Podcast
Questions and Answers
What are the three types of cultural factors that influence consumer behavior?
What are the three types of cultural factors that influence consumer behavior?
Social class, culture, and subculture
How can culture vary?
How can culture vary?
Culture can vary by region, different groups, and even countries.
What are some examples of social influencers that impact consumer behavior?
What are some examples of social influencers that impact consumer behavior?
Family, school or work communities, social interactions
What does an individual's social class comprise of?
What does an individual's social class comprise of?
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Which personal factors impact buying decisions?
Which personal factors impact buying decisions?
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Apart from age and occupation, what else influences buying behavior in personal factors?
Apart from age and occupation, what else influences buying behavior in personal factors?
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Name some psychological factors that affect buying decisions.
Name some psychological factors that affect buying decisions.
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In what ways can consumers respond to marketing messages based on psychological factors?
In what ways can consumers respond to marketing messages based on psychological factors?
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How does extensive problem-solving differ from habitual response behavior in consumer decision-making?
How does extensive problem-solving differ from habitual response behavior in consumer decision-making?
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Why is it important for marketers to consider limited problem-solving in consumer behavior?
Why is it important for marketers to consider limited problem-solving in consumer behavior?
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Study Notes
Consumer Decision-Making Rules
- Non-compensatory Decision Rule: A positive attribute of a product cannot make a buyer overlook its negative attribute.
- Conjunctive Decision Rule: A minimum cut-off point is established for each attribute of a product, and a brand is avoided if any attribute falls below the cut-off point.
- Disjunctive Decision Rule: A cut-off point is established for relevant attributes, and a product exceling in at least one attribute is chosen.
- Lexicographic Rule: Attributes of a product are ranked in terms of importance, and a comparison of important attributes is done to choose the product.
Consumer Behavior Models
- Traditional behavior models: Developed by economists to understand customer purchases based on wants and needs.
- Traditional models include: Learning Model, Psychoanalytical Model, Sociological Model, and Economic Model.
Impulse Buying Model
- Hawkins Stern Impulse Buying Model: An alternative to the Learning Model and EKB, which claims that purchases aren’t always a result of rational thought.
- Four types of impulse purchases:
- Escape Purchase: Pure impulse buying, driven by appealing visuals.
- Reminder Purchase: Made when a consumer is reminded of a product through in-store setups or promotions.
- Suggested Purchase: Made when a consumer is influenced by a recommendation or suggestion from an in-store salesperson or online algorithms.
Cultural Factors
- Three types of cultural factors: social class, culture, and subculture.
- Culture can vary by region, group, and country.
Social Factors
- Social factors greatly influence purchasing behavior, including:
- Family, school, and work communities.
- Social interaction and social class (education level, living conditions, income).
- Social influencers are diverse and include family, school, work communities, and social interaction.
Personal Factors
- Personal factors impact buying decisions, including:
- Age, economic situation, occupation, habits, opinions, and interests.
- Personal issues, such as lifestyle and values.
Psychological Factors
- Psychological factors that impact buying decisions, including:
- Perception, motivation, beliefs, and attitudes.
- Every consumer responds to marketing messages based on their attitudes and perception.
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Description
Test your knowledge on non-compensatory and conjunctive decision rules in consumer behavior. Explore how buyers evaluate product attributes before making a purchase decision.
