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Marketing Management > Analyzing Consumer Behavior & The Buying Process > Flashcards

Analyzing Consumer Behavior & The Buying Process Flashcards

1
Q

CONSUMER BEHAVIOR

A

Study that consists of how the consumer’s emotions, attitudes, and preferences affect buying behavior.

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2
Q

PATTERNS OF BUYING BEHAVIOR

A

Driven by:

  1. Product/Service under consideration.
  2. Context in which the buying takes place.
  3. People involved in the process.
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3
Q

WHY UNDERSTAND HOW CONSUMERS THINK?

A

By understanding the patterns of buying, marketers can anticipate consumer’s behavior and tailor their selling efforts to better match consumers’ buying processes.

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4
Q

CONSUMER DECISION-MAKING PROCESS (CDMP)

A

The process by which consumers identify their needs, gather information, evaluate alternatives, and make their buying decision.

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5
Q

PHASES OF CONSUMER DECISION-MAKING

A
  1. Pre-Purchase Phase
  2. Purchase Phase
  3. Post-Purchase Phase
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6
Q

PRE-PURCHASE PHASE

CDMP

A
  1. Trigger
    (recognition of need)
  2. Search & consideration (alternatives to satisfy need)
  3. Evaluation of alternatives (total set to a consideration set to a choice set)
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7
Q

PURCHASE PHASE

CDMP

A

Making choices about which brand to buy, what seller to buy from, and how many of the offering to buy, and how to pay.

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8
Q

POST-PURCHASE PHASE

CDMP

A

Likelihood to buy again (if happy); dealing with returns/complaints; next purchases.

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9
Q

CONSUMER DECISION-MAKING FRAMEWORK

A

Mapping out the buying process:

  1. Cognitive vs. Emotional
  2. High vs Low Involvement
  3. Optimizing vs Satisficing
  4. Compensatory vs Non-compensatory
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10
Q

COGNITIVE DECISION MAKING

FRAMEWORK

A

Mind-driven decisions based on deliberate, information-based processing.

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11
Q

EMOTIONAL DECISION MAKING

FRAMEWORK

A

Heart-driven decisions that entail a subject liking for one product over another.

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12
Q

HIGH-INVOLVEMENT DECISION-MAKING

FRAMEWORK

A

Decision making is effortful, consumes a lot of time, and the consequences of making a good vs bad decision tends to be significant for the buyer.

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13
Q

LOW-INVOLVEMENT DECISION-MAKING

FRAMEWORK

A

Decisions that require far less efforts, happen more quickly, and are perceived as having far lower risk.

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14
Q

OPTIMIZING DECISION-MAKING

FRAMEWORK

A

Consumers are always motivated to purchase the best alternative they can.

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15
Q

SATISFICING DECISION-MAKING

FRAMEWORK

A

Consumers settle for an alternative that is good enough. Consumer feels that the added benefit does not warrant the added cost of the search.

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16
Q

COMPENSATORY DECISION-MAKING

FRAMEWORK

A

For the consumer some product characteristics outweigh others (ex., higher price for better styling)

17
Q

NON-COMPENSATORY DECISION-MAKING

FRAMEWORK

A

A products failure to reach an acceptable threshold on one attribute cannot be compensated for by high performance on another attribute.

18
Q

HOW TO DETERMINE IF BUYING PROCESS IS COGNITIVE, EMOTIONAL OR BOTH?

A

Three factors to consider:

  1. Product Type
  2. Context
  3. Individual Preferences
19
Q

PRODUCT TYPE FACTOR

A

Products serving two types of purposes:

  1. Utilitarian (cognitive; purchase motivated by functionality of product)
  2. Hedonic/Self-Expressive (emotional; consumer think product says something about them)
20
Q

DECISION SEQUENCES

PRODUCT TYPE FACTOR

A
  1. Think: rationally coming to some decision.
  2. Feel: emotionally coming to some decision
  3. Act: taking action; purchasing decision
21
Q

INDIVIDUAL PREFERENCES

A

Same products in the same context elicit different decision processes based on an individual’s natural tendencies. (Some are governed by emotions, others by facts/figures)

22
Q

HOW TO REDUCE THE CONSUMER’S PERCEIVED RISK?

HIGH-INVOLVEMENT PURCHASES

A

Easy return policies, offering guarantees, provide price comparisons.

23
Q

HOW TO HAVE OFFERINGS READY AVAILABLE?

A

Have products on physical checkout aisles; Online have “products you may like”

24
Q

HOW TO TARGET OPTIMIZERS?

A

Emphasize the superiority of the product/service.

25
Q

HOW TO TARGET SATISFIERS?

A

Make the purchase easy (availability, packaging, etc)

26
Q

CONSUMER DECISION-MAKING UNIT (DMU)

A

Individuals who affect, influence, and take part in a purchase-making process.

  1. Buyer
  2. Influencer
  3. Gatekeeper
  4. Approver
27
Q

FORCES CHANGING CONSUMER BEHAVIOR & BUYING PROCESS

A
  1. Social Media
  2. Co-creation & consumer involvement
  3. Conscience Marketing
28
Q

CO-CREATION & CONSUMER INVOLVEMENT

A

Companies involving customers in the co-creation of products, services, and even marketing materials.

29
Q

CONSCIENCE MARKETING

A

Consumers wanting to buy socially and environmentally responsible products and services.

30
Q

WHY CAN’T QUALITY BE ASSESSED AT THE PURCHASE PHASE?

A

Due to the reality of perception. Every consumer values a product/service differently.

Marketing Management (9 decks)

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