Analyzing Consumer Markets | Chapter 6 (Part 01)

Analyzing Consumer Markets | Chapter 6 (Part 01)
Chapter 6 (Part 01) | Analyzing Consumer Markets
What Influences Consumer Behavior?
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.
What Influences Consumer Behavior?
Cultural Factors
Social Factors
Personal Factors
1. Cultural Factors
Culture is the fundamental determinant of a person’s wants and behaviors
It is Acquired through socialization processes with family and other key institutions.
What is sub culture?
a cultural group within a larger culture, often having beliefs or interests at variance with those of the larger culture
What is social stratification?
Social stratification, most often in the form of social classes, relatively homogeneous and enduring divisions in a society, hierarchically ordered and with members who share similar values, interests, and behavior.
2. Social Factors
In addition to cultural factors, social factors such as Reference Groups, Family, and Social Roles and status affect our buying behavior
What are Reference Groups?
A person’s reference groups are all the groups that have a direct (face-to-face) or indirect influence on their attitudes or behavior
Groups having a direct influence are called Membership groups.
Primary groups with whom the person interacts 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 tend to be more formal and require less continuous interaction.
Aspirational groups are those a person hopes to join
Dissociative groups are those whose values or behavior an individual rejects.
An opinion leader is the person who offers informal advice or information about a specific product or product category, such as which of several brands is best or how a particular product may be used
What is Cliques?
Communication researchers propose a social-structure view of interpersonal communication.
They see society as consisting of cliques, small groups whose members interact frequently.
The family is the most important consumer buying organization in society, and family members constitute the most influential primary reference group.
Family of Orientation
Family of Procreation
Roles and Status
A role consists of the activities a person is expected to perform. Each role in turn connotes a status
3. Personal Factors
Age and Stage in the Life Cycle
Occupation and Economic Circumstances
Personality and Self-Concept
Lifestyle and Values
Personality and Self-Concept
Each person has personality characteristics that influence his or her buying behavior
By personality, we mean a set of distinguishing human psychological traits that lead to relatively consistent and enduring responses to environmental stimuli (including buying behavior)
What is Brand Personality?
Brand personality is the specific mix of human traits that we can attribute to a particular brand.
Lifestyles are shaped partly by whether consumers are money constrained or time constrained.
What are the Key Psychological Processes?
Stimulus-Response Model: The starting point for understanding consumer behavior
Purchase decision occurs when psychological processes combine with certain consumer characteristics
Four key psychological processes-motivation, perception, learning, and memory-fundamentally influence consumer responses
What is Motivation?
What is Freud’s Theory of Motivation?
Maslow’s Hierarchy of Needs
Frederick Herzberg’s two factor theory
What is Perception?
Perception is the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world.
In marketing, perceptions are more important than reality, because perceptions affect consumers’ actual behavior
Selective distortion is the tendency to interpret information in a way that fits our preconceptions
What is Subliminal Perception?
Subliminal perception is the perception of a series of stimulus which the person is not consciously aware
What is Learning?
What is memory?
Cognitive psychologists distinguish between short-term memory (STM)-a temporary and limited repository of information-and long-term memory (LTM)-a more permanent, essentially unlimited repository.
Memory Process
The Buying Decision Process the Five-Stage Model
What is Expectancy-Value Model?
What is Post purchase Behavior?
Moderating Effects on Consumer Decision Making
Decision framing is the manner in which choices are presented to and seen by a decision maker.
What is Mental Accounting?
What Mental Accounting and Prospect theory?
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