chapter6 analyzing consumer markets

16
ANALYZING CONSUMER MARKETS Understanding Consumer Buying Behavior Delza B. Castillo

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Page 1: Chapter6 analyzing consumer markets

ANALYZING CONSUMER MARKETS

Understanding Consumer Buying

Behavior

Delza B. Castillo

Page 2: Chapter6 analyzing consumer markets

Outline

What is consumer behavior?

What influences consumer buying behavior?

The buying decision process : Five-Stage

Model

Page 3: Chapter6 analyzing consumer markets

What is 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.

Page 4: Chapter6 analyzing consumer markets

What influences consumer buying

behavior?

A consumer’s buying behavior is influenced by:

1. Cultural factors - culture, subculture and social

class

2. Social factors - reference groups, family and

social roles and statuses

3. Personal factors - age, stage in the life cycle,

occupation, economic situation, lifestyle,

personality and self-concept

Page 5: Chapter6 analyzing consumer markets

What influences consumer behavior?

1. Cultural factors

Buyer’s culture - learned values, perceptions, wants

and behavior from family and other important

institutions.

Buyer’s subculture – groups of people within a

culture with shared value systems based on common

life experiences and situations.

Page 6: Chapter6 analyzing consumer markets

What influences consumer behavior?

1. Cultural factors

Buyer’s social class – society’s relatively permanent

and ordered divisions whose members share similar

values, interests and behaviors.

Page 7: Chapter6 analyzing consumer markets

What influences consumer behavior?

2. Social factors

Reference groups – groups that form a comparison

or reference in forming attitudes or behavior.

Family – most important consumer-buying

organization in society.

Social roles and status – groups, family, club and

organizations to which a person belongs that can

define role and social status.

Page 8: Chapter6 analyzing consumer markets

What influences consumer behavior?

3. Personal factors

Age and life-cycle stage

Occupation affects the goods and services bought

by consumers.

Economic situation includes trends in personal

income, savings and interest rate.

Lifestyle - person’s pattern of living as expressed in

activities, interests and opinions.

Page 9: Chapter6 analyzing consumer markets

What influences consumer behavior?

3. Personal factors

Personality - refers to unique psychological

characteristics that lead to consistent and lasting

responses to consumer’s environment.

Self-concept - refers to people’s possessions that

contribute to and reflect their identities.

Page 10: Chapter6 analyzing consumer markets

Buying decision process: Five-Stage

Model

Postpurchasebehavior

Purchase decision

Evaluation of alternatives

Information search

Problem recognition

Cultural, social, and

personal factors affect

all steps

Page 11: Chapter6 analyzing consumer markets

Buying decision process: Five-Stage

Model

Problem recognition

Cultural, social, and

personal factors affect

all steps

A buying process starts when

a buyer recognizes a problem or

need triggered internal or external

stimulus.

Page 12: Chapter6 analyzing consumer markets

Buying decision process: Five-Stage

Model

Information search

Problem recognition

Cultural, social, and

personal factors affect

all steps

Information can be obtained from

personal, commercial or public

sources .

Page 13: Chapter6 analyzing consumer markets

Buying decision process: Five-Stage

Model

Evaluation of alternatives

Information search

Problem recognition

Cultural, social, and

personal factors affect

all steps Consumer processes competitive

brand information and make final

value judgment.

Page 14: Chapter6 analyzing consumer markets

Buying decision process: Five-Stage

Model

Purchase decision

Evaluation of alternatives

Information search

Problem recognition

Cultural, social, and

personal factors affect

all steps

The consumer executes a purchase intention.

Page 15: Chapter6 analyzing consumer markets

Buying decision process: Five-Stage

Model

Postpurchasebehavior

Purchase decision

Evaluation of alternatives

Information search

Problem recognition

Cultural, social, and

personal factors affect

all steps

The buyer makes

postpurchase evaluation.

Page 16: Chapter6 analyzing consumer markets

IN ANALYZING CONSUMER MARKETS

Be aware of the Consumer’s

NEEDS, WANTS and DEMANDS