CONSUMER BUYING BEHAVIOR

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Consumer behavior before, during and after buying a product or service.

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CONSUMER BUYING BEHAVIOR:

CONSUMER BUYING BEHAVIOR By: Pradyuth Dutta 1

OBJECTIVES:

OBJECTIVES Why consumers make the purchases that they make? Analyze the what, where, when and how consumers buy Different types of consumer behavior what factors influence consumer purchases? 2

What is Consumer buying behavior?:

What is Consumer buying behavior? Buying behavior is the decision process and acts of people involved in buying and using products. Consumer behavior is study how individuals make their decisions to spend their available resources (time, money and effort ) Consumer is the king of the market and for the business to survive long, it is important to study consumer buying behavior. Consumer buyer behaviour refers to the multi-step decision-making process people engage in and the actions they take to satisfy their needs and wants in the marketplace. 3

Stages of the consumer buying process ::

Stages of the consumer buying process : Problem Recognition Information search Evaluation of alternatives Purchase decision Purchase Post purchase evaluation 4

Types of consumer behavior ::

Types of consumer behavior : Routine response/ Programmed behavior Limited decision making Extensive decision making Impulse buying 5

Factors effecting the consumer buying decision process::

Factors effecting the consumer buying decision process: Psychological Personal Social culture 6

Factors Affecting consumer Behavior: Culture:

Factors Affecting consumer Behavior: Culture Subculture Group of people with shared value system based on common life experiences. Hispanic consumer African American Consumer Asian American Consumer Mature Consumer Social class People within a social class tend to exhibit similar buying behavior Occupation Income Education Wealth 7 Most basic cause of person’s wants and behavior Values Perceptions

Factors Affecting Consumer Behavior: Social :

Factors Affecting Consumer Behavior: Social 8 Groups membership reference Family Husband, wife and kids Influencer, buyer , user Roles and Status Social factors

Factors Affecting Consumer Behavior: Personal :

Factors Affecting Consumer Behavior: Personal 9 Personal Influences Age and Family Life cycle Stage Economic Situation Occupation Personality & Self Concept Lifestyle Identification Activities opinions Interests

Factors Affecting Consumer Behavior: Psychological:

Factors Affecting Consumer Behavior: Psychological 10 Motivation P erception Learning Beliefs and Attitudes Psychological Factors

Maslow’s Hierarchy of needs:

Maslow’s Hierarchy of needs 11

Types of Buying Decision :

Types of Buying Decision 12 Complex Buying Behavior Habitual Buying behavior Variety – Seeking Behavior Dissonance- Reducing Buying Behavior Significant different between brands Few Differences between brands High Involvement Low Involvement

Buyer Decision Process:

Buyer Decision Process 13

Slide 14:

The Buyer Decision Process Step 1. Need Recognition External Stimuli TV advertising Magazine ad Radio slogan Stimuli in the environment Internal Stimuli Hunger Thirst A person’s normal needs Need Recognition Difference between an actual state and a desired state

The Buyer Decision Process Step 2. Information Search:

The Buyer Decision Process Step 2. Information Search Family, friends, neighbors Most influential source of information Advertising, salespeople Receives most information from these sources Mass Media Consumer-rating groups Handling the product Examining the product Using the product Personal Sources Commercial Sources Public Sources Experiential Sources

Slide 16:

The Buyer Decision Process Step 3. Evaluation of Alternatives Product Attributes Evaluation of Quality, Price, & Features Degree of Importance Which attributes matter most to me? Brand Beliefs What do I believe about each available brand? Total Product Satisfaction Based on what I’m looking for, how satisfied would I be with each product? Evaluation Procedures Choosing a product (and brand) based on one or more attributes.

The Buyer Decision Process Step 4. Purchase Decision:

The Buyer Decision Process Step 4. Purchase Decision Purchase Intention Desire to buy the most preferred brand Purchase Decision Attitudes of others Unexpected situational factors

The Buyer Decision Process Step 5. Post Purchase Behavior:

The Buyer Decision Process Step 5. Post Purchase Behavior 18 Consumer Expectations of Product Performance Products Perceived Performance Satisfied Customer Dissatisfied Customer Cognitive Dissonance

A Consumer Behavior Questionnaire of retail industry:

A Consumer Behavior Questionnaire of retail industry Analysis shows that 38% of the population prefer to go to a Departmental store to buy products and 31% prefer neighborhood store. The main reason for going to a departmental store is because of the availability of products and convenient location. 19

THANK YOU:

THANK YOU 20

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