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7/30/2019 Part Two Consumer Markets and Consumer Buying Behaviorg
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Consumer Markets and ConsumerBuying Behavior
Mahoob Ul Haq Part Two
7/30/2019 Part Two Consumer Markets and Consumer Buying Behaviorg
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 2
Consumer Markets and Consumer Buying Behavior
Consumer Buying Behavior The buying behaviorof the final consumers individuals and households
who buy goods and services for personal
consumption.Consumer Markets All the individuals andhouseholds who buy or acquire goods or services forpersonal consumption.
7/30/2019 Part Two Consumer Markets and Consumer Buying Behaviorg
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 3
Model of Consumer Behavior
Buying
Characteristics
Buying Decision
Process
Product Choice
Brand ChoiceDealer Choice
Purchase Timing Purchase Amount
Marketing Stimuli Product
PricePlacePromotionOther Stimuli Economic
TechnologicalPoliticalCultural
Stimuli Buyings Black Box Buying Responses
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 4
Stimulus Response ModelMarketing and other stimuli enter the Buyingsblack box and produce certain choice/purchaseresponses.Marketers must figure out what is inside of theBuyings black box and how stimuli are changedto responses.
Model of Consumer Behavior
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 5
Characteristics Affecting Consumer Behavior
Culture
Subculture
Social Class
Cultural
Reference
groups
Family
Roles andstatus
Social
Age and life
cycle stage
Occupation
Economicsituation
Lifestyle
Personality andself-concept
Personal
Motivation
Perception
Learning
Belief andattitude
Psychological
Buying
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 6
Characteristics Affecting Consumer Behavior
Cultural FactorCulture is the set of basic values, perceptions,
wants and behaviors learned by a member of
society from family and other importantinstitutions.
Subcultures (nationalities, religions, regions)
Social Class (homogeneous divisions, similar values, interest, benefits etc)
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 7
Characteristics Affecting Consumer Behavior
Social FactorsGroups
ReferenceAspirational Groups
Opinion LeadersFamily
Children can InfluenceRoles and Status
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 8
Characteristics Affecting Consumer Behavior
Social Factors Role: A role consist of activities people areexpected to perform according to the personsaround them.Status: Status reflects the general esteem given to anindividual by society.
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 9
Characteristics Affecting Consumer Behavior
Personal Factors Age and Life-Cycle Stage
OccupationEconomic situationLifestyle
Activities, interests, and opinions
Personality and Self-Concept
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 10
Personal FactorPersonality is a persons distinguishing psychological characteristics that lead to relatively
consistent and lasting responses to his or her ownenvironment. i.e self-confidence, dominance,autonomy (understanding), deference (respect),sociability (friendliness), defensiveness, andadaptability (flexibility).
Characteristics Affecting Consumer Behavior
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 11
Characteristics Affecting Consumer Behavior
PsychologicalMotivation
Motive (drive) is a need that is sufficiently pressing todirect the person to seek satisfaction of the need.Maslows hierarchy of needs
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 12
Characteristics Affecting Consumer BehaviorPsychologicalMaslows Hierarchy of Needs
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 13
Characteristics Affecting Consumer Behavior
PsychologicalPerception
Process by which people select, organize, and interpretinformation to form a meaningful picture.
LearningChanges in the individuals behavior arising fromexperience.
Beliefs and AttitudesBelief: A descriptive thought that a person holds aboutsomething.
Attitude: A persons consistently favorable orunfavorable evaluations, feelings and tendencies toward
object or idea.
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 14
The Buying Decision Process
NeedRecognition
InformationSearch
Evaluation
of Alternatives
PurchaseDecision
PostpurchaseBehavior
Buying Decision Process
Stage 1 Stage 2 Stage 3 Stage 4 Stage 5
f
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 15
The Buying Decision Process
Need Recognition The first stage of the Buying decision process, in which theconsumer recognizes a problem or need.
Needs can be triggered by:Internal stimuli
Normal needs become strong enough to drive behaviorExternal stimuli
AdvertisementsFriends of friends
P h I i f Hi h Ed i M hb b Ul H
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Consumer Markets and Consumer Buying Behavior 16
The Buying Decision Process
Information Search The stage of the Buying decision process in which theconsumer is aroused to search for more information; the
consumer may simply have heightened attention or actively search for information.Sources of information:
Personal
CommercialExperiential
Word-of-mouth
P h I i f Hi h Ed i M hb b Ul H
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Consumer Markets and Consumer Buying Behavior 17
The Buying Decision Process
Evaluation of Alternatives The stage of the Buying decision process in which theconsumer uses information to evaluate alternative brands inthe choice set. Evaluation procedure depends on the consumer and thebuying situation.Most Buying evaluate multiple attributes, each of which is
weighted differently.
At the end of the evaluation stage, purchase intentions areformed.
P hg I tit t f High Ed ti M hb b Ul H
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Consumer Markets and Consumer Buying Behavior 18
The Buying Decision Process
Purchase Decision The Buyings decision about which brand to purchase. Two factors intercede between purchase intentions and the
actual decision: Attitudes of othersUnexpected situational factors
Peshgam Institute for Higher Education Mahboob Ul Haq
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Peshgam Institute for Higher Education Mahboob Ul Haq
Consumer Markets and Consumer Buying Behavior 19
The Buying Decision Process
Post purchase Behavior The stage of the Buying decision process in whichconsumers take further action after purchase, based ontheir satisfaction or dissatisfaction. Satisfaction is important:
Delighted consumers engage in positive word-of-mouth.
It costs more to attract a new customer than it doesto retain an existing customer.Cognitive Dissonance: Buying discomfort caused by post purchase conflict.
Peshgam Institute for Higher Education Mahboob Ul Haq
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Consumer Markets and Consumer Buying Behavior 20
The Buying Decision Process for New Products
New Products A good, service or idea that is perceived by some potentialcustomers as new.
Adoption Process The mental process through which an individual passes
from first hearing about an innovation to final adoption.
Peshgam Institute for Higher Education Mahboob Ul Haq
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Consumer Markets and Consumer Buying Behavior 21
The Buying Decision Process for New Products
Stages in the Adoption Process
Awareness: Consumer is aware of product, but lacks information.
Interest: Consumer seeksInformation about new product.
Evaluation: Consumer considerstrying new product.
Trial: Consumer tries new product on a small scale.
Adoption: Consumer decidesto make regular use of product
Peshgam Institute for Higher Education Mahboob Ul Haq
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Consumer Markets and Consumer Buying Behavior 22
The Buying Decision Process for New Products
Individual Differences in InnovativenessConsumers can be classified into five adopter categories,each of which behaves differently toward new products.
InnovatorsEarly AdoptersEarly Majority Late Majority
Laggards
Peshgam Institute for Higher Education Mahboob Ul Haq
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The End
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