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Understanding Influences on Consumer Behavior: Cultural, Social, and Psychological Factors

This exploration of consumer markets delves into factors that influence consumer behavior, including cultural and social influences, family roles, and personal factors like age, income, and lifestyle. The psychological approaches to motivation, perception, and learning are examined through the theories of Freud, Maslow, and Skinner. Key decision-making models such as the Elaboration Likelihood Model highlight the significance of involvement and relevance in marketing strategies. Understanding how consumers process information and make decisions is crucial for effective marketing.

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Understanding Influences on Consumer Behavior: Cultural, Social, and Psychological Factors

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Presentation Transcript

  1. MARKETING MANAGEMENT Analyzing Consumer Markets

  2. Influences on Consumer Behavior • Cultural Factors • Social Factors • Reference Groups • Family, Roles • Personal factors • Age and “stage” • Economics (income, education) • Personality • Lifestyle and Values

  3. Psychological approaches MOTIVATION, PERCEPTION & LEARNING • “Drives” • Freud • Maslow • Hertzberg • “Learning” • Pavlov • Skinner • “Cognitive”

  4. Rational Model of Decision Making

  5. Involvement Elaboration Likelihood Model Low-involvement marketing strategies Variety-seeking buying behaviour Decision Heuristics Availability Representativeness Anchoring and adjustment Other Models of Decision Making

  6. Elaboration Likelihood Model • Petty & Caccioppo • Two questions: • Motivation to process? • Ability to process? • When YES to both: HIGH elaboration • Central cues • product • When NO: LOW elaboration • Peripheral cues - • source or ad

  7. INVOLVEMENT Decoding is ACTIVE • That is, it requires EFFORT • When will people to spend effort? • 1. When they CARE about what you’re saying • personal relevance This is the concept of INVOLVEMENT The personal relevance of the product interest, price

  8. “Vanity” credit cards • http://www.mbna.ca/hockey_cardlist.html

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