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Consumer Behavior & Psychology

Consumer Behavior & Psychology. Definition. Consumer 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 market. Model of Consumer Behaviour.

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Consumer Behavior & Psychology

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  1. Consumer Behavior & Psychology

  2. Definition • Consumer 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 market

  3. Model of Consumer Behaviour • How do consumers respond to various marketing efforts the company might use?

  4. Characteristics Affecting Consumer behaviour

  5. Social Factors • Groups • Family • Roles & Status

  6. Personal Factors • Age & life-cycle stage • Occupation • Economic situation • Lifestyle • Personality & self concept

  7. Psychological Factors • Motivation • Perception • Learning • Beliefs & Attitudes

  8. Types of Buying Decision Behaviour

  9. Complex Buying Behaviour Type of Product • Expensive • Risky • Purchased infrequently • Highly self-expressive Brand • Must understand the information gathering and evaluation behaviour of buyers • Need to help buyers learn about the product –class, attributes and relative importance • Describe benefits – Print media • Motivate stores sales people and buyers acquaintance to influence the final brand choice eg: Electronics

  10. Dissonance-reducing Buying Behaviour Type of product • Expensive • Risky • Purchased infrequently • Highly self-expressive • Brand • Provide a good price • Offer convenience • Mitigate dissonance - provide after sales communication with evidence and support to help consumers feel good about there product eg; Carpets, Furniture

  11. Habitual Buying Behaviour Type of product • In expensive • Frequently Purchased • Familiar/ loyal • Brand • Provide a good price • Offer Promotions • Create top of mind – use colors symbols (TV led advertising) eg; personnel care products

  12. Variety Seeking Buying Behaviour Type of product • In expensive • Frequently Purchased • Familiar • Large choice/variety • Brand • Market Leader – create habitual behaviour • Dominating shelf space • Stocking up • Reminder advertisements • Challengers • Offers lower price/special deals • Coupons, samples • Advertising that presence reason for trying something new eg; confectionary

  13. The Buyer Decision Process

  14. The Buyer Decision Process for New Products Consumer go through five stages in the process of adopting a new product: • Awareness • Interest • Evaluation • Trial • Adoption

  15. Zero Moment of Truth

  16. Individual Differences in Innovativeness Marketing efforts in innovation

  17. Influence of Product Characteristics on Rate of Adoption • Relative advantage • Compatibility • Complexity • Divisibility • Communicability

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