Core concepts of marketing and buying motives

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Core concepts of marketing and buying motives

  1. 1. Core Concepts of Marketing and Buying Motives By Asst Prof. Venkatesh.N Koshys Institute of Management Studies
  2. 2. Objectives of the Study A. Explain why customers buy. B. Classify customer buying motives. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 2
  3. 3. Objective A Explain why customers buy. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 3
  4. 4. All People Have Needs and Wants. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 4
  5. 5. A Need . . . Shelter Food Something required or essential which is lacking 02/08/14 Koshys Institute of Management 5 Studies by Venkatesh.N
  6. 6. People can have a variety of needs A Want same. time. .. and wants at the ? Once a need /want ? is satisfied, people can concentrate on others. ? Something desiredInstitute of not always essential but Management 02/08/14 Koshys Studies by Venkatesh.N 6
  7. 7. People Do Not Want and Need the Same Things at the Same Time. The car you want may not appeal to your neighbor. 02/08/14 This difference accounts for the variety of goods and services available. Koshys Institute of Management Studies by Venkatesh.N 7
  8. 8. Needs and Wants Change. As you go through When you get older, In high school life, needs/wants the professional you might want image of a briefcase change or may a backpack. is desired. become less important. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 8
  9. 9. Many Factors Cause Needs/Wants to Change. Age Educational level Marital status Income level 02/08/14 Koshys Institute of Management Studies by Venkatesh.N Parenthood 9
  10. 10. Many Factors Cause Needs/Wants to Change. Place of residence Influence of friends and relatives Culture Seasons of the year 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 10 Economic conditions
  11. 11. People Buy Goods and Services to Satisfy Needs and Wants. Product: Reasons for buying: To be like their friends People buy theFor comfort benefits whichFor protection products/services offer. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 11
  12. 12. People Buy Goods and Services to Satisfy Needs and Wants. Product: Reasons for buying: The image they think it represents Fuel efficiency Its ability to handle well in the snow 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 12
  13. 13. People Buy Benefits–Not Features • Features are important only in terms of how they benefit the customer. • The feature is meaningless if it doesn’t benefit the customer. If customers never drive in the snow, how interested would they be in a car that handles well in the snow? 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 13
  14. 14. People Buy Different Benefits To save time To get cleaning power 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 14
  15. 15. For sales success . . . YOU must determine desired benefits. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 15
  16. 16. Reasons or benefits that cause people to purchase 02/08/14 Koshys Institute of Management 16 products to satisfy their wants and needs Studies by Venkatesh.N
  17. 17. Why Buy a Steak? Buying Motives • To be viewed as a certain type of person • To make business contacts • To socialize with others in age/professional group A customer needs food and wants a steak at a 02/08/14 certain restaurant. Institute of Management Koshys Studies by Venkatesh.N 17
  18. 18. Why Buy a Blazer? Buying Motives • The blazer is stylish. • Everybody has one. • He thinks he looks good in blue. A customer needs clothing and wants to buy 02/08/14 a navy blue blazer. Institute of Management Koshys Studies by Venkatesh.N 18
  19. 19. Customers Know/Don’t Know Their Buying Motives ? 02/08/14 ? Why am I buying this? ? Koshys Institute of Management Studies by Venkatesh.N 19
  20. 20. Knowing customers’ needs, wants, and motives lets you tailor your presentation to each customer. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 20
  21. 21. Motives Change • From customer to customer • From time to time 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 21
  22. 22. Jake’s Cars As empty nesters, Jake knew he’d be Jake’s family wanted a the envy of his fuel-efficient car that friends in a new was easy to maneuver. sports car. As Jake’s family grew, they needed a vehicle with lots of room, comfort, and safety. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 22
  23. 23. Objective B Classify customer buying motives. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 23
  24. 24. Categories of Buying Motives Emotional 02/08/14 Koshys Institute of Management Studies by Venkatesh.N Rational 24
  25. 25. Emotional Motives Feelings, Emotions, Impulses 02/08/14 Adventure Affection Appearance • Customers often unaware Change/Variety of them Comfort/Convenience • Easily Fear Health influenced by Leisure advertising Pleasure time and current stylesRecreation Recognition Social or group Koshys Institute of Management 25 Security approval Studies by Venkatesh.N
  26. 26. Rational Motives Accuracy Convenience • Pros and cons Durability Dependability • Customer Economy Efficiency Increased awareness Health production Knowledge • BottomLow line cost/maintenance Profit Qualityworth • Money’s of workmanship/materials Reason, Judgment, Safety Service 02/08/14 of Management 26 Logic Koshys InstituteVenkatesh.N Simplicity Versatility Studies by
  27. 27. Relationship of Emotional and Rational Motives ot m E l na io R at i 02/08/14 on al Combine Koshys Institute of Management Studies by Venkatesh.N Conflict 27
  28. 28. Rational Motives • Ease of operation • Economy • Time savings Emotional Motive • Increased leisure time 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 28
  29. 29. Emotional Motives • Appearance • Prestige Rational Motives • Durability • Quality • Versatility 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 29
  30. 30. Emotional Motive • Appearance Rational Motive • Quality 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 30
  31. 31. $ 02/08/14 We all have emotional motives for buying certain items, but we like to justify spending our money. Koshys Institute of Management Studies by Venkatesh.N 31
  32. 32. “But I really do People prefer to need that gold-plated electric shaver.” believe that they are buying on the basis of rational motives. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 32
  33. 33. Responsibilities of Salesperson • Pointing out benefits that appeal to customer’s rational thinking • Comparing lists of rational and emotional motives to find out which motives appear on both lists • Determining if the customer is buying for emotional or rational motives • Focusing sales presentation on the 02/08/14 Koshys Institute of Management customer’s buyingbymotives Studies Venkatesh.N 33
  34. 34. Patronage Motives • Customer makes purchases in one business rather than another. • These motives can be rational or emotional. Joe’s Bakery 02/08/14 Karen’s Baked Goods Koshys Institute of Management Studies by Venkatesh.N 34
  35. 35. Examples • Customer services and policies • Price 90 Days Same as Cash! • Courteous sales staff • Product • Product assortment • Fashion 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 35
  36. 36. MarkED Acknowledgements Original Developer Christopher C. Burke, MarkED Version 1.0 Copyright © 2000 MarkED Resource Center 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 36
  37. 37. Digital-based photography sources: CORBIS CORP. Small Business Obj. A: #052 Photos copyright 1998 Corbis Corp. 750 Second Street, Encinitas, CA 92024 DIAMAR People & Lifestyles Vol. 3 Obj. A: #PEO_04, #PEO_13, #PEO_16 Obj. B: #PEO_03 Photos copyright Diamar Interactive Corp. 600 University Street, 1701 One Union Square, Seattle, WA 98101-1129 DIGITAL STOCK CORP. Business & Industry Obj. A: #008 Photos copyright 1998 Corbis Corp. 02/08/14 Koshys Institute 750 Second Street, Encinitas, CA 92024 of Management Studies by Venkatesh.N 37
  38. 38. Digital-based photography sources: EYEWIRE IMAGES Corporate Life Obj. A: #CLI_003 Photos copyright Eyewire Inc. 833 Fourth Ave. SW, Suite 800 Calgary, AB, Canada PHOTODISC, INC. Family & Lifestyles Vol. 15 Obj. A: #308 Photos copyright PhotoDisc, Inc. 2013 Fourth Ave., Seattle, WA 98121 STUDIO GEAR People & Professions 2 Obj. A: #SP2019 Photos copyright Image Club Graphics of Management 02/08/14 Koshys Institute http://www.imageclub.com Studies by Venkatesh.N 38
  39. 39. Digital-based photography sources: T/MAKER COMPANY ClickArt Photos Obj. B: #TRNGR020 Photos copyright T/Maker Company; 1390 Villa Street: Mountain View, CA 94041; tel. (415) 962-0195. Copyright 1994, all rights reserved. ClickArt is a registered trademark of T/Maker Company. ClickArt Images copyright 19841994 by T/Maker Company. All rights reserved. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 39
  40. 40. Copyright: All photographic digital images on this CD are owned by the aforementioned photographic resources or their licensors and are protected by the United States copyright laws, international treaty provisions, and applicable laws. No title to or intellectual property rights to the images on this CD are transferred to you. These sources retain all rights and are not to be used, digitally copied, transferred, or manipulated in any way. To do so is a violation of federal copyright laws. 02/08/14 Koshys Institute of Management Studies by Venkatesh.N 40
  41. 41. Thank You

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