, motives, choices, and preferences. It then describes different types of consumer buying behavior including complex, dissonance-reducing, habitual, and variety seeking behaviors. The stages of the consumer buying decision process are outlined as well as psychological, social, cultural, personal, and economic factors that influence consumer decisions.
This document discusses different types of buying decision behaviors and business buying behaviors. It outlines four types of consumer buying decision behaviors: complex buying behavior, dissonance reducing buying behavior, habitual buying behavior, and variety seeking buying behavior. It also discusses key aspects of organizational or business buying behavior, including that decisions often involve multiple participants and are influenced by various marketing and non-marketing factors. The document contrasts business and consumer markets in terms of how decisions are made, the presence of experienced purchasers, time needed to make decisions, size of purchases, number of buyers, and type of promotional efforts needed. It also outlines three types of business purchase decisions: straight re-purchases, modified re-purchases, and new task purchases
Consumer behavior is the study of how people make decisions regarding products and services. It is influenced by psychological, personal, and social factors. Understanding consumer behavior allows companies to satisfy customer needs, develop effective marketing strategies, identify new opportunities, and select target markets. As technology advances, consumers are more informed, engaged in product design, and concerned with sustainability. They also use multiple devices and have high expectations for the customer experience across online and offline channels. Stages of purchase in electronic markets include researching options before buying, evaluating quality and service during purchase, and needing support after purchase. Challenges include addressing consumer concerns over privacy, quality, and convenience on mobile apps.
Without an understanding of consumers, how they think, and the reasons for how they behave, it is very difficult for a business to give them exactly what they want.
The study of consumer behaviour improves decision-making as some of the guesswork is removed.
Through a better understanding of consumer behaviour, businesses can make better choices with their marketing to attract more of their target customers.
What is Consumer Behaviour?
Consumer behaviour is the study of consumption. It aims to have a better understanding of consumer actions and processes used in their purchase decisions, as well as the usage of products and services and how they are disposed of.
Exploring how the consumer’s emotions, attitudes and preferences affect buying behaviour, consumer behaviour draws upon ideas from several fields including psychology, sociology, anthropology, biology, marketing and economics.
An underlying motivation drives a consumer to act and purchase. These motivations fit under the problem recognition phase discussed above.
This motivation can be either positive or negative. A positive motivation could be a pleasure – having dinner a nice restaurant or a night on the town. A negative motivation could be the avoidance of unpleasantness such as purchasing toothpaste to minimise tooth decay, getting toothaches and having to visit a dentist.
1) The document discusses consumer and business buyer behavior, outlining key differences. Consumer behavior is driven more by emotions while business buyer behavior follows a formal, structured process.
2) It also covers the consumer buying process in 6 stages - problem recognition, information search, evaluation, purchase, and post-purchase evaluation. Multiple factors like needs, wants, social influences impact consumer decisions.
3) Business buyers consider objectives, value, and responsibilities when purchasing. Multiple departments are involved in complex procedures compared to individual consumers.
This document discusses consumer behavior and the factors that influence it. It defines a consumer and consumer behavior. There are several stages in the consumer purchasing process, including need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. External factors like culture, subculture, social status, reference groups, and marketing activities can all impact consumer behavior. Understanding consumer behavior is important for marketers when analyzing opportunities, selecting target markets, and making marketing mix decisions.
This document provides an introduction to buyer behavior from Dr. Brian Monger. It discusses MAANZ International, the organization that published the document, and outlines key concepts in buyer behavior research. Buyer behavior is studied from various perspectives, including psychology, sociology, and economics. Researchers examine what people buy, why, when, where, how often, and how they use products. Buyer behavior analysis informs product development and market segmentation strategies.
The document discusses consumer buying behavior and the factors that influence it. It provides definitions of consumer behavior and discusses the need to study consumer behavior to satisfy customer needs, understand consumer psychology, motives, choices, and preferences. It then describes different types of consumer buying behavior including complex, dissonance-reducing, habitual, and variety seeking behaviors. The stages of the consumer buying decision process are outlined as well as psychological, social, cultural, personal, and economic factors that influence consumer decisions.
This document discusses different types of buying decision behaviors and business buying behaviors. It outlines four types of consumer buying decision behaviors: complex buying behavior, dissonance reducing buying behavior, habitual buying behavior, and variety seeking buying behavior. It also discusses key aspects of organizational or business buying behavior, including that decisions often involve multiple participants and are influenced by various marketing and non-marketing factors. The document contrasts business and consumer markets in terms of how decisions are made, the presence of experienced purchasers, time needed to make decisions, size of purchases, number of buyers, and type of promotional efforts needed. It also outlines three types of business purchase decisions: straight re-purchases, modified re-purchases, and new task purchases
Consumer behavior is the study of how people make decisions regarding products and services. It is influenced by psychological, personal, and social factors. Understanding consumer behavior allows companies to satisfy customer needs, develop effective marketing strategies, identify new opportunities, and select target markets. As technology advances, consumers are more informed, engaged in product design, and concerned with sustainability. They also use multiple devices and have high expectations for the customer experience across online and offline channels. Stages of purchase in electronic markets include researching options before buying, evaluating quality and service during purchase, and needing support after purchase. Challenges include addressing consumer concerns over privacy, quality, and convenience on mobile apps.
Without an understanding of consumers, how they think, and the reasons for how they behave, it is very difficult for a business to give them exactly what they want.
The study of consumer behaviour improves decision-making as some of the guesswork is removed.
Through a better understanding of consumer behaviour, businesses can make better choices with their marketing to attract more of their target customers.
What is Consumer Behaviour?
Consumer behaviour is the study of consumption. It aims to have a better understanding of consumer actions and processes used in their purchase decisions, as well as the usage of products and services and how they are disposed of.
Exploring how the consumer’s emotions, attitudes and preferences affect buying behaviour, consumer behaviour draws upon ideas from several fields including psychology, sociology, anthropology, biology, marketing and economics.
An underlying motivation drives a consumer to act and purchase. These motivations fit under the problem recognition phase discussed above.
This motivation can be either positive or negative. A positive motivation could be a pleasure – having dinner a nice restaurant or a night on the town. A negative motivation could be the avoidance of unpleasantness such as purchasing toothpaste to minimise tooth decay, getting toothaches and having to visit a dentist.
1) The document discusses consumer and business buyer behavior, outlining key differences. Consumer behavior is driven more by emotions while business buyer behavior follows a formal, structured process.
2) It also covers the consumer buying process in 6 stages - problem recognition, information search, evaluation, purchase, and post-purchase evaluation. Multiple factors like needs, wants, social influences impact consumer decisions.
3) Business buyers consider objectives, value, and responsibilities when purchasing. Multiple departments are involved in complex procedures compared to individual consumers.
This document discusses consumer behavior and the factors that influence it. It defines a consumer and consumer behavior. There are several stages in the consumer purchasing process, including need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. External factors like culture, subculture, social status, reference groups, and marketing activities can all impact consumer behavior. Understanding consumer behavior is important for marketers when analyzing opportunities, selecting target markets, and making marketing mix decisions.
This document provides an introduction to buyer behavior from Dr. Brian Monger. It discusses MAANZ International, the organization that published the document, and outlines key concepts in buyer behavior research. Buyer behavior is studied from various perspectives, including psychology, sociology, and economics. Researchers examine what people buy, why, when, where, how often, and how they use products. Buyer behavior analysis informs product development and market segmentation strategies.
This document summarizes consumer buying behavior and the consumer decision-making process. It discusses that consumers go through similar mental processes when deciding what products or brands to purchase. The consumer decision process involves problem identification, information search, evaluation of alternatives, purchase, and post-purchase evaluation. Consumers use different criteria like cost, performance, and social attributes to evaluate alternatives. The level of involvement and analysis can range from extensive research for high involvement purchases to low involvement purchases made through impulse or variety seeking. Marketers must understand these psychological factors that influence consumer decisions.
Introduction to Consumer Behaviour; Consumer Behaviour
and Marketing Strategy; Consumer Involvement – Levels
of involvement, and Decision Making.
Consumer Decision Process – Stages in Decision Process,
Information Search Process; Evaluative Criteria and
Decision Rules, Consumer Motivation – Types of Consumer
Needs, Ways of Motivating Consumers. Information
Processing and Consumer Perception.
Consumer Attitudes and Attitude Change; Influence of
Personality and Self Concept on Buying Behaviour,
Psychographics and Lifestyles, Impuse Buying.
Diffusion of Innovation and Opinion Leadership, Family
Decision Making, Influence of Reference Group
Industrial Buying Behaviour– Process and factors, Models
of Consumer Behaviour – Harward Seth, Nicosia, E& D,
Economic Model; Introduction to Consumer Behaviour
Audit; Consumer Behaviour Studies in India.
There are four main types of buying decision behavior:
1. Complex buying behavior involves high consumer involvement and significant brand differences for expensive, infrequent, or risky purchases like computers, TVs, or appliances.
2. Variety seeking behavior has low involvement but brand switching for variety with products like chips, soap, or ice cream.
3. Dissonance reducing behavior has high involvement for expensive items with little brand differences, causing post-purchase anxiety over alternative products.
4. Habitual behavior has low involvement and brand indifference for frequent, small purchases like milk, bread, or matches.
This document summarizes key concepts about consumer decision making from a marketing lecture. It discusses:
1) The five stages of the consumer decision making process: need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation.
2) Types of consumer buying decisions based on involvement: routine response, limited decision making, and extensive decision making. More involved purchases require more search and consideration of alternatives.
3) Cultural, social, and psychological factors that influence consumer decisions at each stage of the process, such as recommendations from personal contacts, brand perceptions, and efforts to reduce cognitive dissonance after purchase.
Consumer behavior is the study of how individuals select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. Understanding consumer behavior is important for businesses to determine how to best market and sell their products. There are many factors that influence consumer decisions, including environmental and marketing stimuli as well as individual characteristics. Businesses use insights from consumer behavior research in activities like market analysis, target market selection, and developing their marketing strategy. A thorough understanding of consumer behavior allows companies to better satisfy consumers and ensure marketing success.
The document outlines the consumer decision making process, which consists of 5 steps: problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. It then provides details about each step, including examples. It also discusses alternative forms of decision making, habitual/routine, limited, and extended decision making. The key aspects of the consumer decision making process are recognizing a problem, gathering information from various sources, comparing alternatives, making the purchase, and evaluating the purchase.
The document outlines the consumer decision making process, which consists of problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation. It also discusses alternative forms of decision making like habitual, limited, and extended decision making. Heuristics and decision rules that help consumers in their decision making are also explained. Key aspects of each step in the consumer decision making process are defined along with relevant examples.
This document discusses various concepts related to consumer behaviour. It defines consumer behaviour as activities involved in evaluating, acquiring, using, and disposing of products and services. It discusses different types of problem solving approaches consumers may take - extensive problem solving when unfamiliar with a product category, limited problem solving when familiar with a category but not brands, and routinized problem solving for routine purchases. The document also outlines factors that influence consumer behaviour like involvement, reference groups, personality and lifestyle. It compares traditional marketing concepts with value-focused marketing and discusses roles in consumer decision making.
This document discusses consumer and business buying behavior. It begins by outlining the key concepts to be covered, including the factors that influence consumer and business buyer behavior and the stages in their decision processes. It then defines consumer buying behavior and the model of buyer behavior. It explores the cultural, social, personal, and psychological factors that influence consumers at each stage of the buyer decision process. Similarly, it examines the characteristics of business markets, the model of business buyer behavior, and the major influences and stages in the business buying process.
This document discusses consumer behavior and provides definitions, objectives, and the nature and scope of studying consumer behavior. It can be summarized as follows:
1) The objectives of studying consumer behavior are to understand internal and external influences on consumer behavior, identify stages of the buying process, and use consumer behavior insights for market segmentation and targeting.
2) Consumer behavior is influenced by various factors and differs across individuals, products, regions, and over time. Understanding consumer behavior is vital for marketers to make effective marketing decisions.
3) Studying consumer behavior has applications in analyzing market opportunities, selecting target markets, making marketing mix decisions, and designing strategies for non-profits and social causes.
The document discusses organizational buying behavior in business markets. It defines organizational buying as the process by which organizations identify needs, evaluate alternatives, and choose products and suppliers. There are key differences between business and consumer markets such as business markets having fewer but larger buyers who prefer close relationships with suppliers. The buying process involves multiple individuals and stages from recognizing needs to evaluating performance. Business marketers must understand these dynamics to effectively target their efforts.
The chapter comprises of Meaning and Characteristics, Importance, Factors Influencing Consumer Behaviour, Consumer Purchase Decision Process, Buying Roles, Buying Motives, Buyer Behaviour Models.
Consumer behaviour is the study of how individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants.
It refers to the. actions of the consumers in the marketplace and the underlying motives for those actions.
Consumer behaviour is the study of how people make decisions about what they buy, want, need, or act in regards to a product, service or company.
It is a study of the actions of the consumers that drive them to buy and use certain products. Understanding consumer buying behavior is most important for marketers as it helps them to relate better to the expectation of the consumers.
a) Consumer behavior is the part of human behavior: This cannot be separated. Human behavior decides what to buy, when to buy etc. This is unpredictable in nature. Based on the past behavioral pattern one can at least estimate like the past he might behave.
b) Learning the consumer is difficult and complex as it involves the study of hum beings: Each Individual behaves differently when he is placed at different situations. Every day is a lesson from each and every individual while we learn the consumer behavior. Today one may purchase a product because of its smell, tomorrow it may vary and he will purchase another due to some another reason.
c) Consumer behavior is dynamic: A consumer's behavior is always changing in nature: The taste and preference of the people vary. According to that consumers behave differently. As the modern world changes the consumer's behaving pattern also changes.
d) Consumer behavior is influenced by psychological, social and physical factors: A consumer may be loyal with a product due to its status values. Another may stick with a product due to its economy in price. Understanding these factors by a marketer is crucial before placing the product to the consumers.
1. To design production policies: This is the first importance of consumer behaviour and it means that all the production policies have designed taking into consideration the consumer preference so that product can be successful in the market.
2. Know the effect of price on buying: This is the second consumer behaviour importance and it means that consumer behavior can help in understanding the effect of price on buying. Whenever the price is moderate on cheap more and more customer will buy the product.
After the time of production, there comes a time in which the company has to decide what the price of our product will be because it helps to divide the categories of the customer and also helps to attain more sales.
3. Exploit the market opportunities: This is the third importance or significance of consumer behaviour and it means that the change in consumer preference can be a good opportunity for the marketing
The document provides an overview of key concepts related to consumer buying behaviour including:
1. Consumer behaviour involves the processes of acquiring, using, and disposing of goods and services, and can be influenced by cultural, social, personal and psychological factors.
2. Studying consumer behaviour helps organizations understand customers to better achieve their objectives and influence economic and social conditions.
3. Consumer decision making can range from routine to extensive processes depending on the product, and can be impacted by circumstances.
4. Understanding consumer habits, motives, decision processes and influences is important for marketers to maximize sales and profits.
Consumer behavior and advertising researchZaibunnisa73
Consumer behavior is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
Consumer Decision Making Process and Changing Indian Consumers and its Impact,Consumer Profiling for a Consumer Durable product like LCD, LED, Smart Phone, etc
Consumer decision making involves multiple steps: problem recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior. There are different types of buying decisions based on involvement - extensive problem solving for high involvement purchases, limited problem solving for some involvement, and routinized response for low involvement purchases. The decision making process considers influencers, decision makers, buyers, and users and uses heuristics to evaluate alternatives based on attributes.
The document discusses consumer buyer behavior. It covers characteristics that affect consumer behavior like cultural, social, personal and psychological factors. It also discusses Henry Assael's model of buyer decision behavior types based on involvement and differences between brands. The consumer buying decision process is outlined as need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Factors influencing each stage are explained. Social classes in India are classified based on annual income as deprived, aspires, seekers, strivers, and global Indians. Maslow's hierarchy of needs and its influence on motivation is also summarized.
The document discusses the key determinants and processes involved in consumer buying behavior. It defines buying behavior and identifies the main factors that influence it, including cultural, social, personal and psychological factors. It then outlines the five main stages in the buying behavior process: perceived want or desire, information search, evaluation of alternatives, purchase decision, and post-purchase experience and behavior. The document concludes that understanding this buying behavior process is important for marketing management.
The document discusses consumer decision making and behavior. It outlines the consumer decision making process which includes need recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior. It also discusses factors that influence consumer decisions such as involvement, time, cost, information search, and alternatives considered. There are three levels of consumer decision making - extensive problem solving, limited problem solving, and routinized response behavior. The document also presents four models of consumer decision making - economic, passive, cognitive, and emotional views.
This document summarizes consumer buying behavior and the consumer decision-making process. It discusses that consumers go through similar mental processes when deciding what products or brands to purchase. The consumer decision process involves problem identification, information search, evaluation of alternatives, purchase, and post-purchase evaluation. Consumers use different criteria like cost, performance, and social attributes to evaluate alternatives. The level of involvement and analysis can range from extensive research for high involvement purchases to low involvement purchases made through impulse or variety seeking. Marketers must understand these psychological factors that influence consumer decisions.
Introduction to Consumer Behaviour; Consumer Behaviour
and Marketing Strategy; Consumer Involvement – Levels
of involvement, and Decision Making.
Consumer Decision Process – Stages in Decision Process,
Information Search Process; Evaluative Criteria and
Decision Rules, Consumer Motivation – Types of Consumer
Needs, Ways of Motivating Consumers. Information
Processing and Consumer Perception.
Consumer Attitudes and Attitude Change; Influence of
Personality and Self Concept on Buying Behaviour,
Psychographics and Lifestyles, Impuse Buying.
Diffusion of Innovation and Opinion Leadership, Family
Decision Making, Influence of Reference Group
Industrial Buying Behaviour– Process and factors, Models
of Consumer Behaviour – Harward Seth, Nicosia, E& D,
Economic Model; Introduction to Consumer Behaviour
Audit; Consumer Behaviour Studies in India.
There are four main types of buying decision behavior:
1. Complex buying behavior involves high consumer involvement and significant brand differences for expensive, infrequent, or risky purchases like computers, TVs, or appliances.
2. Variety seeking behavior has low involvement but brand switching for variety with products like chips, soap, or ice cream.
3. Dissonance reducing behavior has high involvement for expensive items with little brand differences, causing post-purchase anxiety over alternative products.
4. Habitual behavior has low involvement and brand indifference for frequent, small purchases like milk, bread, or matches.
This document summarizes key concepts about consumer decision making from a marketing lecture. It discusses:
1) The five stages of the consumer decision making process: need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation.
2) Types of consumer buying decisions based on involvement: routine response, limited decision making, and extensive decision making. More involved purchases require more search and consideration of alternatives.
3) Cultural, social, and psychological factors that influence consumer decisions at each stage of the process, such as recommendations from personal contacts, brand perceptions, and efforts to reduce cognitive dissonance after purchase.
Consumer behavior is the study of how individuals select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. Understanding consumer behavior is important for businesses to determine how to best market and sell their products. There are many factors that influence consumer decisions, including environmental and marketing stimuli as well as individual characteristics. Businesses use insights from consumer behavior research in activities like market analysis, target market selection, and developing their marketing strategy. A thorough understanding of consumer behavior allows companies to better satisfy consumers and ensure marketing success.
The document outlines the consumer decision making process, which consists of 5 steps: problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. It then provides details about each step, including examples. It also discusses alternative forms of decision making, habitual/routine, limited, and extended decision making. The key aspects of the consumer decision making process are recognizing a problem, gathering information from various sources, comparing alternatives, making the purchase, and evaluating the purchase.
The document outlines the consumer decision making process, which consists of problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation. It also discusses alternative forms of decision making like habitual, limited, and extended decision making. Heuristics and decision rules that help consumers in their decision making are also explained. Key aspects of each step in the consumer decision making process are defined along with relevant examples.
This document discusses various concepts related to consumer behaviour. It defines consumer behaviour as activities involved in evaluating, acquiring, using, and disposing of products and services. It discusses different types of problem solving approaches consumers may take - extensive problem solving when unfamiliar with a product category, limited problem solving when familiar with a category but not brands, and routinized problem solving for routine purchases. The document also outlines factors that influence consumer behaviour like involvement, reference groups, personality and lifestyle. It compares traditional marketing concepts with value-focused marketing and discusses roles in consumer decision making.
This document discusses consumer and business buying behavior. It begins by outlining the key concepts to be covered, including the factors that influence consumer and business buyer behavior and the stages in their decision processes. It then defines consumer buying behavior and the model of buyer behavior. It explores the cultural, social, personal, and psychological factors that influence consumers at each stage of the buyer decision process. Similarly, it examines the characteristics of business markets, the model of business buyer behavior, and the major influences and stages in the business buying process.
This document discusses consumer behavior and provides definitions, objectives, and the nature and scope of studying consumer behavior. It can be summarized as follows:
1) The objectives of studying consumer behavior are to understand internal and external influences on consumer behavior, identify stages of the buying process, and use consumer behavior insights for market segmentation and targeting.
2) Consumer behavior is influenced by various factors and differs across individuals, products, regions, and over time. Understanding consumer behavior is vital for marketers to make effective marketing decisions.
3) Studying consumer behavior has applications in analyzing market opportunities, selecting target markets, making marketing mix decisions, and designing strategies for non-profits and social causes.
The document discusses organizational buying behavior in business markets. It defines organizational buying as the process by which organizations identify needs, evaluate alternatives, and choose products and suppliers. There are key differences between business and consumer markets such as business markets having fewer but larger buyers who prefer close relationships with suppliers. The buying process involves multiple individuals and stages from recognizing needs to evaluating performance. Business marketers must understand these dynamics to effectively target their efforts.
The chapter comprises of Meaning and Characteristics, Importance, Factors Influencing Consumer Behaviour, Consumer Purchase Decision Process, Buying Roles, Buying Motives, Buyer Behaviour Models.
Consumer behaviour is the study of how individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants.
It refers to the. actions of the consumers in the marketplace and the underlying motives for those actions.
Consumer behaviour is the study of how people make decisions about what they buy, want, need, or act in regards to a product, service or company.
It is a study of the actions of the consumers that drive them to buy and use certain products. Understanding consumer buying behavior is most important for marketers as it helps them to relate better to the expectation of the consumers.
a) Consumer behavior is the part of human behavior: This cannot be separated. Human behavior decides what to buy, when to buy etc. This is unpredictable in nature. Based on the past behavioral pattern one can at least estimate like the past he might behave.
b) Learning the consumer is difficult and complex as it involves the study of hum beings: Each Individual behaves differently when he is placed at different situations. Every day is a lesson from each and every individual while we learn the consumer behavior. Today one may purchase a product because of its smell, tomorrow it may vary and he will purchase another due to some another reason.
c) Consumer behavior is dynamic: A consumer's behavior is always changing in nature: The taste and preference of the people vary. According to that consumers behave differently. As the modern world changes the consumer's behaving pattern also changes.
d) Consumer behavior is influenced by psychological, social and physical factors: A consumer may be loyal with a product due to its status values. Another may stick with a product due to its economy in price. Understanding these factors by a marketer is crucial before placing the product to the consumers.
1. To design production policies: This is the first importance of consumer behaviour and it means that all the production policies have designed taking into consideration the consumer preference so that product can be successful in the market.
2. Know the effect of price on buying: This is the second consumer behaviour importance and it means that consumer behavior can help in understanding the effect of price on buying. Whenever the price is moderate on cheap more and more customer will buy the product.
After the time of production, there comes a time in which the company has to decide what the price of our product will be because it helps to divide the categories of the customer and also helps to attain more sales.
3. Exploit the market opportunities: This is the third importance or significance of consumer behaviour and it means that the change in consumer preference can be a good opportunity for the marketing
The document provides an overview of key concepts related to consumer buying behaviour including:
1. Consumer behaviour involves the processes of acquiring, using, and disposing of goods and services, and can be influenced by cultural, social, personal and psychological factors.
2. Studying consumer behaviour helps organizations understand customers to better achieve their objectives and influence economic and social conditions.
3. Consumer decision making can range from routine to extensive processes depending on the product, and can be impacted by circumstances.
4. Understanding consumer habits, motives, decision processes and influences is important for marketers to maximize sales and profits.
Consumer behavior and advertising researchZaibunnisa73
Consumer behavior is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
Consumer Decision Making Process and Changing Indian Consumers and its Impact,Consumer Profiling for a Consumer Durable product like LCD, LED, Smart Phone, etc
Consumer decision making involves multiple steps: problem recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior. There are different types of buying decisions based on involvement - extensive problem solving for high involvement purchases, limited problem solving for some involvement, and routinized response for low involvement purchases. The decision making process considers influencers, decision makers, buyers, and users and uses heuristics to evaluate alternatives based on attributes.
The document discusses consumer buyer behavior. It covers characteristics that affect consumer behavior like cultural, social, personal and psychological factors. It also discusses Henry Assael's model of buyer decision behavior types based on involvement and differences between brands. The consumer buying decision process is outlined as need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Factors influencing each stage are explained. Social classes in India are classified based on annual income as deprived, aspires, seekers, strivers, and global Indians. Maslow's hierarchy of needs and its influence on motivation is also summarized.
The document discusses the key determinants and processes involved in consumer buying behavior. It defines buying behavior and identifies the main factors that influence it, including cultural, social, personal and psychological factors. It then outlines the five main stages in the buying behavior process: perceived want or desire, information search, evaluation of alternatives, purchase decision, and post-purchase experience and behavior. The document concludes that understanding this buying behavior process is important for marketing management.
The document discusses consumer decision making and behavior. It outlines the consumer decision making process which includes need recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior. It also discusses factors that influence consumer decisions such as involvement, time, cost, information search, and alternatives considered. There are three levels of consumer decision making - extensive problem solving, limited problem solving, and routinized response behavior. The document also presents four models of consumer decision making - economic, passive, cognitive, and emotional views.
Similar to marketing ch-3. Best presentation for financial management ppt (20)
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FM CH 3 ppt.pptx best presentation for financial managementKalkaye
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2. It provides examples of relevant costs like avoidable and opportunity costs. Non-relevant costs include sunk, committed, and spare capacity costs.
3. It discusses how identifying relevant costs and benefits is important for decision making and avoiding too much information.
4. It provides examples of decisions involving special orders, adding/dropping products, make-or-buy, product mix under capacity constraints, and processing joint products further.
The document discusses key concepts and terminology related to financial instruments, specifically long term debt and investments. It defines financial instruments, financial assets, financial liabilities, and equity instruments. It also covers initial recognition and measurement of financial instruments, classification of financial assets, subsequent measurement of financial assets at amortized cost and fair value through other comprehensive income, and types of bonds including convertible and callable bonds.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
This presentation provides a thorough examination of Over-the-Top (OTT) platforms, focusing on their development and substantial influence on the entertainment industry, with a particular emphasis on the Indian market.We begin with an introduction to OTT platforms, defining them as streaming services that deliver content directly over the internet, bypassing traditional broadcast channels. These platforms offer a variety of content, including movies, TV shows, and original productions, allowing users to access content on-demand across multiple devices.The historical context covers the early days of streaming, starting with Netflix's inception in 1997 as a DVD rental service and its transition to streaming in 2007. The presentation also highlights India's television journey, from the launch of Doordarshan in 1959 to the introduction of Direct-to-Home (DTH) satellite television in 2000, which expanded viewing choices and set the stage for the rise of OTT platforms like Big Flix, Ditto TV, Sony LIV, Hotstar, and Netflix. The business models of OTT platforms are explored in detail. Subscription Video on Demand (SVOD) models, exemplified by Netflix and Amazon Prime Video, offer unlimited content access for a monthly fee. Transactional Video on Demand (TVOD) models, like iTunes and Sky Box Office, allow users to pay for individual pieces of content. Advertising-Based Video on Demand (AVOD) models, such as YouTube and Facebook Watch, provide free content supported by advertisements. Hybrid models combine elements of SVOD and AVOD, offering flexibility to cater to diverse audience preferences.
Content acquisition strategies are also discussed, highlighting the dual approach of purchasing broadcasting rights for existing films and TV shows and investing in original content production. This section underscores the importance of a robust content library in attracting and retaining subscribers.The presentation addresses the challenges faced by OTT platforms, including the unpredictability of content acquisition and audience preferences. It emphasizes the difficulty of balancing content investment with returns in a competitive market, the high costs associated with marketing, and the need for continuous innovation and adaptation to stay relevant.
The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
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Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
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We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
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2. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 2
MEANING
• Consumer buying behavior
– buying behavior of final consumer
– Purchase for personal consumption.
• Consumer market – individual and house holds
who buy products for final consumption.
• Consumer behavior studies how individual,
groups, and organization select, buy, use,
and dispose of goods, services, ideas of
experiences to satisfy their needs & desires.
• Marketers must study their target customers’
wants, perception, preferences, and shopping
& buying behavior.
3. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 3
MEANING
• If customers are satisfied:
– They will buy more of a companies
products
– They advocate or talk favorably about the
companies and company's product
– They may advice the company for
improvement
– They give little attention to other
companies and their goods
– They may buy new products of the
company.
Unit 3 Consumer Behaviour
4. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 4
MEANING
• Consumers or buyers behavior involves the activities
of people engaged when selecting, purchasing and
using products, so as to satisfy the need and desire. It
also involves the study of:
– Who makes up the market?
– Possible reasons for purchasing?
– What kind of buying decisions are made?
– What are the key processes in purchasing?
– What influences the buying decision?
• But the central question in marketing is: how do
consumers respond to various marketing efforts the
company might use?
Unit 3 Consumer Behaviour
5. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 5
Model of buyer behavior
• The commonly used model to understand the buying behavior of consumers is the stimulus –
response model.
• Stimuli – there are quite a lot of factors, which stimulate customers to think of buying products
and to make ultimate decision of buying.
• These stimuli may strike a question in a consumer mind (black-box)
Marketing Other
Stimuli Stimuli
-Product -Economic
-Place -Technological
-Price -Political
-Promotion -Cultural
Buyer Buyer Decision
Characteristics Process
-Cultural -Problem recognition
-Social -Information Search
-Personal - Alternative evaluation
-Psychological -Purchase Decision
- Post-purchase behavior
Buyer's
responses
Product Choice
Brand Choice
Dealer Choice
Purchase
Timing
Purchase
Amount
Unit 3 Consumer Behaviour
6. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 6
The Buyer Decision Processes
Buying
Center
Information
Search
Post Purchase
Behavior
Purchase
Decision
Evaluation of
Alternatives
7-4
Need
Recognition
Unit 3 Consumer Behaviour
7. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 7
Consumer Problems and
Recognition
• Marketer should find out what kinds of needs or problems arise,
what brought them about, and how they led the consumer to this
particular product.
• Problems can be solved in several ways--e.g.,
stress reduction vacation, movie, hot bath, medication
Unit 3 Consumer Behaviour
• Consumer problem: Discrepancy
between ideal and actual state.
• Triggered by internal stimuli(hunger, thirst,
sex) and external stimuli.
8. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 8
Information Search
• The consumer can obtain information from
any of several sources:
- Personal Source: the most effective
- Commercial Sources: provides the most
information
- Public Sources:
- Experiential sources: handling, examining,
using the product
Unit 3 Consumer Behaviour
9. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 9
Evaluation of Alternatives
- It involves ranking products and forming purchase intentions
- It is processing information to arrive at brand /product choices
- The quality of the product, its price, ease of use, and other attributes
will be evaluated.
- It is measuring the benefits and costs of each brand
Unit 3 Consumer Behaviour
10. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 10
Purchase Decisions
• In the evaluation stage, the consumer
ranks brands and forms purchase
intentions
• The consumer's purchase decision will be to
buy most prepared brand.
• Two factors can come between the purchase
intention and the purchase decision.
1. The attitude of others.
2. Unexpected situational factors: eg.
Loosing your job
• The consumer may form a purchase
intention based on factors such as
expected income, expected price, and
expected product benefits.
Unit 3 Consumer Behaviour
11. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 11
Post Purchase Behavior
• The marketer's job doesn't end when
the product is bought.
• If the product fall short of expectations,
the consumer is disappointed,
• if it meets expectations, the consumer is
satisfied,
• if product's performance exceeds
expectations, the consumer is delighted.
• Cognitive dissonance: The negative
feeling that may occur after a purchase.
Unit 3 Consumer Behaviour
12. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 12
Types of Buying Decision Behavior
Complex buying
behavior
eg. PC
Variety-seeking
buying behavior
Eg. cookies
Dissonance-
reducing buying
behavior eg. carpeting
Habitual buying
behavior
Eg salt
Significant
differences
between brands
Few differences
between brands
High Involvement Low Involvement
Unit 3 Consumer Behaviour
13. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 13
• A) Complex Buying Behavior
In complex buying behavior
consumers are highly involved in a
purchase.
Consumers may also perceive
significant differences among brands
(products).
Consumers may be highly involved
when the product is expensive, risky,
purchased infrequently, and highly
self-expressive.
Typically, the consumer has much to
learn about the product category.
Ex: computer
Unit 3 Consumer Behaviour
14. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 14
• B) Dissonance-Reducing Buying Behavior
• Dissonance-reducing buying behavior occurs
when consumers are highly involved with and
expensive, infrequent, or risky purchase but see
little difference among brands.
• Ex:carpeting
Unit 3 Consumer Behaviour
15. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 15
• C) Variety-seeking Buying
Behavior
It occurs in situations characterized
by low consumer involvement, but
significant perceived brand
differences
In such cases, consumers often do
a lot of brand switching
Brand switching occurs for the sake
of variety rather than because of
dissatisfaction.
Unit 3 Consumer Behaviour
16. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 16
• D) Habitual Buying Behavior
Habitual buying behavior occurs under conditions of
low consumer involvement and little significant brand
difference. Example, salt.
Consumers have little involvement in this product
category – they simply go to the store & reach for a
brand. If they keep reaching of the same brand, it is
out of habit rather than strong brand loyalty.
Consumer appears to have low involvement with most
low-cost, frequently purchased products
Unit 3 Consumer Behaviour
17. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 17
Organizational buying behavior
Organizational buying: refers to the buying behavior of the
organizations that buy goods and services for use in production
of other products and services that are sold, rented, or supplied
to others.
• The business market consists of all business users, organization that
buy goods and services for one of the following purposes.
1. To make other goods and services
2. To resell to other business users or to consumers and
3. To conduct the organizations operations
• The major industries making up the business market are agricultural,
forestry and fisheries, mining, manufacturing, construction,
transportation, communication, public utilities, banking, finance and
insurance distribution and services.
Unit 3 Consumer Behaviour
18. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 18
The Business Market Versus the
Consumer Market
• The business market consists of all the
organizations that acquire goods and
services used in the production of other
products or services that are sold,
rented, or supplied to others.
• Business markets have several
characteristics that contrast sharply with
those of consumer markets:
Unit 3 Consumer Behaviour
19. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 19
Characteristics of Business markets
• Fewer buyers: the business marketer normally deals with far fewer buyers than the consumer marketer does:
• Large buyers: a few large buyers do most of the purchasing in such industries as aircraft engines and
defense weapons.
• Class supplier - Customer relationship: because of the smaller customer base and the importance and
power of the larger customers, suppliers are frequently expected
• Geographically concentrated buyers: a very large group of business buyers in Ethiopia are concentrated in
major cities
• Derived demand: the demand for business goods is ultimately derived from the demand for consumer goods.
• Inelastic demand: the total demand for many business goods and services is inelastic that is, not much
affected by price changes.
• Fluctuating demand: the demand for business goods and services tends to be more volatile than the
demand for consumer goods and services
• Professional Purchasing: business goods are purchased by trained purchasing agents, who must follow the
organization's purchasing policies,
• Several buying influence: more people typically influence business-buying decisions.
• Direct purchasing: business buyers often buy directly from manufacturers rather than through
intermediaries,
• Reciprocity: business buyers often select suppliers who also buy from them
• Leasing: many industrial buyers lease instead of buy heavy equipment like machinery and trucks.
Unit 3 Consumer Behaviour
20. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 20
BUYING SITUATIONS IN
ORGANIZATIONAL BUYING
Unit 3 Consumer Behaviour
• Straight rebuy is a buying situation in which the purchasing
department re-orders on a routing basis (e.g. office supplies, bulk
chemicals). The buyer chooses from suppliers on an "approved
list".
• Modified rebuy is a purchase decision that requires some
research where the buyer wants to modify the product
specification, price, terms, or suppliers
• New task It is a buying situation in which a purchaser buys a
product or service for the first time (example could be office
building, new security system).
• The greater the risk or the cost, the larger the number of decision
participants and the greater their information gathering and
therefore the longer the time to decision completion.
21. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 21
Buying center is all of the individuals and units that participate in the
business decision-making process
Initiators: those who request that something be purchased the may be users
or others in the organization.
Users: those who will use the product or service. In many cases the users
initiate the buying proposal and help define the product requirements.
Deciders: people who decide on product requirements or on suppliers.
Approvers: people who authorize the proposed actions of deciders or
buyers.
Buyers: people who have formal authority to select the supplier and arrange
the purchase terms.
Gate keepers: people who have the power to prevent sellers or information
from reaching members of the buying center.
Participants in the Business Buying Process
Unit 3 Consumer Behaviour
22. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 22
Stages in the BusinessBuying
Process
1. Problem Recognition
• Problem recognition occurs when someone in the
company recognizes a problem or need
• Internal stimuli
– Need for new product or production equipment
• External stimuli
– Idea from a trade show or advertising
23. BUAD 307 CONSUMER BEHAVIOR Lars Perner, Instructor 23
2. General need description describes the characteristics and
quantity of the needed item
3. Product specification describes the technical criteria
4. Supplier search involves compiling a list of qualified suppliers
5. Proposal solicitation is the process of requesting proposals from qualified
suppliers
6. Supplier selection is the process when the buying center
creates a list of desired supplier attributes and negotiates with
preferred suppliers for favorable terms and conditions
7. Order-routine specifications is the final order with the chosen
supplier and lists all of the specifications and terms of the
purchase
8. Performance review involves a critique of supplier
performance to the purchase terms
Unit 3 Consumer Behaviour
