Consumer Market and Buyer Behavior Essay

CONSUMER MARKET AND BUYING BEHAVIOR Definition ?Consumer buying behavior:- ?Consumer Market:- Buyers reactions to a firms marketing strategy has a great impact on the firms success. The marketing concept stresses that a firm should create a Marketing Mix (MM) that satisfies (gives utility to) customers, therefore need to analyze the what, where, when and how consumers buy. ?Characteristic affecting consumers buying behavior ? SOCIAL ? PERSIONAL ? PSYCHOLOGICAL CULTURE:- ? Groups with shared value systems. e. g. – Asian consumer, American consumer etc.

? Society’s divisions who shares value, interest and behavior.

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SOCIAL:- ? Consumer wants, learning, motives etc. are influenced by opinion leaders, person’s family, reference groups, social class and culture. Opinion leaders– Roles and Family Influences– Family is the most basic group a person belongs to. Marketers must understand: {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} The Family life cycle: families go through stages, each stage creates different consumer demands: {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} PERSONAL:- ? Occupation , Economic condition.

Lifestyle , activities , interests ,and opinion. PSYCHOLOGICAL:- Motives– A motive is an internal energizing force that orients a person’s activities toward satisfying a need or achieving a goal. Actions are effected by a set of motives, not just one. If marketers can identify motives then they can better develop a marketing mix. MASLOW hierarchy of needs!! {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} Need to determine what level of the hierarchy the consumers are at to determine what motivates their purchases. ? {text:bookmark-start} Perception {text:bookmark-end}

Selective Exposure-select inputs to be exposed to our awareness. More likely if it is linked to an event, satisfies current needs, intensity of input changes (sharp price drop). Selective Distortion-Changing/twisting current received information, inconsistent with beliefs. Advertisers that use comparative advertisements (pitching one product against another), have to be very careful that consumers do not distort the facts and perceive that the advertisement was for the competitor. A current example… MCI and AT… do you ever get confused? Selective Retention-Remember inputs that support beliefs, forgets those that don’t.

Average supermarket shopper is exposed to 17,000 products in a shopping visit lasting 30 minutes-60% of purchases are unplanned. Exposed to 1,500 advertisement per day. Can’t be expected to be aware of all these inputs, and certainly will not retain many. Interpreting information is based on what is already familiar, on knowledge that is stored in the memory. Individual learns attitudes through experience and interaction with other people. Consumer attitudes toward a firm and its products greatly influence the success or failure of the firm’s marketing strategy. text:bookmark-start} Types of Consumer Buying Behavior {text:bookmark-end} The four type of consumer buying behavior are: Routine Response/Programmed Behavior–buying low involvement frequently purchased low cost items; need very little search and decision effort; purchased almost automatically. Examples include soft drinks, snack foods, milk etc. Limited Decision Making–buying product occasionally. When you need to obtain information about unfamiliar brand in a familiar product category, perhaps. Requires a moderate amount of time for information gathering. Examples include Clothes–know product class but not the brand.

Extensive Decision Making/Complex high involvement, unfamiliar, expensive and/or infrequently bought products. High degree of economic/performance/psychological risk. Examples include cars, homes, computers, education. Spend alot of time seeking information and deciding. Information from the companies MM; friends and relatives, store personnel etc. Go through all six stages of the buying process. Impulse buying, no conscious planning. {text:bookmark-start} Stages of the Consumer Buying Process {text:bookmark-end} Six Stages to the Consumer Buying Decision Process (For complex decisions).

Actual purchasing is only one stage of the process. Not all decision processes lead to a purchase. All consumer decisions do not always include all 6 stages, determined by the degree of complexity… discussed next. The 6 stages are: Information search– {text:list-item} {text:list-item} A successful information search leaves a buyer with possible alternatives, the evoked set. Evaluation of Alternatives–need to establish criteria for evaluation, features the buyer wants or does not want. Rank/weight alternatives or resume search.

May decide that you want to eat something spicy, indian gets highest rank etc. Purchase decision–Choose buying alternative, includes product, package, store, method of purchase etc. Purchase–May differ from decision, time lapse between 4 & 5, product availability. {text:bookmark-start} Post-Purchase Evaluation {text:bookmark-end} –outcome: Satisfaction or Dissatisfaction. {text:bookmark-start} Cognitive Dissonance {text:bookmark-end} , have you made the right decision. This can be reduced by warranties, after sales communication etc.

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