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Marketing

Marketing. Chapter 5 Consumer Behavior. Dhruv Grewal Michael Levy. Netflix. 1.5 million subscriber households 18,000 titles 25 strategically located distribution centers Changing “in store” to “in home” selection Key partnership promotions.

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Marketing

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  1. Marketing Chapter 5 Consumer Behavior Dhruv Grewal Michael Levy

  2. Netflix • 1.5 million subscriber households • 18,000 titles • 25 strategically located distribution centers • Changing “in store” to “in home” selection • Key partnership promotions © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  3. Consumer Behavior Use principles and theories from sociology and psychology Understand consumer actions Develop basic strategies to deal with those actions Understand why people buy products or services © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  4. Meet Eva Problem: Getting access to the latest video releases and movies. Alternative Solutions: • Join local movie rental (i.e. Blockbuster store) • Subscribe to premium cable • Subscribe to online movie rental (i.e. Netflix) © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  5. Eva’s Questions Which alternative gives me the best overall value? Which alternative is more likely to attract friends over to watch movies? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  6. The Consumer Decision Process

  7. Types of Buying Decisions © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  8. Types of Buying Decisions • Limited Problem Solving • Habitual Decision Making • Extended Problem Solving • Impulse Buying © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  9. Test YourKnowledge What type of buying decision requires the least amount of time and effort? A) limited problem solving B) habitual decision making C) extended problem solving D) impulse buying

  10. Need Recognition Functional needs Psychological needs © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  11. Search for Information • Internal Search for Information • External Search for Information © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  12. Factors Affecting Consumers’ Search Process Perceived Benefits versus Perceived Costs Discussion question What is the difference in search time between the following: A wedding gift for a) coworker, b) your brother, c) your best friend? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  13. The Locus of Control Internal Locus of ControlControl = more search activities External Locus of ControlFate, external factors = why bother © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  14. Actual or Perceived Risk • Financial risk • Performance risk • Psychological risk

  15. Type of Product or Service • Specialty goods/services • Shopping goods/services • Convenience goods/services © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  16. Test YourKnowledge Consumers can spend considerable time searching for both specialty and shopping goods or services; the difference lies in _______________. A) the amount of time they have B) the amount of money they have budgeted C) the psychological risk D) the kind of search

  17. Evaluation of Alternatives: Attribute Sets Universal Set Retrieval Set Evoked Set Choice

  18. Evaluation of Alternatives: Evaluate Criteria • Evaluative Criteria • Determinant Attributes Discussion question What are some of the features of a vacation that would be in your evaluative criteria? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  19. Evaluative Criteria How do consumers begin to evaluate different alternatives, and what important attributes and criteria do they use?

  20. To encourage small groups to travel together and understand the preferences of these groups. Establish a social networking site that allows small groups to plan and coordinate a cruise vacation as well as invite others to participate in the cruise. A “soft launch” in Jan, 2006 to better understand consumers use and needs from the site. Case in Point: Carnival Connections Challenge Answer Results © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  21. Evaluation of Alternatives:Consumer Decision Rules © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  22. Evaluation of Alternatives: Decision Heuristics Price ? Product Presentation Brand © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  23. Test YourKnowledge Decision heuristics are ________ that help a consumer narrow down his or her choices. A) mental shortcuts B) breathing exercises C) logical steps D) compensatory decision rules

  24. Purchase and Consumption Ritual consumption © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  25. Understanding Rituals How does someone plan a ritual event that they have never planned before?

  26. To involve the future groom in the wedding planning. The Knot is a one stop shop for the 2.4 million couples preparing for a wedding in the U.S. The site includes information about customs, traditions and products for any wedding. 3.2 million unique visitors each a month, 3,000 new members per day and growing. Case in Point: Grooms Guide to Weddings Challenge Answer Results © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  27. Postpurchase:Customer Satisfaction • Customer contact • Encourage feedback • Provide money back guarantee • Build realistic expectations • Demonstrate correct product use © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  28. Postpurchase: Dissonance • Firm’s attempt to reduce dissonance by reinforcing the decision • Thank you letters, congratulations letters, quality ratings Discussion question What other ways do firms reinforce purchase decisions? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  29. Ethical Dilemma 5.1: Dissatisfied Customers Use ihate____.com • Customer complaint system • Customer service failure leads to consumers seeking other means • Effective means of raising complaints • The Complaint Station - tribe.net © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  30. Factors Influencing the Consumer Decision Process

  31. Psychological Factors © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  32. Psychological Factors: Motives © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  33. Test YourKnowledge What psychological factor is a need or want that is strong enough to cause the person to seek satisfaction? A) learning B) perception C) motive D) attitude

  34. Psychological Factors: Attitude • Attitude • Behavioral • Cognitive • Affective © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  35. Psychological Factors: Perception Discussion question How has society’s perception of people with tattoos changed in recent years? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  36. Psychological Factors: Learning Affects both attitudes and perceptions Affected by social experiences

  37. Social Factors: Family • Decision makers • Influencers © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  38. Social Factors: Reference Groups • Offer information • Provide rewards for specific purchasing behaviors • Enhance consumer’s self-image • Family • Friends • Coworkers • Famous people © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  39. Test YourKnowledge Which of the following is a way in which reference groups might provide information to consumers? A) Leading by example B) Indirectly, through observation C) Contacting the seller D) Web research

  40. Social Factors: Culture Example: Weddings • Gathering • Ritual • Vows • Celebration © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  41. Situational Factors © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  42. Entrepreneurial Marketing 5.1:Zipcar – The Urban Rent-a-car Discussion question What situational factors led to the creation of Zipcar? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  43. Chapter 5 Glossary • Extended problem solving: Occurs when a buyer devotes considerable time and effort to analyzing alternatives; common when the customer perceives that the purchase decision entails a lot of risk. • External search for information: The buyer seeks information outside his or her personal knowledge base to help make the buying decision. • Functional needs: Needs that pertain to the performance of a product or service. • Habitual decision making: A purchase decision process in which consumers engage with little conscious effort. • Impulse buying: A buying decision made by customers on the spot when they see the merchandise. • Internal search for information: The buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences. • Limited problem solving:Occurs during a purchase decision that calls for, at most, a moderate amount of effort and time. • Psychological needs: Needs that pertain to the personal gratification consumers associate with a product and/or service. • Ritual consumption: Refers to a pattern of behaviors tied to life events that affect what and how we consume.

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