Mba marketing m-analyzing consumer markets - copy
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۩ Analyzing Consumer Markets
27/9/2008 azi Page 2
Consumer behavior is 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.
It provides clues for improving or introducing products or services, setting prices, devising channels, crafting messages, and developing other marketing activities.
CONSUMER BEHAVIOR
27/9/2008 azi Page 3
Explain how consumer characteristics influence buying behavior.
Enter your title here
Cultural Factors.Culture is the fundamental determinant of a person‘s wants and behavior.
Social Factors.Reference groups;- groups that have influence on consumers attitudes or behavior.Family;- the most influential primary reference groups.Roles and statutes;- Role – activities a person is expected to perform.Status – in society, eg, a senior vice president has more status than a sales manager.
Personal Factors.Age, stage in the life-cycle; occupation and economic circumstances;personality and self-concept; life style and values
QUESTION 1
27/9/2008 azi Page 4
Four main psychological processes affect consumer behavior: motivation, perception, learning, and memory.
MOTIVATION
A need that is sufficiently pressing to drive the person to act .
PERCEPTION
A process by which individual selects, organizes, and interprets
information inputs to create a meaningfull picture of the world.
Psychological Processes
MEMORYInformation and experiences individual
encounter as they go through life can end up in their long-term memory.
LEARNING
Changes in individual’s behavior arising from experience.
27/9/2008 azi Page 5
Marketing Stimuli Products & Services Price Distribution Communications
Other Stimuli Economic Technological Political Cultural
MODEL OF CONSUMER BEHAVIOR
Marketing Stimuli
Other Stimuli
Co
nsu
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P
sych
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gy C
on
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haracteristic
Buying Decision
PurchaseDecision
Buying Decision Process
•Problem recognition
•Information search
•Evaluate alternatives
•Purchase decision
•Post-purchase behavior
Purchase Decision- Product choice.Brand choice.Dealer choice. Purchase amount.Purchase timing.Payment method.
27/9/2008 azi Page 6
Discuss how consumers make purchasing decisions
Problem recognition Buyer recognise need.
Information search Buyer search for information.
Evaluate alternatives Buyer make value judgement.
Purchase decision
Form preference and intention to buy.
Post-purchase behavior After purchase,buyer will be alert to
information that supports decision.
QUESTION 2
Buying Decision Process
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Consumer Involvement From viewing an ad or evaluating a product or service.
Elaboration likelihood model. Make evaluations in both low-and high-involvement.
Low involvement marketing strategies. Absence of significant brand differences.
OTHER THEORIES OF CONSUMER DECISION MAKING
Variety-seeking buying behavior Brand switching.
Decision heuristics and biases Rules of thumb or mental short cuts in decision process.
Mental accounting Manner by which consumers code,categorize,and evaluate financial
outcomes of choices.
27/9/2008 azi Page 8
„The best thing about the future is that it comes only one day at a time.“
Abraham Lincoln (1809-1865)
THANK YOU.