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    MM I - Session 3 - Understanding Consumers

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    Akshit Gaur
    The document provides an overview of marketing management concepts including understanding consumers, consumer characteristics, psychology, and the buying decision process. It discusses cultural factors, social factors, and personal factors that influence consumers. It also outlines psychological influences like motivation, perception, learning, and memory. Finally, it explains the buying decision process and factors like information search, evaluation, purchase decision, and post-purchase behavior.

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    MM I - Session 3 - Understanding Consumers

    Uploaded by

    Akshit Gaur
    8 views25 pages
    The document provides an overview of marketing management concepts including understanding consumers, consumer characteristics, psychology, and the buying decision process. It discusses cultural factors, social factors, and personal factors that influence consumers. It also outlines psychological influences like motivation, perception, learning, and memory. Finally, it explains the buying decision process and factors like information search, evaluation, purchase decision, and post-purchase behavior.

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    The document provides an overview of marketing management concepts including understanding consumers, consumer characteristics, psychology, and the buying decision process. It discusses cultural factors, social factors, and personal factors that influence consumers. It also outlines psychological influences like motivation, perception, learning, and memory. Finally, it explains the buying decision process and factors like information search, evaluation, purchase decision, and post-purchase behavior.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    8 views25 pages

    MM I - Session 3 - Understanding Consumers

    Uploaded by

    Akshit Gaur
    The document provides an overview of marketing management concepts including understanding consumers, consumer characteristics, psychology, and the buying decision process. It discusses cultural factors, social factors, and personal factors that influence consumers. It also outlines psychological influences like motivation, perception, learning, and memory. Finally, it explains the buying decision process and factors like information search, evaluation, purchase decision, and post-purchase behavior.

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    MARKETING MANAGEMENT - I

    PGDM ’60 Session 3

    Prof. Karnika
    Individual Assignment
    • Brand Analysis

    • Pick a brand of your choice


    i. Mention the product or service you are analysing.
    ii. What is the value proposition of the brand?
    iii. How has the brand been positioned? What is the logo and tagline?
    iv. Describe and explain an advertisement/promotional content that:
    a) talks about the positioning; b) goes beyond the core positioning; and c) misses the mark
    v. Identify:
    a) two potential product extensions; b) two potential markets or consumer segments for
    expansion
    UNDERSTAND VALUE
    CONSUMERS CREATION
    UNDERSTANDING CONSUMERS

    Buying Decision
    Process

    Purchase Decision
    CHARACTERISTICS PSYCHOLOGY
    Consumer Characteristics

    • Cultural Factors

    • Social Factors

    • Personal Factors
    Culture
    Way of life…
    For a group of people…
    Behaviours, values, beliefs…

    • Generally accepted
    • Passed on from generation to generation

    • Subcultures
    POWER
    DISTANCE
    LONG-TERM
    INDIVIDUALISM
    vs
    vs
    SHORT-TERM
    COLLECTIVISM
    ORIENTATION
    CULTURAL
    DIMENSION

    RESTRAINT
    UNCERTAINTY
    vs
    AVOIDANCE
    INDULGENCE
    MASCULINITY
    vs
    FEMININITY

    Hofstede’s Cultural Dimensions – Comparison Graph


    Hofstede’s Cultural Dimensions - Comparison
    Social Factors
    • Reference Groups; Opinion Leaders; Influencers

    • Primary Reference Group: Family


    • Parents, Siblings, Spouse or Partner, Children

    • Neighbours, Friends, Co-workers, Interest-based groups

    • Aspirational Groups

    • Dissociative Groups
    Personal Factors
    • Age, Life Cycle Stage, Occupation, Economic Status

    • Personality – set of traits that define consistent responses to


    environmental stimuli
    • Self-concept: Actual, Ideal, and Others’

    • Values – notions of right or wrong

    • Lifestyle – activities, interests, opinions


    • Money-constrained, Time-constrained
    Psychological Influences
    • Motivation

    • Perception

    • Learning

    • Memory
    Consumer Motivation
    • Needs when intensified become a motivation to purchase or consume

    • Needs – biological, psychological

    Need: Food Want: Burger Demand: Burger King


    Consumer Perception
    • Selective Attention

    • Selective Distortion

    • Selective Retention
    Buying Decision Process

    Evaluation Post-
    Problem Information Purchase
    of purchase
    Recognition Search Decision
    Alternatives Behaviour
    Information Search And Evaluation
    Total Set

    Awareness Set

    Consideration Set

    Choice Set

    Choice
    Evaluation Parameters

    Face Wash Umbrella Chocolate Air Conditioner New Degree


    Buying Decision Process

    Evaluation Post-
    Problem Information Purchase
    of purchase
    Recognition Search Decision
    Alternatives Behaviour

    Interventions
    Level of Involvement
    • Low Involvement – low risk, (maybe) low cost, routine
    purchases
    • Chocolate, Toothpaste, Shampoo, Coffee

    • High Involvement – high risk, high cost, extensive thought


    process
    • Car, Laptop, Sportswear, House
    External Decision Factors
    • Situational Factors
    • Arrival of additional information
    • Change in situational needs and costs

    • Others’ Opinion

    • Hence, decision may be changed to avoid risk


    (financial, physical, psychological, or opportunity)
    Post-Purchase Behaviour
    • Post-purchase Satisfaction
    • Disappointment (performance < expectation) • Re-purchase
    • Satisfaction (performance = expectation) • WoM
    • Delight (performance > expectation)

    • Post-purchase Dissonance

    • Use and Disposal


    Thank You
    APPENDIX
    OXFAM International Report – India Wealth Inequality, 2022
    • Belief: notion of something being right or wrong, true or false

    • Values: set of beliefs that determine what is important or meaningful

    • Attitudes: behaviour, evaluation, or feelings towards something


    (object, idea, persons, etc.)

    • Behaviour: way of conduct

    • Lifestyle: pattern of living


    • Power-Distance – extent to which power is distributed

    • Collectivism-Individualism – importance on goals of group or individual

    • Uncertainty Avoidance – tolerance for uncertainty, ambiguity, change,


    and risk-taking

    • Masculine-Feminine – gender role differentiation

    • Short term-Long term Orientation – degree of delaying gratification

    • Restraint-Indulgence – extent to fulfil desires

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