Consumer Markets and Consumer buyer behavior www Assignment
Consumer Markets and Consumer buyer behavior www. Assignment. Point. com
q Consumer buying behavior refers to the buying behavior of final consumers – individuals and households who buy goods and services for personal consumption. q Consumer market All the individuals and households who buy or acquire goods and services for final consumption make up the consumer market. www. Assignment. Point. com
MODEL OF CONSUMER BEHAVIOR Marketing & other stimuli Marketing Product Price Place Promotion Other Economic Technological Political Cultural Buyer’s black box Buyer responses Buyer character- decision istics process Product choice Brand choice Dealer choice Purchase timing Purchase amount www. Assignment. Point. com
CHARACTERISTICS AFFECTING CONSUMER BEHAVIOR Cultural factors Social factors Personal factors Age & Life. Cycle stage Culture Subculture Social Class Groups Family Roles and Status Occupation Psychological factors Motivation Perception Economic Situation Learning Lifestyle Beliefs & Attitudes Personality www. Assignment. Point. com
The Major Social Classes Income Occupation Education Wealth Upper class Upper-Uppers Lower-Uppers Middle class Upper-Middles Middle Class Working class Lower class Upper-Lowers Lower-Lowers www. Assignment. Point. com
TYPES OF BUYING DECISION BEHAVIOR High involvement Low involvement Significant Complex Buying Variety-Seeking differences Behavior Buying Behavior between brands Few differences between brands Dissonance. Habitual Buying Reducing Behavior Buying Behavior www. Assignment. Point. com
THE BUYER DECISION PROCESS (5 stages) Stage 1 Need The consumer recognizes a problem or recognition need. Stage 2 Information The consumer is aroused to search for more information. search www. Assignment. Point. com
Sources to obtain information Personal sources Family, friends, neighbors Commercial sources Public sources Advertising, salespeople, packaging, Web sites, displays Mass media Experiential sources Handling, examining, using the products Word-of-mouth sources Recommendations of friends, relatives & professionals. www. Assignment. Point. com
Stage 3 Evaluation of The consumer uses information to evaluate alternatives alternative brands in the choice set. Stage 4 Purchase decision The consumer actually buys the product. The factors that come between the purchase intension and the purchase decision – • Attitudes of others • Unexpected situational factors www. Assignment. Point. com
Stage 5 Post purchase behavior The consumer takes further action after purchase based on their satisfaction or dissatisfaction. Dissatisfaction: Consumer expectations > Product’s perceived performance Satisfaction: Consumer expectations = Product’s perceived performance Delight: Consumer expectations < Product’s perceived performance www. Assignment. Point. com
THE BUYER DECISION PROCESS FOR NEW PRODUCTS A New Product is a good or service that is perceived by some potential customers as new. The Adoption Process can be defined as the mental process through which an individual passes from first hearing about an innovation to final adoption. www. Assignment. Point. com
Stages in the Adoption Process Awareness Interest Evaluation Trial Adoption www. Assignment. Point. com
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