Mba marketing m-analyzing consumer markets - copy

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۩ Analyzing Consumer Markets

Transcript of Mba marketing m-analyzing consumer markets - copy

Page 1: Mba marketing m-analyzing consumer markets - copy

۩ Analyzing Consumer Markets

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Consumer behavior is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.

It provides clues for improving or introducing products or services, setting prices, devising channels, crafting messages, and developing other marketing activities.

CONSUMER BEHAVIOR

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Explain how consumer characteristics influence buying behavior.

Enter your title here

Cultural Factors.Culture is the fundamental determinant of a person‘s wants and behavior.

Social Factors.Reference groups;- groups that have influence on consumers attitudes or behavior.Family;- the most influential primary reference groups.Roles and statutes;- Role – activities a person is expected to perform.Status – in society, eg, a senior vice president has more status than a sales manager.

Personal Factors.Age, stage in the life-cycle; occupation and economic circumstances;personality and self-concept; life style and values

QUESTION 1

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Four main psychological processes affect consumer behavior: motivation, perception, learning, and memory.

MOTIVATION

A need that is sufficiently pressing to drive the person to act .

PERCEPTION

A process by which individual selects, organizes, and interprets

information inputs to create a meaningfull picture of the world.

Psychological Processes

MEMORYInformation and experiences individual

encounter as they go through life can end up in their long-term memory.

LEARNING

Changes in individual’s behavior arising from experience.

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Marketing Stimuli Products & Services Price Distribution Communications

Other Stimuli Economic Technological Political Cultural

MODEL OF CONSUMER BEHAVIOR

Marketing Stimuli

Other Stimuli

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Buying Decision

PurchaseDecision

Buying Decision Process

•Problem recognition

•Information search

•Evaluate alternatives

•Purchase decision

•Post-purchase behavior

Purchase Decision- Product choice.Brand choice.Dealer choice. Purchase amount.Purchase timing.Payment method.

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Discuss how consumers make purchasing decisions

Problem recognition Buyer recognise need.

Information search Buyer search for information.

Evaluate alternatives Buyer make value judgement.

Purchase decision

Form preference and intention to buy.

Post-purchase behavior After purchase,buyer will be alert to

information that supports decision.

QUESTION 2

Buying Decision Process

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Consumer Involvement From viewing an ad or evaluating a product or service.

Elaboration likelihood model. Make evaluations in both low-and high-involvement.

Low involvement marketing strategies. Absence of significant brand differences.

OTHER THEORIES OF CONSUMER DECISION MAKING

Variety-seeking buying behavior Brand switching.

Decision heuristics and biases Rules of thumb or mental short cuts in decision process.

Mental accounting Manner by which consumers code,categorize,and evaluate financial

outcomes of choices.

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„The best thing about the future is that it comes only one day at a time.“

Abraham Lincoln (1809-1865)

THANK YOU.