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Premium member Presentation Transcript Slide 1: Consumer Decision Making The Importance of UnderstandingConsumer Behavior : Explain why marketing managers should understand consumer behavior The Importance of UnderstandingConsumer Behavior LOI Consumer Behavior : Consumer Behavior REVIEW LEARNING OUTCOMEUnderstanding Consumer Behavior : REVIEW LEARNING OUTCOMEUnderstanding Consumer Behavior LOI The Consumer Decision-Making Process : Analyze the components of the consumer decision-making process The Consumer Decision-Making Process LO2 Consumer Decision-Making Process : Consumer Decision-Making Process Consumer Decision-Making Process : LO2 Consumer Decision-Making Process Need Recognition : LO2 Need Recognition Need Recognition : LO2 Need Recognition Stimulus : LO2 Stimulus sight smell taste touch hearing Recognition of Unfulfilled Wants : LO2 Recognition of Unfulfilled Wants When a current product isn’t performing properly When the consumer is running out of a product When another product seems superior to the one currently used Information Search : LO2 Information Search Internal Information Search Recall information in memory External Information search Seek information in outside environment Nonmarketing controlled Marketing controlled External Information Searches : LO2 External Information Searches Evoked Set : LO2 Evoked Set Group of brands, resulting from an information search, from which a buyer can choose. Evaluation of Alternativesand Purchase : LO2 Evaluation of Alternativesand Purchase Purchase : LO2 Purchase REVIEW LEARNING OUTCOMEConsumer Decision-Making Process : REVIEW LEARNING OUTCOMEConsumer Decision-Making Process LO2 Postpurchase Behavior : Explain the consumer’s postpurchase evaluation process Postpurchase Behavior LO3 Cognitive Dissonance : LO3 Cognitive Dissonance Postpurchase Behavior : LO3 Postpurchase Behavior Consumers can reduce dissonance by: Seeking information that reinforces positive ideas about the purchase Avoiding information that contradicts the purchase decision Revoking the original decision by returning the product Consumer Buying Decisions andConsumer Involvement : Identify the types of consumer buying decisions and a discuss the significance a of consumer involvement Consumer Buying Decisions andConsumer Involvement LO4 Consumer Buying Decisions andConsumer Involvement : LO4 Consumer Buying Decisions andConsumer Involvement Five Factors Influencing Decisions : LO4 Five Factors Influencing Decisions Continuum of Consumer Buying Decisions : LO4 Continuum of Consumer Buying Decisions Routine Response Behavior : LO4 Routine Response Behavior Little involvement in selection process Frequently purchased low cost goods May stick with one brand Buy first/evaluate later Quick decision Limited Decision Making : LO4 Limited Decision Making Low levels of involvement Low to moderate cost goods Evaluation of a few alternative brands Short to moderate time to decide Extensive Decision Making : LO4 Extensive Decision Making High levels of involvement High cost goods Evaluation of many brands Long time to decide May experience cognitive dissonance Factors Determining the Level of Consumer Involvement : LO4 Factors Determining the Level of Consumer Involvement Marketing Implications of Involvement : LO4 Marketing Implications of Involvement REVIEW LEARNING OUTCOME Consumer Buying Decisions and Consumer Involvement : REVIEW LEARNING OUTCOME Consumer Buying Decisions and Consumer Involvement LO4 Cultural Influences on Consumer Buying Decisions : Identify and understand the cultural factors that affect consumer buying decisions Cultural Influences on Consumer Buying Decisions LO5 Factors Influencing Buying Decisions : LO5 Factors Influencing Buying Decisions Culture : LO5 Culture Components of Culture : LO5 Components of Culture Culture is. . . : LO5 Culture is. . . Value : Value LO5 Subculture : Subculture LO5 Social Class : LO5 Social Class Social Class Measurements : LO5 Social Class Measurements The Impact of Social Class on Marketing : LO5 The Impact of Social Class on Marketing Indicates which medium to use for advertising Helps determine the best distribution for products REVIEW LEARNING OUTCOME Cultural Factors : REVIEW LEARNING OUTCOME Cultural Factors LO5 Social Influences on Consumer Buying Decisions : Identify and understand the social factors that affect consumer buying decisions Social Influences on Consumer Buying Decisions LO6 Social Influences : LO6 Social Influences Reference Group : LO6 Reference Group Reference Groups : LO6 Reference Groups Influences of Reference Groups : LO6 Influences of Reference Groups They serve as information sources and influence perceptions. They affect an individual’s aspiration levels. Their norms either constrain or stimulate consumer behavior. Opinion Leaders : LO6 Opinion Leaders An individual who influences the opinion of others. Opinion Leaders : LO6 Opinion Leaders Family : LO6 Initiators Influencers Decision Makers Purchasers Consumers Purchase Process Roles in the Family Family Relationships among Purchasers and Consumers in the Family : LO6 Relationships among Purchasers and Consumers in the Family REVIEW LEARNING OUTCOME Social Factors : REVIEW LEARNING OUTCOME Social Factors LO6 Individual Influences onConsumer Buying Decisions : Identify and understand the individual factors that affect consumer buying decisions Individual Influences onConsumer Buying Decisions LO7 Individual Influences : LO7 Individual Influences Psychological Influences onConsumer Buying Decisions : Identify and understand the psychological factors that affect consumer buying decisions Psychological Influences onConsumer Buying Decisions LO8 Psychological Influences : LO8 Psychological Influences Perception Motivation Learning Beliefs & Attitudes Perception : LO8 Perception Perception : LO8 Perception Perception : LO8 Perception Marketing Implications of Perception : LO8 Marketing Implications of Perception Important attributes Price Brand names Quality and reliability Threshold level of perception Product or repositioning changes Foreign consumer perception Motivation : LO8 Motivation Maslow’s Hierarchy of Needs : LO8 Maslow’s Hierarchy of Needs Types of Learning : LO8 Types of Learning Stimulus Generation and Discrimination : LO8 Stimulus Generation and Discrimination Beliefs and Attitudes : LO8 Beliefs and Attitudes Changing Attitudes : LO8 Changing Attitudes Change beliefs about the brand’s attributes Change the relative importance of these beliefs Add new beliefs REVIEW LEARNING OUTCOME : REVIEW LEARNING OUTCOME LO8 Psychological Factors You do not have the permission to view this presentation. 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