consuner market andbuying behaviour

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Chapter Five:

Chapter Five Consumer Markets and Consumer Buyer Behavior

Consumer Markets and Consumer Buyer Behavior:

Consumer Markets and Consumer Buyer Behavior Model of Consumer Behavior Characteristics Affecting Consumer Behavior Types of Buying Decision Behavior The Buyer Decision Process The Buyer Decision Process for New Products Topic Outline

Model of Consumer Behavior:

Consumer buyer behavior refers to the buying behavior of final consumers—individuals and households who buy goods and services for personal consumption Consumer market refers to all of the personal consumption of final consumers Model of Consumer Behavior

Characteristics Affecting Consumer Behavior:

Culture is the learned values, perceptions, wants, and behavior from family and other important institutions Characteristics Affecting Consumer Behavior

Characteristics Affecting Consumer Behavior:

Subculture are groups of people within a culture with shared value systems based on common life experiences and situations Hispanic African American Asian Mature consumers Characteristics Affecting Consumer Behavior

Characteristics Affecting Consumer Behavior:

Social classes are society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors Measured by a combination of occupation, income, education, wealth, and other variables Characteristics Affecting Consumer Behavior

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Groups and Social Networks

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Word-of-mouth influence and buzz marketing Opinion leaders are people within a reference group who exert social influence on others Also called influentials or leading adopters Marketers identify them to use as brand ambassadors Groups and Social Networks

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Online social networks are online communities where people socialize or exchange information and opinions Include blogs, social networking sites (facebook), virtual worlds (second life) Groups and Social Networks

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Family is the most important consumer-buying organization in society Social roles and status are the groups, family, clubs, and organizations that a person belongs to that can define role and social status Social Factors

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Age and life-cycle stage RBC Royal Band stages Youth — younger than 18 Getting started — 18-35 Builders — 35-50 Accumulators — 50 – 60 Preservers — over 60 Personal Factors

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Occupation affects the goods and services bought by consumers Economic situation includes trends in: Personal Factors

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Lifestyle is a person’s pattern of living as expressed in his or her psychographics Measures a consumer’s AIOs (activities, interests, opinions) to capture information about a person’s pattern of acting and interacting in the environment Personal Factors

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Personality and Self-Concept Personality refers to the unique psychological characteristics that lead to consistent and lasting responses to the consumer’s environment Personal Factors

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Psychological Factors

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior A motive is a need that is sufficiently pressing to direct the person to seek satisfaction Motivation research refers to qualitative research designed to probe consumers’ hidden, subconscious motivations Psychological Factors Motivation

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Perception is the process by which people select, organize, and interpret information to form a meaningful picture of the world from three perceptual processes Selective attention Selective distortion Selective retention Psychological Factors

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Selective attention is the tendency for people to screen out most of the information to which they are exposed Selective distortion is the tendency for people to interpret information in a way that will support what they already believe Selective retention is the tendency to remember good points made about a brand they favor and forget good points about competing brands Psychological Factors

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Learning is the change in an individual’s behavior arising from experience and occurs through interplay of: Psychological Factors

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Belief is a descriptive thought that a person has about something based on: Knowledge Opinion Faith Psychological Factors Beliefs and Attitudes

Characteristics Affecting Consumer Behavior:

Characteristics Affecting Consumer Behavior Attitudes describe a person’s relatively consistent evaluations, feelings, and tendencies toward an object or idea Psychological Factors

Types of Buying Decision Behavior:

Types of Buying Decision Behavior

The Buyer Decision Process:

The Buyer Decision Process Occurs when the buyer recognizes a problem or need triggered by: Internal stimuli External stimuli Need Recognition

The Buyer Decision Process:

The Buyer Decision Process Personal sources—family and friends Commercial sources—advertising, Internet Public sources—mass media, consumer organizations Experiential sources—handling, examining, using the product Information Search Sources of Information

The Buyer Decision Process:

The Buyer Decision Process How the consumer processes information to arrive at brand choices Evaluation of Alternatives

The Buyer Decision Process:

The Buyer Decision Process The act by the consumer to buy the most preferred brand The purchase decision can be affected by: Attitudes of others Unexpected situational factors Purchase Decision

The Buyer Decision Process:

The Buyer Decision Process The satisfaction or dissatisfaction that the consumer feels about the purchase Relationship between: Consumer’s expectations Product’s perceived performance The larger the gap between expectation and performance, the greater the consumer’s dissatisfaction Cognitive dissonance is the discomfort caused by a postpurchase conflict Postpurchase Decision

The Buyer Decision Process:

The Buyer Decision Process Customer satisfaction is a key to building profitable relationships with consumers—to keeping and growing consumers and reaping their customer lifetime value Post-Purchase Decision

The Buyer Decision Process for New Products:

The Buyer Decision Process for New Products Adoption process is the mental process an individual goes through from first learning about an innovation to final regular use. Stages in the process include:

The Buyer Decision Process for New Products:

The Buyer Decision Process for New Products Influence of Product Characteristics on Rate of Adoption

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