CONSUMER MARKETS AND CONSUMER BUYER BEHAVIOR

CONSUMER BUYER BEHAVIOR: The buying behavior of final consumers_ individuals and households that buy goods and services for personal consumption CONSUMER MARKET: All the individuals and households who buy or acquire goods and services for personal consumption FACTORS EFFECTING CONSUMER BUYING BEHAVIOR/ CHARACTERISTICS AFFECTING CONSUMER BEHAVIOR: 1. Culture Factor 2. Social Factor 3. Personal Factor 4. Psychological Factors
Culture Culture Sub- culture Family Social classes Roles & status Social Reference groups Personal Occupation Economic situation Life style Personality Psychological Motivation Perception Learning Beliefs & attitude

BUYER

Culture Factor: The set of basic values, perceptions, wants, & behaviors learned by a member of society from family & other important institutions Social Factor: relatively permanent and ordered divisions in a society whose members share similar values, interest & behaviors Personal Factor: A buyers decision is also influenced by personal characteristics such as the buyers age, life cycle stage, occupation, economic situations, life style, and personality & self-concept Psychological Factors: A persons buying choices also influenced by four major psychological factors; motivation, perception, learning, and beliefs & attitudes BUYING DECISION

CONSUMER BUYING DECISION BEHAVIOR/ TYPES OF BEHAVIOR: 1. Complex Buying Behavior 2. Dissonance Reducing Buying Behavior 3. Habitual Buying Behavior 4. Variety Seeking Buying Behavior

Complex Buying Behavior: Consumer buying behavior in situations characterized by high consumer involvement in a purchase & significant perceived differences among brands

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CONSUMER MARKETS AND CONSUMER BUYER BEHAVIOR

For example: All products from export companies (Germany, Japan etc), they have no differences Dissonance Reducing Buying Behavior: Consumer buying behavior in situations characterized by high consumer involvement but few perceived differences among brands For example: consumer buying furniture or curtains materials may face a high involvement decisions Habitual Buying Behavior: Consumer buying behavior in situations characterized by low consumer involvement and few significantly perceived band differences For example: colgate, dalda, cigarette consumer have no desire to shift on another brand_ they simply go to the store and reach for the band Variety Seeking Buying Behavior: Consumer buying behavior in situations characterized by low consumer involvement but significant perceived band differences For example: pepsi, coke, dew etc consumer are easily shift to one brand to another without any hesitation
High involvement low involvement

Significant differences Between bands

Complex Buying Behavior

Variety seeking buying behavior

Few differences Between bands

Dissonance Reducing Buying behavior

habitual buying behavior

THE BUYER DECISION PROCESS FOR NEW PRODUCTS/ ADOPTION PROCESS: Adoption process: The mental process through which an individual passes from first hearing about an innovation to final adoption Stages in the Adoption process: Consumers go through 5 stages in the process of adopting a new product: Awareness: The consumer becomes aware of the new product, but lacks information about it Interest: The consumer seeks information about the new product Evaluation: The consumer considers whether trying the new product makes sense Trial: The consumer tries the new product on a small scale to improve his/her estimate of its value Adoption: The consumer decides to make full & regular use of the new product

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CONSUMER BUYING PROCESS FOR NEW PRODUCT/ BUYING DECISION PROCESS: 1. Need Recognition 2. Information Search 3. Alternative Evaluation 4. Purchase Decision 5. Post- Purchase Behavior Need Recognition: The first stage of the buyer decision process, in which the consumer recognizes a problem or need Information Search: The stage of the buyer decision process in which the consumer is aroused to search for more information; the consumer may simply have heightened attention or may go into an active information search Alternative Evaluation: The stage of the buyer decision process in which the consumer uses information to evaluate alternatives brands in the choice set Purchase Decision: The buyers decision about which brand to purchase Post- Purchase Behavior: The stage of the buyer decision process in which the consumer take further action after purchase, based on their satisfaction or dis-satisfaction

Need Recognition

Information Search

Alternative Evaluation

Purchase Decision

PostPurchase Behavior

Buyer Decision Process

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