Analyzing Consumer Markets: Influences & Decision Process
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Analyzing Consumer Markets: Influences & Decision Process

Explore the key concepts in analyzing customer markets, such as what influences consumer behavior, psychological processes, and the five-stage buying decision process. Learn about behavioral decision theory, behavioral economics, and cultural factors that shape consumer behavior.

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@CorrectFeynman

Questions and Answers

What is culture's role in influencing consumer behavior?

Providing identification and socialization for subcultures

Which of the following is NOT considered a subculture?

Professions

What are membership groups in terms of consumer behavior?

Primary groups with whom a person interacts informally

How do social classes impact consumer behavior?

<p>By sharing similar values and behavior among members</p> Signup and view all the answers

In consumer behavior, what defines reference groups?

<p>Groups that influence behavior indirectly</p> Signup and view all the answers

What aspect differentiates primary groups from secondary groups in consumer behavior?

<p>Formality of interaction</p> Signup and view all the answers

What is the term for groups a person hopes to join or be similar to?

<p>Aspirational groups</p> Signup and view all the answers

Which family has a more direct influence on everyday buying behavior?

<p>Family of procreation</p> Signup and view all the answers

What is a role in the context of interpersonal communication?

<p>A set of activities a person is expected to perform</p> Signup and view all the answers

What personal characteristic influences a buyer's decision and is related to their taste in food, clothes, furniture, and recreation?

<p>Age and stage in the life cycle</p> Signup and view all the answers

What is the term for psychological life-cycle stages that adults experience as they go through life?

<p>Passages or transformations</p> Signup and view all the answers

What do marketers try to identify regarding occupation and consumption patterns?

<p>The most interested occupational groups</p> Signup and view all the answers

Study Notes

What Influences Consumer Behavior?

  • Consumer behavior is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.

Key Psychological Processes

  • Behavioral Decision Theory and Behavioral Economics are important in understanding consumer behavior.

Cultural Factors

  • Culture is the fundamental determinant of a person's wants and behavior.
  • Subcultures provide more specific identification and socialization for their members, including:
    • Nationalities
    • Religions
    • Racial groups
    • Geographic regions
  • Social classes exhibit social stratification, with members sharing similar values, interests, and behavior.

Social Factors

  • Reference Groups:
    • A person's reference groups are all the groups that have a direct (face-to-face) or indirect influence on their attitudes or behavior.
    • Membership groups:
      • Primary groups (e.g. family, friends, neighbors, coworkers)
      • Secondary groups (e.g. religious, professional, and trade-union groups)
    • Aspirational groups (groups a person hopes to join or be similar to)
    • Dissociative groups (groups whose values or behavior an individual rejects)
  • Family:
    • The family is the most important consumer buying organization in society.
    • Family members constitute the most influential primary reference group.
    • Two types of families:
      • Family of orientation (parents and siblings)
      • Family of procreation (spouse and children)
  • Roles and Status:
    • Roles consist of the activities a person is expected to perform.
    • Each role connotes a status.

Personal Factors

  • Age and Stage in the Life Cycle:
    • Our taste in food, clothes, furniture, and recreation is often related to our age.
    • Consumption is shaped by the family life cycle and the number, age, and gender of people in the household.
    • Psychological life-cycle stages may matter.
  • Occupation and Economic Circumstances:
    • Occupation influences consumption patterns.
    • Marketers try to identify occupational groups that have above-average interest in their products and services.
  • Personality and Self-Concept:
    • Personality is a set of distinguishing human psychological traits that lead to relatively consistent and enduring responses to environmental stimuli, including buying behavior.
    • Brands also have personalities, and consumers choose brands whose personalities match their own.
  • Lifestyle and Values:
    • People from the same subculture, social class, and occupation may have different lifestyles and values.
    • Marketers should consider these differences when targeting their products or services.

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