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1
ENT4310Business Economics and Marketing
Consumer Behavior
Arild Aspelund
IØT, NTNU
2
Outline
• A model for consumer behavior
• Factors influencing consumer behavior
• Theories of motivation
• The buying decision process– A five-step model
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A Model for Consumer Behavior
4
Key Factors Influencing Consumer Behavior
Cultural FactorsCultural Factors
Social FactorsSocial Factors
Personal FactorsPersonal Factors
5
Culture
The fundamental determinant of a person’s wants and behaviors
acquired through socializationprocesses with family
and other key institutions
6
Subculture influence
Nationalities Nationalities
ReligionsReligions
Racial groupsRacial groups
Geographic regionsGeographic regions
Special interestsSpecial interests
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Social Factors
• Reference groups– A reference group is all individuals or institutions that have direct or
indirect influence on a person’s attitudes or behavior
• Family– The most influential reference group
– Influence varies over a person’s life time
• Social roles and statuses– Individuals belong to several groups
– To each group one is associated with a certain social role and status
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Reference Groups
Membership groupsMembership groups
Primary groupsPrimary groups
Secondary groupsSecondary groups
Aspirational groupsAspirational groups
Dissociative groupsDissociative groups
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Personal Factors
Age
Values
Life cyclestage
Occupation
Personality
Self-concept
Wealth
Lifestyle
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Key Psychological Processes
Motivation
MemoryLearning
Perception
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Motivation
Freud’sTheory
Behavioris guided by subconsciousmotivations
Maslow’sHierarchyof Needs
Behavioris driven by
lowest, unmet need
Herzberg’sTwo-Factor
Theory
Behavior isguided by motivating
and hygienefactors
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Motivation - Maslow’s Hierarchy of Needs
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Motivation - Herzberg’s Two-Factor Theory
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Perceptions
• Selective attention– A cognitive screening process to save your brain from information
overload
• Selective distortion– Tendency to interpret information to fit with your preconceptions
• Selective retention– Tendency to remember the good about the things you like, and forget the
good about those you don’t
• Subliminal perception– Messages to your subconscious
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Buying Decision Processes- A Five-Stage Model
Problem
recognition
Information
search
Evaluation of
alternatives
Purchase
decision
Postpurchase
behavior
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Successive Sets
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Buying Decision Processes- Conversion Rates
Awareness Familiarity AmbassadorConsideration Purchase Loyalty
95 80 40 20 12 5
84 50 50 60 41
15 11
73
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Summary and Continuation
• Summary– In this lecture we have presented some factors that influence consumer
behavior• Culture• Social • Personal
– We have also presented some fundamental theories of motivation• Freud• Maslow• Herzberg
– Finally, we have presented a five-step model to the purchase decision process
• Continuation– Segmentation and targeting