Podcast
Questions and Answers
What best describes subcultures in relation to consumer behavior?
What best describes subcultures in relation to consumer behavior?
Which characteristic defines opinion leaders in a reference group?
Which characteristic defines opinion leaders in a reference group?
How does word-of-mouth influence (WOM) impact consumer behavior?
How does word-of-mouth influence (WOM) impact consumer behavior?
What role do online social networks play in modern marketing?
What role do online social networks play in modern marketing?
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Which of the following best describes the concept of influencer marketing?
Which of the following best describes the concept of influencer marketing?
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What is the primary effect of reference groups in consumer behavior?
What is the primary effect of reference groups in consumer behavior?
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In what way can opinion leaders differ from other members of a reference group?
In what way can opinion leaders differ from other members of a reference group?
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What is a common misconception about the impact of social networks on consumer behavior?
What is a common misconception about the impact of social networks on consumer behavior?
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Which factor most significantly influences the types of goods and services that consumers choose based on their career path?
Which factor most significantly influences the types of goods and services that consumers choose based on their career path?
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What characteristic is associated with the way individuals express their preferences through their purchasing habits?
What characteristic is associated with the way individuals express their preferences through their purchasing habits?
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How do environmental situations most likely impact consumer choices?
How do environmental situations most likely impact consumer choices?
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In terms of consumer behavior, how does 'lifestyle' contribute to buying decisions?
In terms of consumer behavior, how does 'lifestyle' contribute to buying decisions?
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Which aspect of social influence plays a role in how individuals perceive and choose brands?
Which aspect of social influence plays a role in how individuals perceive and choose brands?
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What role does 'age and life-cycle stage' play in influencing consumer behavior?
What role does 'age and life-cycle stage' play in influencing consumer behavior?
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Which of the following is NOT a personal factor affecting consumer behavior?
Which of the following is NOT a personal factor affecting consumer behavior?
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What is the primary basis for subcultures to form within consumer markets?
What is the primary basis for subcultures to form within consumer markets?
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What is a primary factor that affects consumer motivation according to motivational research?
What is a primary factor that affects consumer motivation according to motivational research?
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Which of the following best describes selective distortion in perception?
Which of the following best describes selective distortion in perception?
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Which factor is least likely to affect a consumer's beliefs and attitudes toward a brand?
Which factor is least likely to affect a consumer's beliefs and attitudes toward a brand?
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What role do opinion leaders play in consumer behavior?
What role do opinion leaders play in consumer behavior?
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How does selective retention impact consumer brand loyalty?
How does selective retention impact consumer brand loyalty?
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In online social networks, which effect is comparable to word-of-mouth marketing?
In online social networks, which effect is comparable to word-of-mouth marketing?
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Which of the following accurately describes subcultures in consumer behavior?
Which of the following accurately describes subcultures in consumer behavior?
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Which type of social influence is typically strongest in shaping consumer preferences?
Which type of social influence is typically strongest in shaping consumer preferences?
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Study Notes
Consumer Markets and Buyer Behavior
- Consumer buyer behavior is the purchasing habits of individuals and households buying goods and services for personal use.
- Consumer markets comprise all individuals and households buying or acquiring products for personal consumption.
Learning Objectives
- Objective 1: Define the consumer market and construct a simple model of consumer buyer behavior.
- Objective 2: Explore the four major factors influencing consumer buyer behavior.
- Objective 3: List and define the stages in the buyer decision process and categorize buying decision types.
- Objective 4: Describe the adoption and diffusion process for new products.
Model of Consumer Behavior
- The process involves: marketing stimuli, economic, technological, social, and cultural factors affecting consumer decisions; which are then processed in the 'buyer's black box'; and finally result in buying attitudes and purchasing.
Buyer's Black Box
- Consumer decision-making is complex and difficult to observe directly.
- Understanding the 'why' of buying behavior is a significant focus for marketers.
Characteristics Affecting Consumer Behavior
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Cultural Factors:
- Culture: Shared values, perceptions, wants, and behaviors.
- Subculture: Groups within a culture with shared values, experiences and situations (e.g., Hispanic Americans, Black Americans).
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Social Factors:
- Groups and social networks: Reference groups, opinion leaders, word-of-mouth influence, influencer marketing, online social networks.
- Family: Most important buying organization in society.
- Roles and status: A person's position in a group affects buying behavior.
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Personal Factors: - Age and life-cycle stage: Tastes in food, clothing, furniture, and recreation change with age. - Occupation: Affects the goods and services purchased. - Economic situation: Trends in spending, personal income, savings and interest rates. - Lifestyle: A person's pattern of living expressed in psychographics. - Personality and self-concept: Unique psychological traits distinguishing individuals.
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Psychological Factors:
- Motivation: A need that drives a person to seek satisfaction.
- Perception: How people select, organize, and interpret information. - Learning: Change in behavior from experience (drives, stimuli, cues, responses, and reinforcement).
- Beliefs and attitudes: Descriptive thoughts; consistent evaluative aspects, feelings, and tendencies toward ideas or objects.
The Buyer Decision Process
- Stages: Need recognition, information search, evaluation of alternatives, purchase decision, postpurchase behavior.
- Need recognition: Triggered by internal or external stimuli.
- Information search: Consumers search for more info (personal, commercial, public, experiential).
- Alternative evaluation: Consumers evaluate alternative brands.
- Purchase decision: The decision on which brand to buy.
- Postpurchase behavior: Consumers' actions after purchase (satisfaction or dissatisfaction). This stage includes cognitive dissonance.
Types of Buying Behavior
- Complex buying behavior: High involvement, significant differences between brands (e.g., buying a car).
- Dissonance-reducing buying behavior: High involvement, few differences between brands (e.g., buying an expensive appliance).
- Variety-seeking buying behavior: Low involvement, significant differences between brands (e.g., selecting snacks).
- Habitual buying behavior: Low involvement, few differences between brands (e.g., buying salt or sugar).
Buyer Decision Process for New Products
- Adoption process: Stages from learning about an innovation to regular use (Awareness, Interest, Evaluation, Trial, Adoption).
- Individual differences in innovativeness: Categories of adopters (Innovators, Early Adopters, Early Mainstream, Late Mainstream, and Laggards).
- Factors influencing rate of adoption: Characteristics of the product (Relative advantage, Compatibility, Complexity, Divisibility, Communicability).
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Description
This quiz delves into the consumer markets and the factors that influence buyer behavior. You will explore the stages of the buyer decision process, the various types of buying decisions, and the adoption of new products. Enhance your understanding of how economic, social, and cultural factors interplay in consumer purchasing decisions.
