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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 behavior

  5. Cultural Factors • Culture- set of basic values, perceptions and behavior learned by a member of society from family and other institutions • Subculture- a group of people with shared value systems based on common life experiences • Social class- relatively permanent and ordered divisions in a society whose members share similar values and behavior

  6. Social Factors • Groups- 2 or more people interact to achieve mutual goals. Reference groups serve as points of comparison and influence buyer behavior. Opinion leaders drive trends and influence mass opinion • Family- buying roles have changed with evolving consumer lifestyles. Wives, children play a larger role. • Roles & Status- a person plays different roles in their lives and is accorded a status based on these roles.

  7. Personal Factors • Age & life-cycle stage- impact of the family life cycle needs to be considered. • Occupation • Economic situation • Lifestyle- depicts a persons pattern of living. Lifestyle profiling helps to understand persons method of interaction with the world • Personality & self concept- can be used to describe certain characteristics like sociability, aggressiveness, etc.

  8. Psychological Factors • Motivation- a need that is sufficiently pressing to direct the person to seek satisfaction • Perception- process by which people select, organize & interpret information to form a meaningful picture • Learning – changes in an individuals behavior arising from experience • Beliefs & Attitudes- belief is a descriptive thought that a person has about something. Attitude describes a persons consistent tendency towards and object/idea. Attitudes are difficult to change

  9. Types of Buying Decision Behaviour

  10. 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

  11. 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

  12. 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

  13. 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

  14. The Buyer Decision Process

  15. 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

  16. Zero Moment of Truth

  17. Individual Differences in Innovativeness Marketing efforts in innovation

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

  19. Business Buyer Behavior

  20. Major types of Buying situations • Straight re-buy- buyer routinely reorders without any modification • Modified re-buy- buyer may modify product specs, prices, terms, etc. • New task- purchases a product or service for the first time • Systems selling- buying a packaged solution from a single seller

  21. Participants in the Business buying • Users- Members who will actually use the product • Influencers- people who affect the buying decision. Will provide information to evaluate alternatives • Buyers- people with authority to select buyer and arrange terms of purchase • Deciders – have the power to select/approve the vendor • Gatekeepers- control the flow of information to others

  22. Major influences on business buyer behavior

  23. Stages of the business buying process

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