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CONSUMER BEHAVIOR
Consumer behavior can be defined as the behavior that consumers display in
searching for Purchasing Using Evaluating and Disposing off products and services that they expect will satisfy their needs and wants.
Marketing firms use their knowledge of consumer behavior to segment markets, to design marketing strategies and to measure marketing performance.
Marketing Stimuli Product Price Place Promotion Other Stimuli Economic Technological Political Cultural
Buy
Buyers Characteristics
Response
Not to Buy
status Personal
: Age & life cycle, Occupation,
Psychological
Lower-Upper
High income professionals, social position earned Career oriented professionals, highly educated
Upper-Middle
Hi-quality products that reflect success & position, gracious life style, experimenters. Influenced by standards, careful shoppers, price sensitive, home conscious Impulsive, brand loyal, self perception Unskilled shopper, purchase on credit & pays more
Lower-Middle
Respectable, hard working, conscious re standards Blue collar, moderate education & skill Near poverty line
Upper-Lower
Lower-Lower
PSYCHOLOGICAL FACTORS
Consumer buying choices are influenced by major psychological factors---motivation, perception, beliefs & attitudes Motive---is a need that is sufficiently pressing to drive the person to act Needs could be
Biologicalarising from state of hunger,thirst or comfort Psychologicalarising from need recognition, esteem, belonging A need becomes a motive when it is aroused to a sufficient level of intensity.
Theories of Motivation
Sigmund Freud Theory of Motivation Maslows theory of Motivation
Freudsuggests that a person does not fully understand his or her motivation E.g A consumer wanting to buy a Camera
Initial motive ..as a hobby or a career Deeper level.to impress others with creative talents Still deeper level.to feel young & independent
Maslow believes that human needs are arranged in a hierarchy, from the most pressing to the least pressing.
Self Actualization needs Esteem Needs Social needs Safety needs Physiological needs
security,protection
hunger, thirst
Adapted from Principles of Marketing: Kotler & Armstrong. PHI, 9th edition
Buying Process
Need recognition
Evaluation of alternatives
Purchase decision
Awareness Set
Consideration Set
Choice Set
Decision
High involvement
Low involvement
CONCEPTS IN MARKETING
Buyer-Seller relationship - closer relationship - multiple buying influences - professional buyers buy - follow prescribed specifications/procedures
Product
More tech in nature; accompanying services important; form may vary. Competitive bidding for specific items; list prices for standard items
List prices
Personal selling
Shorter channels; more direct selling
OUT Supplier
Offer something new/diff;exploit dissatisfaction;get foot in the door;ask to split order
Opportunity to get in;offer alternatives; offer value addition;minimize risk of shifting
Straight re-buy
(no change in specs)
Modified re-buy
New Task
(first time purchase)
Equal opportunity for both; info need is high;seller can influence specs
Emotional factors
- Status & rewardmotives of individual - Perceived riskfear of wrong decision displeasing boss or losing reward - Friendship/relationshiphelp a known supplier by providing information
Organizational forces
- group buying behavior-affected by influences of others, - goal conflict amongst members - Individuals not entities make buying decisions. - personal biases affect decision making, - background of individuals affects evaluation
Organizational
Product specific
Group
Individual