Consumer Markets All the individuals and households who

Consumer Markets: All the individuals and households who buy or acquire goods and services for personal consumption. Consumer Buying Behavior: The buying behavior of final consumers-individuals and households who buy goods and services for personal consumption. Marketing and other stimuli -4 Ps -Environment Buyer’s brain -Buyers characteristic -Decision process Buyer’s responses -Product choice -Brand choice -Dealer choice -Purchase timing Purchase amount Consumer Buying Behavior Model

Consumer Markets Influences on Consumer Buying CULTURE SOCIAL PERSONAL PSYCHOLOGICAL Culture Groups Age Motivation Subculture Family Roles Occupation Learning Social Class Status Economic situation Perception Life style Attitude and beliefs Personality

Consumer Markets Culture: The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. Subculture: nationalities, religions, racial groups, and geographic regions CONSUMER ROLES: Initiator: the person who first suggests or thinks of the idea of buying a particular product or service Influencer: a person whose views or advice influences the buying decision Decider: the person who ultimately makes a buying decision or any part of it whether to buy, what to buy, how to buy, or where to buy Buyer: the person who makes an actual purchase User: the person who consumes or uses a product or service

Consumer Markets Self-actualization needs Esteem needs Social needs Safety needs Physiological needs Maslow’s Theory of Need Hierarchy

Consumer Markets TYPES OF CONSUMER BUYING DECISION High involvement Significant Difference btw Brands Few Difference btw Brands Low Involvement COMPLEX VARIETY SEEKING DISSONANCE REDUCING HABITUAL

Consumer Markets CONSUMER BUYER DECISION PROCESS Need Recognition Information Search Evaluation of Alternatives Purchase Decision Post purchase Behavior

Consumer Markets CONSUMER DECISION PROCESS FOR NEW PRODUCTS The adoption process is "the mental process through which an individual passes from first learning about an innovation to final adoption, " Stages in the Adoption Process: The consumer becomes aware of the new product, but lacks information about it. Awareness Interest The consumer seeks information about the new product. Evaluation The consumer considers whether trying the new product makes sense. Trial The consumer tries the new product on a small scale to improve his or her estimate of its value. Adoption The consumer decides to make full and regular use of the new product