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Consumer Buyer Behavior. Consumer Buyer Behavior. Definition of Consumer Behaviour Stimulus Response Model Characteristics Affecting Consumer Behavior The Buyer Decision Process. Topic Outline.
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Consumer Buyer Behavior Definition of Consumer Behaviour Stimulus Response Model Characteristics Affecting Consumer Behavior The Buyer Decision Process Topic Outline
Consumer buyer behavior refers to the buying behavior of final consumers—individuals and households who buy goods and services for personal consumption (Kotler) Another Definition by Solomon et.al “Consumer Behaviour is the study of the processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires” Solomon et al, 2010
Stimulus -Response Model A consumer is confronted with a stimulus in the environment. This stimulus could be of two kinds; Marketing Stimuli and environmental stimuli) Environmental Stimuli One that is presented by the marketer through the marketing mix or the 4Ps, product, price, place and promotion; product: attributes, features, appearance, packaging etc. price: cost, value, esteem (prestige) place: location and convenience, accessibility promotion: advertising, sales promotion, personal selling, publicity, direct marketing. Environmental Stimuli other stimuli that is presented by the environment, and could be economic, technological, political and cultural.
Characteristics Affecting Consumer Behavior Factors Influencing Consumer Behavior
Characteristics Affecting Consumer Behavior Groups and Social Networks
The Buyer Decision Process Buyer Decision Making Process
The Buyer Decision Process Occurs when the buyer recognizes a problem or need triggered by: • Internal stimuli • External stimuli Need Recognition
The Buyer Decision Process Personal sources—family and friends Commercial sources—advertising, Internet Public sources—mass media, consumer organizations Experiential sources—handling, examining, using the product Information Search Sources of Information
The Buyer Decision Process How the consumer processes information to arrive at brand choices Evaluation of Alternatives
The Buyer Decision Process The act by the consumer to buy the most preferred brand The purchase decision can be affected by: • Attitudes of others • Unexpected situational factors Purchase Decision
The Buyer Decision Process The satisfaction or dissatisfaction that the consumer feels about the purchase Relationship between: • Consumer’s expectations • Product’s perceived performance The larger the gap between expectation and performance, the greater the consumer’s dissatisfaction Cognitive dissonance is the discomfort caused by a post-purchase conflict Post-Purchase Decision
The Buyer Decision Process Customer satisfaction is a key to building profitable relationships with consumers—to keeping and growing consumers and reaping their customer lifetime value Post-Purchase Decision