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Chapter 5

PRINCIPLES OF MARKETING. Chapter 5. Consumer Markets and Consumer Buyer Behavior. Consumer Buying Behavior refers to the buying behavior of final consumers (individuals & households) who buy goods and services for personal consumption. Study consumer behavior to answer:

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Chapter 5

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  1. PRINCIPLES OF MARKETING Chapter 5 Consumer Markets and Consumer Buyer Behavior

  2. Consumer Buying Behaviorrefers to the buying behavior of final consumers (individuals & households) who buy goods and services for personal consumption. Study consumer behavior to answer: “How do consumers respond to marketing efforts the company might use?” Consumer Buying Behavior

  3. Marketing and Other Stimuli Product Price Place Promotion Economic Technological Political Cultural Buyer’s Black Box Model of Consumer Behavior Characteristics Affecting Consumer Behavior Buyer’s Decision Process Buyer’s Response Purchase Timing Purchase Amount Product Choice Brand Choice Dealer Choice

  4. Culture Characteristics Affecting Consumer Behavior Social Personal Psychological Buyer

  5. Factors Affecting Consumer Behavior:Culture • Subculture • Groups of people with shared value systems based on common life experiences. • Hispanic Consumers • African American Consumers • Asian American Consumers • Mature Consumers • Social Class • People within a social class tend to exhibit similar buying behavior. • Occupation • Income • Education • Wealth • Most basic cause of a person's wants and behavior. • Values • Perceptions

  6. Groups • Membership • Reference Factors Affecting Consumer Behavior:Social • Family • Husband, wife, kids • Influencer, buyer, user Social Factors Roles and Status

  7. Personal Influences Lifestyle Identification Age and Family Life Cycle Stage Occupation Factors Affecting Consumer Behavior:Personal Personality & Self-Concept Economic Situation Activities Opinions Interests

  8. Abundant Resources Actualizers VALS 2 Status Oriented Action Oriented Principle Oriented Fulfilleds Achievers Experiencers Believers Strivers Makers Minimal Resources Strugglers

  9. Factors Affecting Consumer Behavior:Psychological Motivation Psychological Factors Perception Beliefs and Attitudes Learning

  10. Self Actualization (Self-development) Maslow’s Hierarchy of Needs Esteem Needs (self-esteem, status) Social Needs (sense of belonging, love) Safety Needs (security, protection) Physiological Needs (hunger, thirst)

  11. Complex Buying Behavior Types of Buying Decisions Variety- Seeking Behavior High Involvement Low Involvement Dissonance- Reducing Buying Behavior Significant differences between brands Habitual Buying Behavior Few differences between brands

  12. Need Recognition Information Search Evaluation of Alternatives Purchase Decision The Buyer Decision Process Postpurchase Behavior

  13. The Buyer Decision ProcessStep 1. Need Recognition Need Recognition Difference between an actual state and a desired state • Internal Stimuli • Hunger • Thirst • A person’s normal • needs • External Stimuli • TV advertising • Magazine ad • Radio slogan • Stimuli in the • environment

  14. Personal Sources Commercial Sources • Family, friends, neighbors • Most influential source of • information The Buyer Decision ProcessStep 2. Information Search Public Sources • Advertising, salespeople • Receives most information • from these sources Experiential Sources • Mass Media • Consumer-rating groups • Handling the product • Examining the product • Using the product

  15. The Buyer Decision ProcessStep 3. Evaluation of Alternatives Product Attributes Evaluation of Quality, Price, & Features Degree of Importance Which attributes matter most to me? Brand Beliefs What do I believe about each available brand? Total Product Satisfaction Based on what I’m looking for, how satisfied would I be with each product? Evaluation Procedures Choosing a product (and brand) based on one or more attributes.

  16. Purchase Intention • Desire to buy the most preferred brand The Buyer Decision ProcessStep 4. Purchase Decision Unexpected situational factors Attitudes of others • Purchase Decision

  17. The Buyer Decision Process Step 5. Postpurchase Behavior • Consumer’s Expectations of • Product’s Performance • Product’s Perceived • Performance Satisfied Customer! Dissatisfied Customer Cognitive Dissonance

  18. Awareness Interest Evaluation Stages in the Adoption Process Trial Adoption

  19. Adoption of Innovations Early Majority Late Majority Percentage of Adopters Early Adopters Laggards Innovators 34% 34% 16% 13.5% Time of Adoption 2.5% Late Early

  20. Influences on the Rate of Adoptionof New Products Relative Advantage Is the innovation superior to existing products? Communicability Can results be easily observed or described to others? Product Characteristics Compatibility Does the innovation fit the values and experience of the target market? Divisibility Can the innovation be used on a trial basis? Complexity Is the innovation difficult to understand or use?

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