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    Analyzing Consumer Markets

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    Aman Balandiya
    This document discusses factors that influence consumer behavior and the consumer decision-making process. It begins by outlining cultural, social, and personal factors like culture, reference groups, family, age, and lifestyle that shape consumer behavior. It then examines key psychological processes of motivation, perception, learning, emotions, and memory. The document outlines the typical consumer decision-making stages of problem recognition, information search, evaluation, purchase, and post-purchase behavior. It also notes ways consumers sometimes depart from rational decision making.

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    Analyzing Consumer Markets

    Uploaded by

    Aman Balandiya
    69 views30 pages
    This document discusses factors that influence consumer behavior and the consumer decision-making process. It begins by outlining cultural, social, and personal factors like culture, reference groups, family, age, and lifestyle that shape consumer behavior. It then examines key psychological processes of motivation, perception, learning, emotions, and memory. The document outlines the typical consumer decision-making stages of problem recognition, information search, evaluation, purchase, and post-purchase behavior. It also notes ways consumers sometimes depart from rational decision making.

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    Consumer Market

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    This document discusses factors that influence consumer behavior and the consumer decision-making process. It begins by outlining cultural, social, and personal factors like culture, reference groups, family, age, and lifestyle that shape consumer behavior. It then examines key psychological processes of motivation, perception, learning, emotions, and memory. The document outlines the typical consumer decision-making stages of problem recognition, information search, evaluation, purchase, and post-purchase behavior. It also notes ways consumers sometimes depart from rational decision making.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    69 views30 pages

    Analyzing Consumer Markets

    Uploaded by

    Aman Balandiya
    This document discusses factors that influence consumer behavior and the consumer decision-making process. It begins by outlining cultural, social, and personal factors like culture, reference groups, family, age, and lifestyle that shape consumer behavior. It then examines key psychological processes of motivation, perception, learning, emotions, and memory. The document outlines the typical consumer decision-making stages of problem recognition, information search, evaluation, purchase, and post-purchase behavior. It also notes ways consumers sometimes depart from rational decision making.

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    Analyzing Consumer

    Markets
    Learning Objectives
    1. How do consumer characteristics influence buying
    behavior?
    2. What major psychological processes influence
    consumer responses to the marketing program?
    3. How do consumers make purchasing decisions?
    4. In what ways do consumers stray from a
    deliberative, rational decision process?
    What Influences Consumer
    Behavior?
    • Consumer behavior
    – The study of how individuals, groups, and
    organizations select, buy, use, and dispose of
    goods, services, ideas, or experiences to
    satisfy their needs and wants
    – Influenced by cultural, social, and personal
    factors
    What Influences Consumer
    Behavior?
    • Cultural factors

    – Culture

    – Subcultures

    – Social classes
    What Influences Consumer
    Behavior?
    • Social factors

    Reference groups

    Cliques

    Family

    Roles and status


    Reference Groups
    • Membership groups
    – Primary vs. secondary

    • Aspirational groups

    • Dissociative groups

    • Opinion leader
    Family
    • Family of orientation vs. family of procreation
    What Influences Consumer
    Behavior?
    • Personal factors
    – Age/stage in life cycle
    – Occupation and
    economic
    circumstances
    – Personality and self-
    concept
    – Lifestyle and values
    Key Psychological Processes

    Motivation

    Memory Perception

    Emotions Learning
    Figure 6.1
    Model Of Consumer Behavior
    Key Psychological Processes
    • Motivation
    – A need becomes a motive when it is aroused
    to a sufficient level of intensity to drive us to
    act
    motivation

    Maslow’s Herzberg’s
    Freud’s Hierarchy Two-Factor
    Theory of Needs Theory

    Behavior Behavior Behavior is


    is guided by is driven by guided by
    subconscious lowest, dissatisfiers
    motivations unmet need and
    satisfiers
    Figure 6.2
    Maslow’s Hierarchy Of Needs
    Key Psychological Processes
    • Perception
    – The process by
    which we select,
    organize, and
    interpret information
    inputs to create a
    meaningful picture
    of the world
    perception

    Selective attention

    Selective distortion

    Selective retention

    Subliminal perception
    Key Psychological Processes
    • Learning
    – Induces changes in our behavior arising from
    experience
    – Drive and cues
    – Generalization and discrimination
    Key Psychological Processes
    • Emotions

    – Many different
    kinds of emotions
    can be linked to
    brands
    Key Psychological Processes
    • Memory
    – Short-term vs. long-term memory
    – Associative network memory model
    – Brand associations
    – Memory encoding
    – Memory retrieval
    The Buying
    Decision Process
    • The consumer typically passes
    through five stages
    – Problem recognition
    – Information search
    – Evaluation of alternatives
    – Purchase decision
    – Postpurchase behavior
    The Buying
    Decision Process
    • Problem recognition
    – The buyer recognizes a problem/need
    triggered by internal/external stimuli
    The Buying
    Decision Process
    • Information search

     Personal sources
     Commercial sources
     Public sources
     Experiential sources
    Figure 6.5
    Sets Involved In Decision Making
    The Buying
    Decision Process
    • Evaluation of alternatives
    – Expectancy-value model
    The Buying
    Decision Process
    • Purchase decision
    – Compensatory vs. noncompensatory models

    Conjunctive heuristic

    Lexicographic heuristic

    Elimination-by-aspects heuristic
    Intervening factors
    Types of perceived risk

    Functional
    Physical risk
    risk

    Financial
    Time risk risk

    Psychological
    Social risk
    risk
    The Buying
    Decision Process
    • Postpurchase behavior
    – Postpurchase
    satisfaction

    – Postpurchase actions

    – Postpurchase uses
    and disposal
    Figure 6.7
    Customer Product Use/Disposal
    Moderating Effects on Consumer
    Decision Making
    • Low-involvement Consumer Decision Making
    • Variety-Seeking Buying Behavior
    Behavioral Economics
    • Decision Heuristics
    – Availability heuristic
    – Representativeness heuristic
    – Anchoring and adjustment heuristic
    • Framing
    – Mental accounting

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