Presentation on on Consumer Behavior Topics of Discussion

Presentation on on Consumer Behavior.

Topics of Discussion… Definition of Consumer Behaviour. Process of Consumer Behaviour. Buying Role. Determinants of Consumer Behaviour. Consumer Research. Consumer Decision Making Process.

Definition of Consumer Behavior Individuals or groups acquiring, using and disposing of products, services, ideas, or experiences Includes search for information and actual purchase Includes an understanding of consumer thoughts, feelings, and actions

Ø Ø Ø Ø In Short “It is the study of how individuals make decisions on how to spend their available resources (time, money, and effort) on consumption related items”. To understand this behavior marketers focus on the following aspects: Who buys the product or service? How do they buy the product or services? Where do they buy them from? How often do they buy them? Why do they buy them? How often do they use them?

Process Of Consumer Behavior: CB is an ongoing process. It is a long decision making process. Stages in Consumer Behavior are: Pre- Purchase Post Purchase

Pre – Purchase Stage: It can be seen through consumer perspective as well as marketing perspective. q. In Consumer Perspective: • How does a customer decide to buy the product? • Why he /she needs a product? • What are the best sources of information for buying the product? • What different alternative services/products are available in the market? q In Marketers Perspective • How are consumers attitude formed toward products/services • How consumer attitude can be changed? • What methods consumers’ use to which product or services are better or best.

Purchase Stage: These are those stages which are seen at the time of making final purchase. In Consumer Perspective: § Is acquiring a product stressful or a pleasant experience? § How much is the level of stressfulness or pleasantness? § In Marketer’s Perspective: How do situational factors such as time, store display affect consumer’s purchase decision.

Post Purchase Stage: It reflects all those issues/problems good or bad experience faced by the consumer after making the final purchase. In Consumer Perspective: • Did the product provide the desired functions effectively • • In Marketer’s Perspective: Whether he/she will buy it again Whether the consumer tells others about his experience and influence their purchase decision?

Buying Role Initiator Influencer Decider Buyer User (s)

Determinants of Consumer Behavior: Ø Ø Economic Determinants: Personal Income: Disposable income Family Income Consumer Credit Psychological Determinants: Motivation Perception Attitude Learning Personality

Consumer Research The systematic and objective process of gathering, recording, and analyzing data for aid in understanding and predicting consumer thoughts, feelings, and behaviors.

CONSUMER DECISION MAKING PROCESS Marketers are interested in consumers’ purchase behaviors, i. e. , the decision making process. The consumers’ decision making is a choice amongst various alternatives that address problematic issues like: -what to buy; - where to buy; - when to buy; - how much to buy.

v v v There are five stages in the consumer decision making process. These are Need recognition/Problem recognition Pre-purchase information search Evaluation of alternatives Purchase decision Post-purchase outcome and reactions

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