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consumer Markets
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Analyzing
Consumer Markets
6
Marketing Management
A South Asian Perspective, 13th ed
Chapter Questions
How do consumer characteristics influence buying behavior?What major psychological processes influence consumer responses to the marketing program?How do consumers make purchasing decisions?How do marketers analyze consumer decision making?Tata Steel used steeljunction to encourage consumers to go steel shopping and to develop deeper understanding of individual and household customers.
What Influences
Consumer Behavior?
Cultural Factors
Social Factors
Personal Factors
What is Culture?
Culture is the fundamental determinant of a persons wants and behaviors acquired through socialization processes with family and other key institutions.
Subcultures
Nationalities
Religions
Racial groups
Geographic regions
Social Classes
Upper uppers
Lower uppers
Upper middles
Middle class
Working class
Upper lowers
Lower lowers
Characteristics of Social Classes
Within a class, people tend to behave alikeSocial class conveys perceptions of inferior or superior positionClass may be indicated by a cluster of variables (occupation, income, wealth)Class designation is mobile over timeSocial Factors
Reference
groups
Social
roles
Statuses
Family
Reference Groups
Membership groups
Primary groups
Secondary groups
Aspirational groups
Dissociative groups
Provogue uses teenage icons as brand ambassadors and a youth targeted website to connect to its customers
Radio Shack Targets Women with Female Store Managers
Roles and Status
What degree of status is associated with various occupational roles?
Personal Factors
Age
Values
Life cycle
stage
Occupation
Personality
Self-
concept
Wealth
Lifestyle
The Family Life Cycle
Brand Personality
Sincerity
Excitement
Competence
Sophistication
Ruggedness
Lifestyle Influences
Multi-tasking
Time-starved
Money-constrained
Faysal Bank of Pakistan has extended banking hours for time-pressed executives.
Table 6.2 LOHAS (Lifestyles of Health and Sustainability) Market Segments
Sustainable EconomyHealthy LifestylesEcological LifestylesAlternative Health CarePersonal DevelopmentFigure 6.1
Model of Consumer Behavior
Key Psychological Processes
Motivation
Memory
Learning
Perception
Motivation
Freuds
Theory
Behavior
is guided by
subconscious
motivations
Maslows
Hierarchy
of Needs
Behavior
is driven by
the lowest,
unmet need
Herzbergs
Two-Factor
Theory
Behavior is
guided by
motivating
and hygiene
factors
Maslows Hierarchy of Needs
Herzbergs Two-Factor Theory
Perception
Selective Attention
Subliminal Perception
Selective Retention
Selective Distortion
Figure 6.3 State Farm Mental Map
Figure 6.4 Consumer Buying Process
Problem Recognition
Information Search
Evaluation
Purchase Decision
Postpurchase
Behavior
Problem Recognition
Sources of Information
Personal
Experiential
Public
Commercial
Figure 6.5 Successive Sets Involved in Consumer Decision Making
Table 6.8 Sales and Product
Life Cycle
Figure 6.6 Stages between Evaluation of Alternatives and Purchase
Non-Compensatory Models of Choice
ConjunctiveLexicographicElimination-by-aspectsPerceived Risk
Functional
Physical
Financial
Social
Psychological
Time
Figure 6.7 How Customers Use and Dispose of Products
Rural Consumer Behaviour
Rural consumers are more brand loyalRestrictions on consumptionCollective consumption behaviour: for family rather than individualSeasonality of consumption based on seasonality of agricultural production/incomeSpecific patterns in the five-stage buying decision processOther Theories of
Consumer Decision Making
Involvement
Elaboration Likelihood ModelLow-involvement marketing strategiesVariety-seeking buying behaviorDecision Heuristics
AvailabilityRepresentativenessAnchoring and adjustmentMental Accounting
Consumers tend toSegregate gainsIntegrate lossesIntegrate smaller losses with larger gainsSegregate small gains from large lossesMarketing Debate
Is target marketing ever bad?Take a position:
Targeting minorities is exploitive.or
2. Targeting minorities is a sound
business practice.
Marketing Discussion
Do you have rules you employ inspending money?
Do you follow Thalers four principlesin reacting to gains and losses?