product & its analysis
TRANSCRIPT
By
Pranay Chandra Reddy &
Abhilash Manikanta Yadav
Marketing Essentials - A Presentation On Product &
Consumer Buying Decisions
CONTENTS
I. Different Levels Of Product
II. Classification Of Products
III. Consumer Buying Decisions
Definition Of A Product
A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase.
I. Different Levels Of Product
Three levels of
product
Core benefit Actual product Augmented product
Different Levels Of Product
Core benefit
Actual product
Augmented product
Core benefit
Generic product
Expected product
Augmented product
Potential product
Different Levels Of Product
Five levels of product
Core benefit Generic product Expected product Augmented product Potential product
PLC
Classifications/Types Of Products
Products are classified into two types
Consumer products Industrial products
Classifications Of Product
Def. of Consumer products : Those are the
products and services bought by final consumers for personal consumption.
ζ They are sub-classified asζ Convenience productsζ Shopping productsζ Specialty productsζ Unsought products
Consumer Products
Convenience
products
Shopping products
Unsought products
Specialty products
Def. of Industrial products : Those are
products purchased for further processing or for use in conducting a business.
ζ They are sub-classified on basis of purpose 4r which de product is purchased
ζ Materials and partsζ Capital itemsζ Supplies and services
Industrial Products
Mark Envi
Consumer Buyer Behavior
&Consumer Markets
Def. of Consumer buyer behavior : It refers to
the buying behavior of final consumers – individuals and households who buy goods and services for personal consumption
Consumer Buyer Behavior
• 4P’s• Economic• Political• Cultural• Technological
Marketing & Other Stimuli
• Buyer’s Characteristics
• Buyer’s Decision Process
Buyer’s Black Box • Product Choice
• Brand Choice• Dealer Choice• Purchase Timing• Purchase Amount
Buyer Response
Buyer Behavior Model
Cultura
l
Social
Personal
Psychological
Purchasing Of
Product
Factors Influencing Consumer Behaviour
Need
recognition
• Can be triggered by internal or external stimuli. Needs become wants, which lead to behavior
Information search
• Sources of information: Internal Sources, Personal Sources, External Sources• Time, effort and expense dedicated to information search depends on: Degree of risk involved in the purchase, Amount of expertise with the product category, Actual cost of the search.
Evaluation of
alternatives
• Customers evaluate products as bundles of attributes, Customers place different levels of importance on attributes.
Purchase
decision
• Purchase intention and the act of buying are distinct concepts, Potential intervening factors between intention and buying, Key issues in the purchase decision stage.
Post-
purchase
behavio
r
• Four possible outcomes in the post-purchase stage
Consumer Buying Decision Process
Thank You 4r Your Patience