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analyzing consumer markets.pptx
- 2. What influences Consumer Behavior? Cultural factors Social factors Personal factors Purchase behavior Consumption behavior
- 3. Cultural Factors Culture Sub-culture Social stratification/class Lower Class Middle Class Upper Middle Class Upper Class
- 4. Social Factors Reference groups Cliques Challenge – to create more openness How to create people’s interest in an idea? Brand evangelists WOM Shill and Stealth Marketing Family Roles and Status 1. The Law of the Few ~ M.S.C 2. Stickiness 3. The Power of Context Family of Orientation Family of procreation
- 5. Personal Factors Age and stage in the lifecycle Occupation and Economic Circumstances Personality and Self-Concept Lifestyle and Values Brand personality - Sincerity - Excitement - Competence - Sophistication - Ruggedness Core values
- 6. Key Psychological Processes Motivation Perception Learning Memory Marketing Stimuli + Environmental Stimuli Consumer consciousness Decision Making
- 7. Model of Consumer Behavior
- 8. Motivation Biogenic (Hunger, thirst) Psychogenic (recognition) Theories of human motivation Freud’s theory ~ people’s behavior are largely unconscious Maslow’s theory ~ people are driven by particular needs Herzberg’s theory ~ dissatisfiers vs. satisfiers (e.g. product warranty)
- 9. Perception Sensory marketing Perceptual processes (diff. people, diff. views) Selective attention Selective distortion ~ Pepsi challenge Selective retention ~ repeat messages Subliminal perception Current need Anticipation Outliers - (DISCOUNT ~ Rs. 50 vs. Rs. 1000
- 10. Learning Experiences Drive Action Cues Minor stimuli Similar stimuli vs. discrimination ~ HP Laptops vs. Printers Hedonic bias
- 11. Emotions Emotional connection with brands Proud Excited confident
- 12. Memory Short term memory vs. long term memory Associated network memory model Nodes (Consumer brand knowledge) Links (Links associated with particular brand knowledge) Mental mapping of consumers Memory processes Memory encoding Memory retrieval
- 13. Hypothetical Mental Map ~ State Farm Insurance
- 14. The Buying Decision Process: The Five-Stage Model Understanding customers’ buying decision process ~ all experiences in learning, choosing, using, and disposing of a product. Vary from product to product ~ Car vs. Toothpaste
- 15. Problem Recognition Internal stimuli External stimuli
- 16. Information Search Two levels of engagement in the search: Heightened attention Active information search Information Sources: Personal Commercial Public Experiential Hierarchy of Attributes ↓ ↓ Brand dominant & Nation Dominant Segmentation ~ Price, Type, Service Market Partitioning
- 17. Search Dynamics ~ Successive Sets in Consumer Decision Making
- 18. Evaluation of Alternatives Different consumers, different evaluation processes Beliefs and Attitudes ~ difficult to change Expectancy-Value Model ~ attribute evaluation process
- 20. Purchase Decision Non-compensatory models of consumer choice Conjunctive heuristics Lexicographic heuristics Elimination-by-aspects heuristics Intervening factors Attitude of others ~ peers, reviews, ratings, consumer reports Unanticipated situational factors Decision changes due to: Functional risk Physical risk Financial risk Social risk Psychological risk Time risk
- 21. Post purchase Behavior Post purchase satisfaction Post purchase actions Post purchase uses and disposal Vary from product to product
- 22. Moderating Effects on Consumer Decision Making Low involvement consumer decision making Variety seeking buying behavior Elaboration Likelihood Model ↓ ↓ Central Route & Peripheral Route Which route to take? Depends on: - Product type - Awareness - Knowledge
- 23. Behavioral Theories Theories Theory of planned behavior Behavioral decision theory Decision heuristics Availability heuristics Representativeness heuristics Anchoring and adjustment heuristics Framing ~ how choices are presented to decision makers? Mental accounting Segregate gains Integrate losses Integrate smaller losses with larger gains Segregate small gains from large losses
Notes de l'éditeur
- M.S.C Mavens, Salesman, Connectors