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Analyzing Consumer Market.pptx

  1. Presented By - Group 4 CHAPTER 2 Marketing
  3. Consumer Behaviour 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.
  4. Consumer Characteristics Buying Decision Process Consumer Psychology Purchase Decision Cultural Social Personal Problem recognition Information Search Evaluation of alternative Purchase decision Postpurchase behaviour Motivation Perception Emotion Memory Product choice Brand Choice Store choice Purchase qunatity Purchase timing Payment method MODEL OF CONSUMER BEHAVIOUR Marketing Tactics Market Context Product Service Brand Price Incenntives Communication Distribution Economic Technological Legal Political Sociocultural Physical
  5. WHAT INFLUENCE CONSUMER BEHAVIOUR Cultural Factors Social Factors Personal Factors
  6. Cultural Factor Culture is the fundamental determinant of a person's wants and behaviors acquired through socialization processes with family and other key institutions.
  7. SUBCULTURES NATIONALITIES Religions Racial groups Geographic regions Groups of people with shared value systems based on common life experiences. Hispanic Consumers African American Consumers Asian American Consumers Mature Consumers
  8. Social Factors Refereance groups Family Social Role Status
  9. Social Factor Reference groups are all the groups that have a direct (face to face) or indirect influence on attitudes or behavior. Reference groups influence members in at least three ways: • expose an individual to new behaviors and lifestyles • influence attitudes and self-concept • create pressures for conformity that may affect product and brand choices. Groups having a direct influence are called Membership groups. In Primary groups, people interact fairly continuously and informally, such as family, friends, neighbors, and coworkers. People also belong to Secondary groups, such as religious,professional,and trade union groups,which are more formal and require less continious interaction 1
  10. Family FAMILY is the most important consumer buying organization in society and family members constitute the most influential primary reference group. There are two families in the buyer's life: • The family of orientation consists of parents and siblings. From this, a person acquires an orientation toward religion, politics, and economics and a sense of personal ambition, self-worth, and love. • A more direct influence on everyday buying behaviour is the family of procreation, the person spouse and children 2
  11. Role and Status A Role consists of the activities a person is expected to perform. Each role in turn implies a Status. A senior vice president of marketing may be seen as having more status than a sales manager, and a sales manager may be seen as having more status than an office clerk. People choose products that reflect and communicate their role and their actual or desired status in society 3
  12. Age and life Cycle stage Personality and self Concept Lifestyle and Values
  13. Age and Life cylce stage Our taste in food, clothes, furniture, and recreation is often related to our age. It is also shaped by the family life cycle and the number, age and gender of people in the household at any point in time.
  14. Occupation and Economic Circumstances Occupation also influences consumption patterns. Product and brand choice are also affected by economic circumstances: spendable income, savings, assets, debts, borrowing power, and attitudes toward spending and saving.
  15. Personality and Self- concept • Personality: - Each person has personality characteristics that influence his or her buying behavior. Personality means a set of distinguishing human psychological traits that lead to to relatively consistent and enduring responses environmental stimuli (including buying behavior). • Self Concept. It is how we view our selves. Consumers often choose and use brands that relate with their actual self-concept , although the match may instead be based on the consumer's ideal self-concept (how we would like to view ourselves) or even on others' self-concept(how we think others see us)
  16. Lifestyle and values • A lifestyle is a person's pattern of living in the world as expressed in activities, interests and opinions. It portrays the person interacting with his or her environment. • Values are the belief systems that underlie attitudes and behaviors. Values go much deeper than behavior or attitude and determine people's choices and desires over the long term.
  17. Motivation Consumer Psychology Perception Learning Memeory
  18. Motivation Maslow's Theory. Abraham Maslow explained that human needs are arranged in a hierarchy from most to least pressing -physiological needs, safety needs, social needs, esteem needs, and self-actualization. People will try to satisfy their most important need first and then try to satisfy the next most important.
  19. Perception Perception is the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world. It is the way to look at things , a way of regarding, understanding, or interpreting something in your own personal manner. People emerge with different perceptions of the same object because of three perceptual processes: . selective attention . selective distortion . selective retention
  20. • Selective Attention Attention is the allocation of processing capacity to some stimulus. Voluntary attention is something purposeful; involuntary attention is grabbed by someone of something. • Selective Distortion is the tendency to interpret information in a way that fits our preconceptions. Consumers will often distort information according to prior brand and produc beliefs and expectations. • Selective Retention causes us to remember good points about a product we like and forget good points about competing products.
  21. Memory Memory may be short term or long term. Short-term memory (STM) is a temporary and limited repository of information and Long-term memory (LTM) is a more permanent, essentially unlimited repository. All the information and experiences we encounter as we go through life can end up in our Long-term memory
  22. Problem Recognition Information Search Evaluation Of alternative Purchase Decision Post Purchase Behaviour
  23. EVALUATION OF ALTERNATIVES After the buyer has assembled information about the different kinds of alternatives that might satisfy his needs, an evaluation of these alternatives takes place. So far, the consumer has arrived at a choice of brands. For this stage, the buyer again uses information in order to evaluate alternative brands. PURCHASE DECISION The purchase decision is often considered the only step in the buyer decision process. But as said before, it is only one element of a long chain of stages. After having ranked and evaluated alternative brands, the buyer can now make the actual decision. NEED RECOGNITION The buyer decision process starts with the recognition of a need. In other words, the buyer recognises a problem or a need. The need can be triggered by internal stimuli as well as external stimuli. INFORMATION SEARCH When a need is recognized, an interested consumer may search for more information. For instance, once you have recognised the need for transportation, you might research the different means of transportation available. POST-PURCHASE BEHAVIOUR The consumer will either be satisfied or dissatisfied. That will lead him to engage in a certain post- purchase behaviour, which are, in turn, of great interest to the marketer. Of course, there is a strong link to Customer Lifetime Value. We can define post- purchase behaviour as the process step at which consumers take further action after the purchase