Post on 09-May-2015
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ANALYZINGCONSUMERMARKETS
Mary Anne Cuartero
September 18, 2013
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Key Questions
1. What Influences Consumer Behavior?2. What are the Three Theories of Human
Motivation?3. What are the Five Stages of Consumer
Buying Process?4. What is Behavioral Decision Theory?
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What is Consumer Behavior?
Study of how individuals, groups,
and organizations select,buy, use, and dispose of goods
services, ideas or
experiences to satisfy their needs and wants
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Concept 1: What Influnces Consumer Behavior?
Cultural Factors Social Factors
Personal Factors
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Cultural Factors
Subcultures
Nationalities Racial GroupsReligions
Geographical Locations
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Social Factors
A. Reference Groups
Primary Groups - family, friends, neighbors, co-workers
Secondary Groups – religious, professional, trade-union groups
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Social Factors
Aspirational Groups – those that a person wishes to join
Dissociative Groups – those whose values or behavior an individual rejects
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Social Factors
B. Family
2 Families in a Buyer’s Life:
1.Family of Orientation
2.Family of Procreation
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Social Factors
C. Roles and Status
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Personal Factors
Age and Stage in the Lifecycle
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Personal Factors
Occupation
Economic Circumstances
Personality and Self Concept
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Personal Factors
Lifestyle
Time MoneyConstrained Constrained
Values
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Concept 2: Freud’s Theory of Human Motivation
Freud’sTheory
Behavioris guided by subconsciousmotivations
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Concept 3: Maslow’s Theory of Human Motivation
Maslow’sHierarchyof Needs
Behavioris driven by
lowest, unmet need
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Concept 4: Herzberg’s Theory of Human Motivation
Herzberg’sTwo-Factor
Theory
Behavior isguided by motivating and hygiene
factors
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Concept 5: Buying Decision Process
1. Problem Recognition
Internal ExternalStimuli Stimuli
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Buying Decision Process
2. Information Search
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Buying Decision Process
3. Evaluation of Alternatives
Beliefs and Attitudes
Expectancy Value Model
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Buying Decision Process
4. Purchase Decision
Non-compensatory Models of Consumer Choice – decision short-cuts
Cojunctive Heuristic
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Buying Decision Process
Lexicographic Heuristic
Elimination by Aspect Heuristic
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Buying Decision Process
Intervening Factors
Influence of Others
Unanticipated Situational Factors
Mitsubishi to recall
Montero units due to weld
issues
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Buying Decision Process
5. Post-purchase Behavior
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Concept 6: Behavior Decision Theory
• Consumers don’t always make deliberate or rational decisions.
Decision Heuretics
1. Availability Heuristic – decision based on a past outcome
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Behavior Decision Theory
2. Representativeness Heuristic – predictions based on how similar the outcome is to other examples
3.Anchoring and Adjustment Heuristic – first impressions
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Conclusion
Marketers must have a thorough understanding of how consumers think,
feel, and act.
A connection must be made between companies and consumers
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ANALYZINGCONSUMERMARKETS
Mary Anne Cuartero
September 18, 2013