Consumer markets and buyer behaviour Flashcards
Consumer buyer behavior
the buying behavior of final consumers—individuals and households that buy goods and services for personal consumption.
Consumer markets
are made up of all the individuals and households that buy or acquire goods and services for personal consumption.
Model of Consumer Behavior
The environment = marketing stimuli = product = price = place = promotion = economic = technological = social = cultural ↓ Buyer's black box = buyers characteristics = buyers decision process ↓ Buyer responses = buying attitudes and preferences = purchase behaviour: what the buyer buys, when, where, and how much = Brand engagements and relationships
Marketers must figure
out what is in the buyer’s
black box
Factors Influencing Consumer Behavior
= Cultural
= Social
= Personal
= Psychological
(Characteristics Affecting Consumer Behaviour)
Cultural Factors
Culture is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
(Characteristics Affecting Consumer Behaviour)
Social Factors
Membership Groups =
Groups with direct influence and to which a person belongs
Aspirational Groups =
Groups an individual wishes to belong to
Reference Groups =
Groups that form a comparison or reference in forming attitudes or behavior
(Characteristics Affecting Consumer Behavior)
Personal Factors
Age and life-cycle stage
PRIZM Lifestage Groups system
= PRIZM classifications consider a host of demographic factors such as age, education, income, occupation, family composition, ethnicity, and housing; and behavioral and lifestyle factors, such as purchases, free-time activities, and media preferences.
Occupation affects the goods and services bought by consumers.
Economic situations include trends in: spending, personal income, savings, interest rates
Personality refers to the unique psychological characteristics that distinguish a person or group.
The idea is that brands also have personalities, and consumers are likely to choose brands with personalities that match their own. A brand personality is the specific mix of human traits that may be attributed to a particular brand e.g. Sincerity, excitement, competence, sophistication, ruggedness.
(Characteristics Affecting Consumer Behaviour)
Psychological Factors
= Motivation
= Perception
= Learning
= Beliefs and attitudes
(Psychological Factors)
Selective attention
the tendency for people to screen out most of the information to which they are exposed.
(Psychological Factors)
Selective distortion
the tendency for people to interpret information in a way that will support what they already believe.
(Psychological Factors)
Selective retention
the tendency to remember good points made about a brand they favor and forget good points about competing brands.
Types of Buying Decision Behavior
= Complex buying behavior
= Dissonance-reducing buying behavior
= Habitual buying behavior
= Variety-seeking buying behavior
The Buyer Decision Process
Need recognition ↓ Information search ↓ Evaluation of alternatives ↓ Purchase decision ↓ Postpurchase behaviour
(The Buyer Decision Process)
Need Recognition
the first stage of the buyer
decision process, in which the consumer recognizes a problem or need triggered by:
• Internal stimuli
• External stimuli
(The Buyer Decision Process)
Information Search
the stage of the buyer
decision process in which the consumer is motivated to search for more information.
Sources of information: •Personal sources •Commercial sources •Public sources •Experiential sources
