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Principles of Marketing

Principles of Marketing

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Principles of Marketing

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  1. Principles of Marketing CONSUMER BEHAVIOR MODEL OF BUYER BEHAVIOR STIMULI MarketingOther Product Economic Price Technological Place Political Promotion Cultural Buyer Behavior • BUYER RESPONSES • Product Choice • Brand Choice • Dealer Choice • Purchase Timing • Purchase Amount • BUYER’S BLACK BOX • Buyer Characteristics • Buyer Decision Process Developed by IQ Fall 2007

  2. Principles of Marketing CONSUMER BEHAVIOR • FACTORS INFLUENCING CONSUMER BEHAVIOR • CULTURAL • SOCIAL • PERSONAL • PSYCHOLOGICAL Developed by IQ Fall 2007

  3. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR CULTURAL CULTURE: The set of basic values, perceptions, wants and behaviors learned by a member of society from family and other important institutions • US values – achievement and success, activity and involvement, efficiency and practicality, material comfort, individualism, freedom, humanitarianism, youthfulness, fitness and health • Values change from country to country • Cultural shifts convert into new product opportunities e.g health and fitness Developed by IQ Fall 2007

  4. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR CULTURAL • SUBCULTURE: A group of people with shared value systems based on common life experiences and situations • Area, Ethnicity, Language Developed by IQ Fall 2007

  5. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR SOCIAL CLASS: Relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviors CULTURAL Upper Uppers Lower Uppers • Upper Class • Middle Class • Working Class • Lower Class Upper Middles Middle Class Upper Lowers Lower Lowers Developed by IQ Fall 2007

  6. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR GROUP SOCIAL GROUP: Two or more people who interact to accomplish individual or mutual goals OPINION LEADER: Person within a reference group who, because of special skills, knowledge, personality or other characteristics, exerts influence on others Developed by IQ Fall 2007

  7. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR FAMILY SOCIAL • Roles and influences of family members on purchasing Developed by IQ Fall 2007

  8. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR ROLES AND STATUS SOCIAL • Roles and influences of family members on purchasing • Value, Usability, Size Developed by IQ Fall 2007

  9. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR AGE & LIFECYCLE STAGE PERSONAL • Food, Clothes, Furniture, Recreation Developed by IQ Fall 2007

  10. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR OCCUPATION PERSONAL • Nature, type of work • Job location, travel route Developed by IQ Fall 2007

  11. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR ECONOMIC SITUATION PERSONAL • Spending power, Loans, debts • Credit Rating, Income levels Developed by IQ Fall 2007

  12. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR LIFE STYLE PERSONAL Life Style: A person’s pattern of living as experienced in his or her activities, interests and opinions AIO Dimensions Activities – Work, Hobbies, Shopping, Sports, Social Events Interests – Food, Fashion, Family , Recreation Opinions – About themselves, Social Issues, Business, Products Developed by IQ Fall 2007

  13. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR PERSONALITY AND SELF-CONCEPT PERSONAL Personality: The unique psychological characteristics that lead to relatively consistent and lasting responses to one’s own environment • Brands also have personalities • 5 brand personality traits • Sincerity – Peace TV • Excitement - MTV • Competence - Toyota • Sophistication - Mercedes • Ruggedness – Levi’s Developed by IQ Fall 2007

  14. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR MOTIVATION Motivation: A need that is sufficiently pressing to direct the person to seek satisfaction of the need PSYCHOLOGICAL • “Person’s buying decisions are affected by subconscious motives that even the buyer may not fully understand”. Sigmund Freud’s Theory • “ A person tries to satisfy the most important need first.” Maslow’s Hierarchy of Needs Developed by IQ Fall 2007

  15. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR PERCEPTION LEARNING Perception: The process by which people select, organize and interpret information to form a meaningful picture of the world PSYCHOLOGICAL Learning: Changes in an individual’s behavior arising from experience Developed by IQ Fall 2007

  16. Principles of Marketing CONSUMER BEHAVIOR FACTORS INFLUENCING CONSUMER BEHAVIOR BELIEF ATTITUDE Belief: A descriptive thought that a person holds about something PSYCHOLOGICAL Attitude: A person’s consistently favorable or unfavorable evaluations, feelings and tendencies toward an object or idea Developed by IQ Fall 2007

  17. Principles of Marketing CONSUMER BEHAVIOR • BUYING DECISION BEHAVIOR • Complex Buying Behavior • Dissonance Reducing Buying Behavior • Habitual Buying Behavior • Variety Seeking Buying Behavior Developed by IQ Fall 2007

  18. Principles of Marketing CONSUMER BEHAVIOR • BUYING DECISION BEHAVIOR • Complex Buying Behavior Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands E.g buying a Car, TV, Perfume Developed by IQ Fall 2007

  19. Principles of Marketing CONSUMER BEHAVIOR • BUYING DECISION BEHAVIOR • Dissonance-reducing Buying Behavior Consumer buying behavior in situations characterized by few perceived differences among brand E.g Fridge, Refrigerators, Split Units Developed by IQ Fall 2007

  20. Principles of Marketing CONSUMER BEHAVIOR • BUYING DECISION BEHAVIOR • Variety Seeking Buying Behavior Consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences E.g Grocery shopping, petrol stations Developed by IQ Fall 2007

  21. Principles of Marketing CONSUMER BEHAVIOR BUYING DECISION PROCESS NEED RECOGNITION INFORMATION SEARCH EVALUATION OF ALTERNATIVES PURCHASE DECISION POSTPURCHASE BEHVIOR Developed by IQ Fall 2007

  22. Principles of Marketing CONSUMER BEHAVIOR BUYING DECISION PROCESS FOR NEW PRODUCTS (PRODUCT ADOPTION) • Awareness • Interest • Evaluation • Trial • Adoption (AIETA) Developed by IQ Fall 2007