Chap5
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Transcript of Chap5
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Chapter 5
PRINCIPLES OF MARKETING
Consumer Markets and
Consumer Buyer Behavior
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Consumer Buying Behavior
• Consumer Buying Behavior Consumer Buying Behavior refers to the buying behavior of final consumers (individuals & households) who buy goods and services for personal consumption.
• Study consumer behavior to answer: ““How do consumers respond to How do consumers respond to
marketing efforts the company might marketing efforts the company might use?” use?”
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Model of Consumer BehaviorMarketing andOther Stimuli
Buyer’s Black BoxBuyer’s Black Box
Buyer’s Response
Product
Price
Place
Promotion
Economic
Technological
Political
Cultural
Characteristics Affecting Consumer Behavior
Buyer’s Decision Process
Product Choice
Brand Choice
Dealer Choice
Purchase Timing
Purchase Amount
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Characteristics Affecting Consumer Behavior
Buyer
Psychological
Personal
Social
Culture
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Factors Affecting Consumer Behavior:Culture
• Most basic cause of a person's wants and behavior.
• Values• Perceptions
• Most basic cause of a person's wants and behavior.
• Values• Perceptions
Social Class
• People within a social class tend to exhibit similar buying behavior.
• Occupation
• Income
• Education
• Wealth
Social Class
• People within a social class tend to exhibit similar buying behavior.
• Occupation
• Income
• Education
• Wealth
Subculture
• Groups of people with shared value systems based on common life experiences.
• Hispanic Consumers
• African American Consumers
• Asian American Consumers
• Mature Consumers
Subculture
• Groups of people with shared value systems based on common life experiences.
• Hispanic Consumers
• African American Consumers
• Asian American Consumers
• Mature Consumers
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Factors Affecting Consumer Behavior:Social
Groups
• Membership
• Reference
Family• Husband, wife, kids• Influencer, buyer, user
Roles and Status
Social Factors
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Factors Affecting Consumer Behavior:Personal
Personal Influences
Age and Family Life CycleStage
Age and Family Life CycleStage OccupationOccupation
Economic SituationEconomic Situation
Lifestyle Identification
ActivitiesActivities OpinionsOpinions
InterestsInterests
Personality & Self-ConceptPersonality & Self-Concept
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VALS 2
Principle Oriented Status Oriented Action Oriented
Achievers
Actualizers
Strugglers
Strivers
Fulfilleds
Believers
Experiencers
Makers
Abundant Resources
Minimal Resources
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Factors Affecting Consumer Behavior:PsychologicalFactors Affecting Consumer Behavior:Psychological
Psychological Factors
Motivation
Perception
Learning
Beliefs and Attitudes
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Maslow’s Hierarchy of Needs
Esteem Needs(self-esteem, status)
Social Needs(sense of belonging, love)
Safety Needs(security, protection)
Physiological Needs(hunger, thirst)
Self Actualization
(Self-development)
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Types of Buying Decisions
ComplexBuying
Behavior
Dissonance-Reducing Buying
Behavior
Variety-SeekingBehavior
HabitualBuying
Behavior
HighInvolvement
Significantdifferences
betweenbrands
Fewdifferences
betweenbrands
LowInvolvement
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The Buyer Decision Process
Need Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Postpurchase Behavior
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The Buyer Decision ProcessStep 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 RecognitionDifference between an actual state and a desired state
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The Buyer Decision ProcessStep 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 Personal Sources
Commercial SourcesCommercial Sources
Public SourcesPublic Sources
Experiential SourcesExperiential Sources
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The Buyer Decision ProcessStep 3. Evaluation of AlternativesThe Buyer Decision ProcessStep 3. Evaluation of Alternatives
Product AttributesEvaluation of Quality, Price, & Features
Product AttributesEvaluation of Quality, Price, & Features
Degree of ImportanceWhich attributes matter most to me?
Degree of ImportanceWhich attributes matter most to me?
Brand BeliefsWhat do I believe about each available brand?
Brand BeliefsWhat do I believe about each available brand?
Total Product SatisfactionBased on what I’m looking for, how satisfied
would I be with each product?
Total Product SatisfactionBased on what I’m looking for, how satisfied
would I be with each product?
Evaluation ProceduresChoosing a product (and brand) based on one
or more attributes.
Evaluation ProceduresChoosing a product (and brand) based on one
or more attributes.
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The Buyer Decision ProcessStep 4. Purchase Decision
Purchase IntentionDesire to buy the most preferred brand
Purchase Decision
Attitudes of others
Unexpected situational factors
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The Buyer Decision ProcessStep 5. Postpurchase Behavior
Consumer’s Expectations of
Product’s Performance
Dissatisfied Customer
Satisfied Customer!
Product’s Perceived
Performance
Cognitive Dissonance
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Stages in the Adoption Process
Awareness
Interest
Evaluation
Trial
Adoption
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Adoption of InnovationsP
erce
nta
ge
of
Ad
op
ters
Time of AdoptionEarly Late
Inn
ova
tors
Early Adopters
Early Majority
2.5%
13.5%
34% 34%
16%
Laggards
Late Majority
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Influences on the Rate of Adoptionof New Products
DivisibilityCan the innovation
be used on a trial basis?
CompatibilityDoes the innovation
fit the values and experience of the
target market?Complexity
Is the innovation difficult to
understand or use?
Relative AdvantageIs the innovation
superior to existing products?
Communicability Can results be easily
observed or described to others?
ProductCharacteristics