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Consumer Behavior

Consumer Behavior. Consumer Buying Decision Process. Marketers Must Identify and Understand:. Who Makes the Buying Decision. Types of Buying Decisions. Stages in the Buying Process. Understand Buying roles Buying behavior Buying decision process. Initiator Influencer Decider Buyer

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Consumer Behavior

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  1. Consumer Behavior

  2. Consumer Buying Decision Process Marketers Must Identify and Understand: Who Makes the Buying Decision Types of Buying Decisions Stages in the Buying Process

  3. Understand Buying roles Buying behavior Buying decision process Initiator Influencer Decider Buyer User Consumer Buying Decision Process

  4. Understand Buying roles Buying behavior Buying decision process Complex buying behavior Dissonance-reducing buying behavior Habitual buying behavior Variety-seeking buying behavior Consumer Buying Decision Process

  5. Understand Buying roles Buying behavior Buying decision process Five stages in the consumer buying process The amount of time spent in each stage varies according to several factors Consumer Buying Decision Process

  6. Consumer Buying Decision Process Five-Stage Model of the Consumer Buying Process

  7. Need: Occurs when the consumer’s current level of satisfaction does not equal their desired level of satisfaction. Want: A consumer’s desire for a specific product that will satisfy the need. Demand: When the want for a specific product is backed up by the customer’s ability and willingness to pay for the product. Need Recognition

  8. Marketing stimuli can stimulate a desire for information: Passive Information Search Active Information Search Sources of information: Internal Sources Personal Sources External Sources Information Search(1 of 2)

  9. Time, effort and expense dedicated to information search depends on: Degree of risk involved in the purchase Financial risk Social risk Emotional risk Personal risk Amount of expertise with the product category Actual cost of the search Evoked set: A narrowed down set of alternatives that the customer is considering Information Search(2 of 2)

  10. Consumer Buying Decision Process Successive Sets Involved in Consumer Decision Making

  11. Evaluation of Alternatives • Customers evaluate products as bundles of attributes • Brand attributes • Product features • Aesthetic attributes • Price • Customers place different levels of importance on attributes • Important considerations in the evaluation stage: • Products must be in the evoked set • Consumers’ choice criteria must be understood • Marketing programs must be designed to influence consumers’ opinions about product or brand image

  12. Purchase Decision • Purchase intention and the act of buying are distinct concepts • Potential intervening factors between intention and buying (car example): • Unforeseen circumstances • Angered by the salesperson or sales manager • Unable to obtain financing • Customer changes mind • Key issues in the purchase decision stage: • Product availability • Possession utility

  13. Postpurchase Evaluation • Four possible outcomes in the postpurchase stage: • (1) Delight • (2) Satisfaction • (3) Dissatisfaction • (4) Cognitive Dissonance • Cognitive dissonance is more likely to occur when: • Dollar value of the purchase increases • Opportunity cost of rejected alternatives is high • Purchase decision is very involving or emotional • Firm’s ability to manage dissatisfaction and cognitive dissonance is: • A key to creating customer satisfaction • A major influence on word-of-mouth communication

  14. Factors Affecting theConsumer Buying Process • Decision-Making Complexity • High/Low Complexity • Individual Differences • Demographics, perceptions, motives, interests, attitudes, opinions, lifestyles, self-concept,etc. • Social Influences • Culture, subculture, social class, reference groups, opinion leaders, etc. • Situational Influences (See next slide)

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