CHAPTER 6 Analyzing Consumer Markets Copyright 2016 Pearson

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CHAPTER 6 Analyzing Consumer Markets Copyright © 2016 Pearson Education Ltd. 6 -

CHAPTER 6 Analyzing Consumer Markets Copyright © 2016 Pearson Education Ltd. 6 -

LEARNING OBJECTIVES 1. 2. 3. 4. How do consumer characteristics influence buying behavior? What

LEARNING OBJECTIVES 1. 2. 3. 4. How do consumer characteristics influence buying behavior? What major psychological processes influence consumer responses to the marketing program? How do consumers make purchasing decisions? In what ways do consumers stray from a deliberative, rational decision process? Copyright © 2016 Pearson Education Ltd. 6 -2

WHAT INFLUENCES CONSUMER BEHAVIOR? • Consumer behavior – The study of how individuals, groups,

WHAT INFLUENCES CONSUMER BEHAVIOR? • Consumer behavior – 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 – Influenced by cultural, social, and personal factors Copyright © 2016 Pearson Education Ltd. 6 -3

WHAT INFLUENCES CONSUMER BEHAVIOR? • Cultural factors – Culture – Subcultures – Social classes

WHAT INFLUENCES CONSUMER BEHAVIOR? • Cultural factors – Culture – Subcultures – Social classes Copyright © 2016 Pearson Education Ltd. 6 -4

WHAT INFLUENCES CONSUMER BEHAVIOR? • Social factors Reference groups Cliques Family Roles and status

WHAT INFLUENCES CONSUMER BEHAVIOR? • Social factors Reference groups Cliques Family Roles and status Copyright © 2016 Pearson Education Ltd. 6 -5

REFERENCE GROUPS • Membership groups – Primary vs. secondary • Aspirational groups • Dissociative

REFERENCE GROUPS • Membership groups – Primary vs. secondary • Aspirational groups • Dissociative groups • Opinion leader Copyright © 2016 Pearson Education Ltd. 6 -6

FAMILY • Family of orientation vs. family of procreation Copyright © 2016 Pearson Education

FAMILY • Family of orientation vs. family of procreation Copyright © 2016 Pearson Education Ltd. 6 -7

WHAT INFLUENCES CONSUMER BEHAVIOR? • Personal factors – Age/stage in life cycle – Occupation

WHAT INFLUENCES CONSUMER BEHAVIOR? • Personal factors – Age/stage in life cycle – Occupation and economic circumstances – Personality and selfconcept – Lifestyle and values Copyright © 2016 Pearson Education Ltd. 6 -8

KEY PSYCHOLOGICAL PROCESSES Motivation Memory Perception Emotions Learning Copyright © 2016 Pearson Education Ltd.

KEY PSYCHOLOGICAL PROCESSES Motivation Memory Perception Emotions Learning Copyright © 2016 Pearson Education Ltd. 6 -9

FIGURE 6. 1 MODEL OF CONSUMER BEHAVIOR Copyright © 2016 Pearson Education Ltd. 6

FIGURE 6. 1 MODEL OF CONSUMER BEHAVIOR Copyright © 2016 Pearson Education Ltd. 6 -10

KEY PSYCHOLOGICAL PROCESSES • Motivation – A need becomes a motive when it is

KEY PSYCHOLOGICAL PROCESSES • Motivation – A need becomes a motive when it is aroused to a sufficient level of intensity to drive us to act Copyright © 2016 Pearson Education Ltd. 6 -11

MOTIVATION Freud’s Theory Maslow’s Hierarchy of Needs Herzberg’s Two-Factor Theory Behavior is guided by

MOTIVATION Freud’s Theory Maslow’s Hierarchy of Needs Herzberg’s Two-Factor Theory Behavior is guided by subconscious motivations Behavior is driven by lowest, unmet need Behavior is guided by dissatisfiers and satisfiers Copyright © 2016 Pearson Education Ltd. 6 -12

FIGURE 6. 2 MASLOW’S HIERARCHY OF NEEDS Copyright © 2016 Pearson Education Ltd. 6

FIGURE 6. 2 MASLOW’S HIERARCHY OF NEEDS Copyright © 2016 Pearson Education Ltd. 6 -13

KEY PSYCHOLOGICAL PROCESSES • Perception – The process by which we select, organize, and

KEY PSYCHOLOGICAL PROCESSES • Perception – The process by which we select, organize, and interpret information inputs to create a meaningful picture of the world Copyright © 2016 Pearson Education Ltd. 6 -14

PERCEPTION Selective attention Selective distortion Selective retention Subliminal perception Copyright © 2016 Pearson Education

PERCEPTION Selective attention Selective distortion Selective retention Subliminal perception Copyright © 2016 Pearson Education Ltd. 6 -15

KEY PSYCHOLOGICAL PROCESSES • Learning – Induces changes in our behavior arising from experience

KEY PSYCHOLOGICAL PROCESSES • Learning – Induces changes in our behavior arising from experience – Drive and cues – Generalization and discrimination Copyright © 2016 Pearson Education Ltd. 6 -16

KEY PSYCHOLOGICAL PROCESSES • Emotions – Many different kinds of emotions can be linked

KEY PSYCHOLOGICAL PROCESSES • Emotions – Many different kinds of emotions can be linked to brands Copyright © 2016 Pearson Education Ltd. 6 -17

KEY PSYCHOLOGICAL PROCESSES • Memory – Short-term vs. long-term memory – Associative network memory

KEY PSYCHOLOGICAL PROCESSES • Memory – Short-term vs. long-term memory – Associative network memory model – Brand associations – Memory encoding – Memory retrieval Copyright © 2016 Pearson Education Ltd. 6 -18

THE BUYING DECISION PROCESS • The consumer typically passes through five stages – Problem

THE BUYING DECISION PROCESS • The consumer typically passes through five stages – Problem recognition – Information search – Evaluation of alternatives – Purchase decision – Postpurchase behavior Copyright © 2016 Pearson Education Ltd. 6 -19

THE BUYING DECISION PROCESS • Problem recognition – The buyer recognizes a problem/need triggered

THE BUYING DECISION PROCESS • Problem recognition – The buyer recognizes a problem/need triggered by internal/external stimuli Copyright © 2016 Pearson Education Ltd. 6 -20

THE BUYING DECISION PROCESS • Information search ü Personal sources ü Commercial sources ü

THE BUYING DECISION PROCESS • Information search ü Personal sources ü Commercial sources ü Public sources ü Experiential sources Copyright © 2016 Pearson Education Ltd. 6 -21

FIGURE 6. 5 SETS INVOLVED IN DECISION MAKING Copyright © 2016 Pearson Education Ltd.

FIGURE 6. 5 SETS INVOLVED IN DECISION MAKING Copyright © 2016 Pearson Education Ltd. 6 -22

THE BUYING DECISION PROCESS • Evaluation of alternatives – Expectancy-value model Copyright © 2016

THE BUYING DECISION PROCESS • Evaluation of alternatives – Expectancy-value model Copyright © 2016 Pearson Education Ltd. 6 -23

THE BUYING DECISION PROCESS • Purchase decision – Compensatory vs. noncompensatory models Conjunctive heuristic

THE BUYING DECISION PROCESS • Purchase decision – Compensatory vs. noncompensatory models Conjunctive heuristic Lexicographic heuristic Elimination-by-aspects heuristic Copyright © 2016 Pearson Education Ltd. 6 -24

INTERVENING FACTORS Copyright © 2016 Pearson Education Ltd. 6 -25

INTERVENING FACTORS Copyright © 2016 Pearson Education Ltd. 6 -25

TYPES OF PERCEIVED RISK Functional risk Physical risk Financial risk Time risk Psychological risk

TYPES OF PERCEIVED RISK Functional risk Physical risk Financial risk Time risk Psychological risk Social risk Copyright © 2016 Pearson Education Ltd. 6 -26

THE BUYING DECISION PROCESS • Postpurchase behavior – Postpurchase satisfaction – Postpurchase actions –

THE BUYING DECISION PROCESS • Postpurchase behavior – Postpurchase satisfaction – Postpurchase actions – Postpurchase uses and disposal Copyright © 2016 Pearson Education Ltd. 6 -27

FIGURE 6. 7 CUSTOMER PRODUCT USE/DISPOSAL Copyright © 2016 Pearson Education Ltd. 6 -28

FIGURE 6. 7 CUSTOMER PRODUCT USE/DISPOSAL Copyright © 2016 Pearson Education Ltd. 6 -28

MODERATING EFFECTS ON CONSUMER DECISION MAKING • Low-involvement Consumer Decision Making • Variety-Seeking Buying

MODERATING EFFECTS ON CONSUMER DECISION MAKING • Low-involvement Consumer Decision Making • Variety-Seeking Buying Behavior Copyright © 2016 Pearson Education Ltd. 6 -29

BEHAVIORAL ECONOMICS • Decision Heuristics – Availability heuristic – Representativeness heuristic – Anchoring and

BEHAVIORAL ECONOMICS • Decision Heuristics – Availability heuristic – Representativeness heuristic – Anchoring and adjustment heuristic • Framing – Mental accounting Copyright © 2016 Pearson Education Ltd. 6 -30

Copyright © 2016 Pearson Education Ltd. 6 -31

Copyright © 2016 Pearson Education Ltd. 6 -31

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