Consumer Markets and Consumer Buyer Behavior 6 -0
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Definitions • Consumer Buying Behavior § Buying behavior of individuals and households that buy products for personal consumption. 6 -4
Factors Influencing Buying Decisions Cultural Factors Personal Factors Social Factors Psychological Factors CONSUMER DECISIONMAKING PROCESS BUY / DON’T BUY
Characteristics Affecting Consumer Behavior Key Factors • Cultural • Social • Personal • Psychological • Culture • Subculture § Hispanic consumers § African Americans § Asian Americans § Mature consumers • Social Class 6 -6
Definition of Culture Represents the behavior, beliefs, the way we act learned by interacting or observing other members of society. Shared behavior, passed along from one member of society to another. Culture in Marketing The philosophy of a company, a way to do business to insure customer satisfaction. 6 -7
Components of Culture Values Language Myths Customs Rituals Laws 8
Core American Values Success Materialism Freedom Progress Youth Capitalism
Subculture • Hispanics § 35 million consumers purchase $425 billion worth of goods and services. § Expected to grow 64% in 20 years. § Spanish media makes group easy to reach. § Brand loyal group. 6 - 10
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• African Americans § 35 million consumers purchase $527 billion worth of goods and services. § Growing more affluent / sophisticated. § Price and brand name conscious; quality and selection are important. § Certain media target this group. 6 - 12
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• Asian Americans § 10 million consumers purchase $229 billion worth of goods and services. § Fastest growing, most affluent subculture. § Many nationalities comprise this group. § Consumer packaged goods companies now target this group more heavily. 6 - 14
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• Mature Consumers § 75 million consumers aged 50+ will grow to 115 million within 25 years. § Mature consumers control 50% of all discretionary income. § Attractive market for travel, restaurant, and cosmetics products, among others. 6 - 16
Social Class Measurements Occupation Income Education Wealth Other Variables Copyright 2010 by Cengage Learning Inc. All Rights Reserved 17
Social Class and Education Copyright 2010 by Cengage Learning Inc. All Rights Reserved 18
Characteristics Affecting Consumer Behavior Key Factors • Groups § Membership § Reference • Cultural • Social • Personal • Family • Psychological • Roles and Status v Aspirational groups § Opinion leaders § Children can influence 6 - 19
Social Influences A group in society that Reference Groups influences an individual’s purchasing behavior. Opinion Leaders § § Movie stars Sports figures Celebrities Political figures Family Members 20 Copyright 2010 by Cengage Learning Inc. All Rights Reserved
LO 6 Social Factors Reference Groups Opinion Leaders Direct Primary Indirect Secondary People you know Aspirational Non-aspirational Celebrities/Political Socialization Process Family Initiators Decision Makers Influencers Purchasers 21
Characteristics Affecting Consumer Behavior Key Factors • Cultural • Social • Personal • Psychological • • Age and life cycle Occupation Economic situation Lifestyle § Activities, interests, and opinions • Personality and selfconcept § Brand personality 6 - 22
Family Life Cycle Stages Bachelor Young Married Nine stages with different buying behavior Full Nest I Single Parents Divorced and Alone Middle-aged Married Full Nest II Empty Nest Older Single
Characteristics Affecting Consumer Behavior Key Factors • Cultural • Social • Personal • Psychological • • Age and life cycle Occupation Economic situation Lifestyle § Activities, interests, and opinions • Personality and selfconcept § Brand personality 6 - 24
Characteristics Affecting Consumer Behavior Key Factors • Cultural • Social • Personal • Psychological • Motivation § Needs provide motives for consumer behavior § Motivation research § Maslow’s hierarchy of needs • Perception § Selective attention, selective distortion, selective retention • Learning § Drives, stimuli, cues, responses and reinforcement • Beliefs and attitudes 6 - 25
Characteristics Affecting Consumer Behavior Maslow’s Hierarchy of Needs Self-actualization Esteem Needs Social Needs Safety Needs Physiological Needs 6 - 26
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Examples • Lunesta- “Soothing rest for mind and body • “Volvo-Protect the body ignite the soul” • Smackers Lip Gloss “All the flavor of being a girl” • Lexus automobiles “The relentless pursuit of perfection” • De. Paul University- “Turning goals into acomplishments” 6 - 28
What Level of Maslow’s Hierarchy is this ad? 6 - 29
Objectives • Understand the major types of buying decision behavior and the stages in the buyer decision process. • Be able to describe the adoption and diffusion process for new products. 6 - 30
The Buyer Decision Process • Five Stages: § Need recognition § Information search § Evaluation of alternatives § Purchase decision § Postpurchase behavior 6 - 31
The Buyer Decision Process Stages • Need recognition • Information search • Evaluation of alternatives • Purchase decision • Postpurchase behavior • Needs can be triggered by: § Internal stimuli v Recall information in memory § External stimuli v Advertisements v Friends of friends 6 - 32
The Buyer Decision Process Stages • Need recognition • Information search • Evaluation of alternatives • Purchase decision • Postpurchase behavior • Consumers exhibit heightened attention or actively search for information. • Sources of information: § § Personal Commercial Public Experiential/Conceptual • Word-of-mouth 6 - 33
Consumer Buying Decisions and Consumer Involvement Routine Response Behavior Less Involvement Limited Decision Making Extensive Decision Making More Involvement
Five Factors of Consumer Involvement 1. Level of consumer involvement 2. Length of time to make decision 3. Cost of good or service 4. Degree of information search 5. Number of alternatives considered Copyright 2010 by Cengage Learning Inc. All Rights ved Reser 35
Types of Learning Experiential An experience changes behavior Conceptual Not learned through direct experience
The Buyer Decision Process Stages • Need recognition • Information search • Evaluation of alternatives • Purchase decision • Postpurchase behavior • Evoked Brands: Group of brands resulting from an information search • Most buyers evaluate multiple attributes, each of which is weighted differently. • At the end of the evaluation stage, purchase intentions are formed. 6 - 37
Evaluation of Alternatives and Purchase Evoked Set Analyze product attributes Use cutoff criteria Rank attributes by importance Purchase! 38 Copyright 2010 by Cengage Learning Inc. All Rights Reserved
The Buyer Decision Process Stages • Need recognition • Information search • Evaluation of alternatives • Purchase decision • Postpurchase behavior • Two factors intercede between purchase intentions and the actual decision: § Attitudes of others § Unexpected situational factors 6 - 39
The Buyer Decision Process Stages • Need recognition • Information search • Evaluation of alternatives • Purchase decision • Postpurchase behavior • Satisfaction is important: § Delighted consumers engage in positive word-of-mouth. § Unhappy customers tell on average 11 other people. § It costs more to attract a new customer than it does to retain an existing customer. • Cognitive dissonance is common 6 - 40
Cognitive Dissonance Did I make a good decision? Did I buy the right product? Did I get a good value? 6 - 41
LO 3 Consumer post purchase evaluation process Copyright 2010 by Cengage Learning Inc. All Rights Reserved 42
Buyer Decision Process for New Products • New Products § Good, service or idea that is perceived by customers as new. • Stages in the Adoption Process § Marketers should help consumers move through these stages. 6 - 43
Buyer Decision Process for New Products Stages in the Adoption Process • Awareness • Evaluation • Interest • Trial • Adoption 6 - 44
Buyer Decision Process for New Products • Individual Differences in Innovativeness § Consumers can be classified into five adopter categories, each of which behaves differently toward new products. • Product Characteristics and Adoption § Five product characteristics influence the adoption rate. 6 - 45
Buyer Decision Process for New Products Adopter Categories • Innovators • Early Majority • Early Adopters • Late Majority • Laggards 6 - 46
Innovators – venturesome, educated, creative, multiple information sources Early adopters – social leaders, popular, educated; try out new ideas but in a careful way Early majority –thoughtful people, careful but accepting change more quickly than the average Late majority – skeptical, traditional, lower socio-economic status; accepts new products when the majority are using it Laggards – traditional people, caring, but like “the old ways, ” are critical of new ideas, neighbors and friends are main information sources, may also have a fear of debt. 6 - 47
Decision Making Process
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