Fajardo analyzing consumer markets
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Transcript of Fajardo analyzing consumer markets
Analyzing Consumer Markets
Connecting with Customers
Paul Vincent D Fajardo, DVMV49 Marketing Management
May 2010
Outline
• Definition• How does consumer characteristics influence buying behavior? • How do consumers make purchasing decisions?• Summary
Consumer behavior
Is the study of how individuals, groups, and organizations select, buy, use and dispose of goods, services, ideas, experiences to satisfy their needs and wants
Concept 1:Consumer’s buying behavior is influenced by Cultural Factor
Culture is the fundamental determinant of a person’s wants
andbehavior
5
Concept 1: Consumer’s buying behavior is influenced by Cultural Factor
Kotler: Quinceanera
Local : Mc Donald’s
RP Medical Application:-Herbal Medicine
Concept 2:Social factors affect buying behavior
Primary groups: Family
Secondary groups: Religious
Opinion Leader
Concept 2: Social factors affect buying behavior
Kotler: General Motorsteam up w/ Mc Donald’sHappy Meals
Local : Ironman team up w/ Jollibee
RP Medical Application:Century Tuna Health and Wellness
Concept 3:Buyer’s decision are influenced by personal characteristics
Age and Stage In Life Cycle
Personality and Self-concept
Occupation & Economic Circumstances
Lifestyle and Values
Concept 3: Buyer’s decision are influenced by personal characteristics
Kotler:
Local :
RP Medical Application:-Calayan Medical
Concept 4:Motivation is the vigor which we pursue the goal
• Needs:
•Biogenic: Food, water, shelter
• Psychogenic : Recognition, esteem belonging
Concept 4:
Motivation is the vigor which we pursue the goal
Kotler: Chrysler PT Cruiser
Local : Vista Land
RP Medical Application:-Organization/Associations
Concept 5:Perception affects consumer behavior
• Perception is the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world
•3 Perceptual process:
•Selective attention
•Selective distortion
•Selective retention
Concept 5: Perception affects consumer behavior
Kotler: Coors Co. changed label from “Banquet beer” to “Original Draft”
Local : Coke to Coke Zero
RP Medical Application:
Alaxan vs Alaxan FR
Concept 6:Buying Decision Process
• Problem Recognition
• Information Search
• Evaluation of Alternatives
• Purchase Decision
• Post purchase behavior
Concept 6:Problem Recognition
Kotler: Neighbor’s new car
Local : Buy a better car
RP Medical Application:-Executive Health Check
Buyer recognizes a need
Concept 7:Information Search
Heightened attention
Active information search
Concept 7: Information Search
Kotler: Doctors learn new info but still consults on fellow Physicians.
Local : Wheatgrass
RP Medical Application:-Wheatgrass
-Controversial. Not yet substantiated by medical research.
Concept 8:Evaluation of Alternatives
Consumer :• Trying to satisfy a need•Looking for certain benefits from the product solution•Will pay the most attention to attributes that deliver the sought-after benefits.
Concept 8: Evaluation of Alternatives
Kotler: Hotel- Location, cleanliness,atmosphere, price
Local : Vacation promos/packages
RP Medical Application:Health packages
Concept 9:Purchase decision
Consumer :• form an intention to buy the most powerful brand.
•The attitudes of others can intervene between purchase intention and purchase decision.•The unanticipated situational factors may erupt to change the purchase intention.
Concept 9:Purchase decision
Kotler: Intel inside processor logo.
Local :San MiguelBeer
RP Medical Application:
Concept 10:Post purchase behavior
Postpurchase satisfaction
Satisfaction is a function of the closeness between EXPECTATION and the product’s perceived PERFORMANCE.
Satisfied
Disappointed
Delighted
Concept 10:Post purchase behavior
Kotler: Oral B Toothbrush Indicator
Local: Customer satisfaction surveys
RP Medical Application: Cosmetic Surgery
Summary:Understanding the factors (Cultural, Social & Personal) that influence
can provide marketers with clues to reach and serve consumers effectively
Analyzing Consumer Markets
Connecting with Customers
Paul Vincent D Fajardo, DVMV49 Marketing Management
May 2010