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Consumer Behavior

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Professor Chip Besio Cox School of Business Southern Methodist University Model of Consumer Behavior The Buyer s Decision Process Buyer s Decision Process ... – PowerPoint PPT presentation

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Title: Consumer Behavior


1
Consumer Behavior
  • Professor
  • Chip Besio
  • Cox School of Business
  • Southern Methodist University

2
Model of Consumer Behavior
Source Adapted from Prentice Hall
3
The Buyers Decision Process
Need Recognition
Source Prentice Hall
4
Buyers Decision Process NEED RECOGNITION
Need Recognition Difference between current state
and desired state
  • External Stimuli
  • TV advertising
  • Magazine ad
  • Radio slogan
  • Other stimuli in the environment
  • Internal Stimuli
  • Hunger
  • Thirst
  • A persons normal needs

Source Adapted from Prentice Hall
5
Buyers Decision ProcessINFORMATION SEARCH
Personal Sources
Commercial Sources
  • Family, friends, neighbors
  • Most influential source of
  • information

Public Sources
  • Advertising, salespeople
  • Receives most information from these sources

Experiential Sources
  • Mass Media
  • Consumer-rating groups
  • Handling the product
  • Examining the product
  • Using the product

Source Adapted from Prentice Hall
6
Buyers Decision ProcessEVALUATION OF
ALTERNATIVES
Product Attributes Evaluation of Quality, Price,
Features
Degree of Importance Which attributes matter most
to me?
Brand Beliefs What do I believe about each
available brand?
Project Total Product Satisfaction Based on what
Im looking for, how satisfied would I be with
each product?
Evaluation Procedures Choosing a product (and
brand) based on one or more attributes.
Source Prentice Hall
7
Buyers Decision ProcessPURCHASE DECISION
  • Purchase Intention
  • Desire to buy the most preferred brand/product

Situational factors
Attitudes of others
  • Purchase Decision
  • Choice of the store/brand/product
  • Intention to purchase does not always result in
    an actual purchase

Source Adapted from Prentice Hall
8
Buyers Decision ProcessPOST-PURCHASE BEHAVIOR
  • Consumers Expectations of
  • Products Performance
  • Products Perceived
  • Performance

Dissatisfied Customer
Satisfied Customer!
Cognitive Dissonance
Source Prentice Hall
9
Important Psychological Factors
Cognition
Memory
Attitudes, Beliefs
10
THE HIERARCHY OF EFFECTS
  • AWARENESS Consumers learn the brand name and
    product attributes.
  • INTEREST Consumers relate the product benefits
    to their own needs.
  • EVALUATION Consumers compare the goods with
    existing alternatives.
  • TRIAL Consumers obtain direct or vicarious
    product experience.
  • ADOPTION Consumers choose the innovation as a
    permanent solution

11
Selected Concepts in Consumer Behavior
  • Involvement and Buying Decisions
  • Consideration Set
  • How Preferences are Formed

12
Involvement
  • The degree of importance the consumer accords to
    the product class or its purchase

13
Involvement
  • Low
  • Usually purchase is familiar and / or inexpensive
  • Highly selective attention to information
  • Quick decision
  • Routine behavior
  • High
  • Usually purchase is infrequent, significant
    perceived risk
  • Customer actively seeks information
  • Customized decision process

14
Types of Buying Decisions
Complex Buying Behavior
Variety- Seeking Behavior
High Involvement
Low Involvement
Significant differences between brands
Dissonance- Reducing Buying Behavior
Habitual Buying Behavior
Few differences between brands
Source Prentice Hall
15
How the Consideration Set Is Formed
?
?
?
?
16
Factors Affecting Inclusion in Consideration Set
  • Top-of-mind awareness - recall
  • experience - trial, previous purchase, habitual
    use
  • brand equity
  • Distribution
  • Shelf space and location
  • Shelf tags, displays and other attention-getting
    devices
  • Nature of the set
  • goal-driven
  • Taxonomic (classification of options)

17
How Preferences are Formed
  • Preference for a product reflects the customers
    expectation of its ability to satisfy important
    wants and needs
  • Preference depends on
  • the relative importance of each attribute
    (weight)
  • the evaluation of the product on each attribute
    (belief)
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