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Consumer Markets and Consumer Buyer Behavior

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Title: Consumer Markets and Consumer Buyer Behavior


1
Consumer Markets and Consumer Buyer Behavior
  • Alokesh Banerjee

2
Objectives
  • Be able to define the consumer market and
    construct a simple model of consumer buyer
    behavior.
  • Know the four major factors that influence
    consumer buyer behavior.

3
Objectives
  • Understand the major types of buying decision
    behavior and the stages in the buyer decision
    process.
  • Be able to describe the adoption and diffusion
    process for new products.

4
c
Harley-Davidson
  • Harley Hogs account for 1/5 of U.S. cycle sales
  • Sales have exceeded supply for years
  • 1986-2000 Four stock splits, increase of 7,100
  • Fiercely loyal clientele revolves around 7 core
    customer types
  • Harley owners use their bikes to express their
    lifestyle and attitudes
  • Advertising reflects the Harley mystique

5
Definitions
  • Consumer Buying Behavior
  • Buying behavior of individuals and households
    that buy products for personal consumption.
  • Consumer Market
  • All individuals/households who buy products for
    personal consumption.

6
Figure 6-1 Model of Buyer Behavior
7
Model of Consumer Behavior
  • Stimulus Response Model
  • Marketing and other stimuli enter the buyers
    black box and produce certain choice / purchase
    responses.
  • Marketers must figure out what is inside of the
    buyers black box and how stimuli are changed
    to responses.

?
8
Figure 6-2 Factors Influencing Consumer
Behavior
9
Characteristics Affecting Consumer Behavior
  • Culture
  • Subculture
  • Hispanic consumers
  • African Americans
  • Asian Americans
  • Mature consumers
  • Social Class

Key Factors
  • Cultural
  • Social
  • Personal
  • Psychological

10
Characteristics Affecting Consumer Behavior
  • Hispanics
  • 35 million consumers purchase 425 billion worth
    of goods and services.
  • Expected to grow 64 in 20 years.
  • Spanish media makes group easy to reach.
  • Brand loyal group.

11
Sears uses the Fiesta mobile to visit Hispanic
neighborhoods regularly
12
Characteristics Affecting Consumer Behavior
  • African Americans
  • 35 million consumers purchase 527 billion worth
    of goods and services.
  • Growing more affluent / sophisticated.
  • Price and brand name conscious quality and
    selection are important.
  • Certain media target this group.

13
Hallmark offers an Afrocentric line of greeting
cards called Mahogany. What other brands have
been targeted specifically to African Americans?
14
Characteristics Affecting Consumer Behavior
  • Asian Americans
  • 10 million consumers purchase 229 billion worth
    of goods and services.
  • Fastest growing, most affluent subculture.
  • Many nationalities comprise this group.
  • Consumer packaged goods firms now target this
    group more heavily.

15
Characteristics Affecting Consumer Behavior
  • Mature Consumers
  • 75 million consumers age 50will grow to 115
    million within 25 years.
  • Mature consumers control 50 of all
    discretionary income.
  • Attractive market for travel, restaurant, and
    cosmetics products, among others.

16
Characteristics Affecting Consumer Behavior
  • Groups
  • Membership
  • Reference
  • Aspirational groups
  • Opinion leaders
  • Buzz marketing
  • Family
  • Kids can influence
  • Roles and Status

Key Factors
  • Cultural
  • Social
  • Personal
  • Psychological

17
Characteristics Affecting Consumer Behavior
  • Age and life-cycle
  • Occupation
  • Economic situation
  • Lifestyle
  • Activities, interests, and opinions
  • Lifestyle segmentation
  • Personality and self-concept
  • Brand personality

Key Factors
  • Cultural
  • Social
  • Personal
  • Psychological

18
Lifestyles Jeep targets people who want to
leave the civilized world behind What other
types of images could be used to appeal to this
lifestyle?
19
Figure 6-3 VALS Lifestyle Classification
Learn more about VALS and take the VALS survey
online by clicking the web link icon below.
20
Characteristics Affecting Consumer Behavior
Brand Personality Dimensions
  • Sincerity
  • Ruggedness
  • Excitement
  • Competence
  • Sophistication

21
Think about Tide detergent. What brand
personality seems to describe Tide best? Can you
think of examples of brands that fit each
personality type?
22
Characteristics Affecting Consumer Behavior
  • Motivation
  • Needs provide motives
  • Motivation research
  • Maslows hierarchy of needs
  • Perception
  • Selective attention, selective distortion,
    selective retention
  • Learning
  • Drives, stimuli, cues, responses and
    reinforcement
  • Beliefs and attitudes

Key Factors
  • Cultural
  • Social
  • Personal
  • Psychological

23
Figure 6-4 Maslows Hierarchy
24
The milk moustache campaign changed attitudes
toward milk.
25
Figure 6-5 Types of Buying Behavior
26
Figure 6-6 The Buyer Decision Process
27
The Buyer Decision Process
Stages
  • Needs can be triggered by
  • Internal stimuli
  • Normal needs become strong enough to drive
    behavior
  • External stimuli
  • Advertisements
  • Friends of friends
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

28
Attempt to stimulate need recognition
29
The Buyer Decision Process
Stages
  • Consumers exhibit heightened attention or
    actively search for information.
  • Sources of information
  • Personal
  • Commercial
  • Public
  • Experiential
  • Word-of-mouth
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

30
The Buyer Decision Process
Stages
  • Evaluation procedure depends on the consumer and
    the buying situation.
  • Most buyers evaluate multiple attributes, each of
    which is weighted differently.
  • At the end of the evaluation stage, purchase
    intentions are formed.
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

31
The Buyer Decision Process
Stages
  • Two factors intercede between purchase intentions
    and the actual decision
  • Attitudes of others
  • Unexpected situational factors
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

32
The Buyer Decision Process
Stages
  • Satisfaction is key
  • Delighted consumers engage in positive
    word-of-mouth.
  • Unhappy customers tell on average 11 other
    people.
  • It costs more to attract a new customer than it
    does to retain an existing customer.
  • Cognitive dissonance
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

33
Buyer Decision Process for New Products
  • New Products
  • Good, service or idea that is perceived by
    customers as new.

34
Buyer Decision Process for New Products
  • Stages in the Adoption Process
  • Marketers should help consumers move from
    awareness to adoption.

35
Buyer Decision Process for New Products
Stages in the Adoption Process
  • Awareness
  • Interest
  • Evaluation
  • Trial
  • Adoption

36
Buyer Decision Process for New Products
  • Individual Differences in Innovativeness
  • Consumers can be classified into five adopter
    categories, each of which behaves differently
    toward new products.

37
Figure 6-7 Adopter Categories Based on
Relative Time of Adoption
38
Buyer Decision Process for New Products
  • Product Characteristics and Adoption
  • Five product characteristics influence the
    adoption rate.

39
Buyer Decision Process for New Products
Product Characteristics
  • Relative Advantage
  • Compatibility
  • Complexity
  • Divisibility
  • Communicability

40
Discussion Question
Describe how each of the five product-related
innovation characteristics will influence the
rate of the adoption for this product.
41
Buyer Decision Process for New Products
  • International Consumer Behavior
  • Values, attitudes and behaviors differ greatly in
    other countries.
  • Physical differences exist that require changes
    in the marketing mix.
  • Customs vary from country to country.
  • Marketers must decide the degree to which they
    will adapt their marketing efforts.
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