Post on 14-Feb-2016
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Introduction to Marketing
Consumer Behavior & PsychologyDefinitionConsumer buyer behavior refers to the buying behavior of final consumers- individuals and households that buy goods for consumption- Kotler
All these final consumers make up the consumer marketIt can also be defined as the study of consumers and the processes they use to choose, use (consume), and dispose of products and services.2Model of Consumer BehaviourHow do consumers respond to various marketing efforts the company might use?
Characteristics Affecting Consumer behaviourSocial FactorsGroupsFamilyRoles & StatusPersonal FactorsAge & life-cycle stageOccupationEconomic situationLifestylePersonality & self concept
Psychological FactorsMotivationPerceptionLearning Beliefs & Attitudes
Types of Buying Decision Behaviour
Complex Buying BehaviourType of ProductExpensiveRiskyPurchased infrequentlyHighly self-expressive
BrandMust understand the information gathering and evaluation behaviour of buyersNeed to help buyers learn about the product class, attributes and relative importanceDescribe benefits Print media Motivate stores sales people and buyers acquaintance to influence the final brand choice
eg: Electronics
Dissonance-reducing Buying BehaviourType of productExpensiveRiskyPurchased infrequentlyHighly self-expressive
BrandProvide a good priceOffer convenienceMitigate dissonance - provide after sales communication with evidence and support to help consumers feel good about there product
eg; Carpets, Furniture
Habitual Buying BehaviourType of productIn expensiveFrequently Purchased Familiar/ loyal
Brand Provide a good priceOffer PromotionsCreate top of mind use colors symbols (TV led advertising)
eg; personnel care products
Variety Seeking Buying BehaviourType of productIn expensiveFrequently Purchased FamiliarLarge choice/varietyBrand Market Leader create habitual behaviourDominating shelf spaceStocking upReminder advertisementsChallengersOffers lower price/special dealsCoupons, samplesAdvertising that presence reason for trying something new
eg; confectionary
The Buyer Decision Process
The Buyer Decision Process for New ProductsConsumer go through five stages in the process of adopting a new product:AwarenessInterestEvaluationTrialAdoptionZero Moment of Truth
Individual Differences in Innovativeness
Marketing efforts in innovationInfluence of Product Characteristics on Rate of AdoptionRelative advantageCompatibilityComplexityDivisibilityCommunicability