Key Aspects of Key Aspects of Consumer BehaviorConsumer Behavior

MotivationMotivation PerceptionPerception LearningLearning PersonalityPersonality Life styleLife style AttitudeAttitude CultureCulture Reference GroupsReference Groups Shopping & Decision making TalentsShopping & Decision making Talents Age & Gender Age & Gender Social ClassSocial Class Brand LoyaltyBrand Loyalty E-ConsumerE-Consumer

Customer / ConsumerCustomer / Consumer Planned Economy / Free Market EconomyPlanned Economy / Free Market Economy Marketing = Identifying + Anticipating + Satisfying Marketing = Identifying + Anticipating + Satisfying

+ Exceeding + Delighting + Exceeding + Delighting Customer Needs & Customer Needs & Wants & Expectations for profit on long n short Wants & Expectations for profit on long n short term basisterm basis

Marketing = Obsessive concern for the well being Marketing = Obsessive concern for the well being of the customerof the customer

Resources of the organization Resources of the organization customer customer expectations + profitsexpectations + profits

Marketing ProcessMarketing Process

Consumer BehaviorConsumer Behavior

Internal n External Influencing FactorsInternal n External Influencing Factors Problem Solving ProcessesProblem Solving Processes Consumer Decisions on the purchases of Consumer Decisions on the purchases of

products/services & brandsproducts/services & brands Personal Consumption behavior – emotional Personal Consumption behavior – emotional

decisionsdecisions Organizational Consumption Behavior – Organizational Consumption Behavior –

Logics, Policies, Collective emotional decisionsLogics, Policies, Collective emotional decisions

Few theories…Few theories…

Intensity of marketing is inversely proportional Intensity of marketing is inversely proportional to the Strength of belief & attitude of to the Strength of belief & attitude of consumersconsumers

The (quantity & quality) of products & services The (quantity & quality) of products & services is directly proportional to the rate of change of is directly proportional to the rate of change of customer (needs & wants)customer (needs & wants)

Corporate Communication, Advertising Corporate Communication, Advertising campaigns campaigns brand n image building brand n image building eases eases the aggression in marketingthe aggression in marketing

Good segmentation + right targeting + Good segmentation + right targeting + accurate product positioning = satisfied accurate product positioning = satisfied consumers consumers higher profits higher profits

Predicting future buying patternsPredicting future buying patterns Ecological changesEcological changes Environmental changesEnvironmental changes SLEPT conditionsSLEPT conditions Future predictionsFuture predictions

Relations with Customer – pre & post salesRelations with Customer – pre & post sales SPADE behaviorSPADE behavior

DMPDMP

Recognize the needRecognize the need Search infoSearch info Evaluate alternativesEvaluate alternatives DecideDecide Evaluate post post purchase Evaluate post post purchase

(dissonance) (dissonance) Pain Point in sales Pain Point in sales

DMDDMD

Levels – (small, medium, high)Levels – (small, medium, high) SituationalSituational CPR – consumer perceived risk – CPR – consumer perceived risk –

functional, social, psychological, functional, social, psychological, investment riskinvestment risk