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MARKETING MANAGEMENT. Analyzing Consumer Markets. Influences on Consumer Behavior. Cultural Factors Social Factors Reference Groups Family, Roles Personal factors Age and “stage” Economics (income, education) Personality Lifestyle and Values. Psychological approaches.
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MARKETING MANAGEMENT Analyzing Consumer Markets
Influences on Consumer Behavior • Cultural Factors • Social Factors • Reference Groups • Family, Roles • Personal factors • Age and “stage” • Economics (income, education) • Personality • Lifestyle and Values
Psychological approaches MOTIVATION, PERCEPTION & LEARNING • “Drives” • Freud • Maslow • Hertzberg • “Learning” • Pavlov • Skinner • “Cognitive”
Involvement Elaboration Likelihood Model Low-involvement marketing strategies Variety-seeking buying behaviour Decision Heuristics Availability Representativeness Anchoring and adjustment Other Models of Decision Making
Elaboration Likelihood Model • Petty & Caccioppo • Two questions: • Motivation to process? • Ability to process? • When YES to both: HIGH elaboration • Central cues • product • When NO: LOW elaboration • Peripheral cues - • source or ad
INVOLVEMENT Decoding is ACTIVE • That is, it requires EFFORT • When will people to spend effort? • 1. When they CARE about what you’re saying • personal relevance This is the concept of INVOLVEMENT The personal relevance of the product interest, price
Involvement transfer? Can a high level of involvement (e.g., for a sports team) transfer to a low involvement commercial product? • Celebrity effects? • “Vanity” credit cards http://www.mbna.ca/hockey_cardlist.html