Ch. 4 Consumer Markets & Buyer Behavior PDF

Ch. 4 Consumer Markets and Consumer Buyer Behavior Consumer Markets and Consumer Buyer Behavior Topic Outline Model of Consumer Behavior Characteristics Affecting Consumer Behavior Types of Buying Decision Behavior The Buyer Decision Process The Buyer Decision...

Ch. 4 Consumer Markets and Consumer Buyer Behavior Consumer Markets and Consumer Buyer Behavior Topic Outline Model of Consumer Behavior Characteristics Affecting Consumer Behavior Types of Buying Decision Behavior The Buyer Decision Process The Buyer Decision Process for New Products  Model of Consumer Behavior Consumer buyer behavior : the buying behavior of final consumers, individuals and households, who buy goods and services for personal consumption  Characteristics Affecting Consumer Behavior Factors Influencing Consumer Behavior The Buyer Decision Process Buyer Decision Making Process  The Buyer Decision Process Need Recognition Occurs when the buyer recognizes a problem or need triggered by: – Internal stimuli – External stimuli  The Buyer Decision Process Information Search Sources of Information Personal sources—family and friends Commercial sources—advertising, Internet Public sources—mass media, consumer organizations Experiential sources—handling, examining, using the product  The Buyer Decision Process Evaluation of Alternatives How the consumer processes information to arrive at brand choices  The Buyer Decision Process Purchase Decision The act by the consumer to buy the most preferred brand The purchase decision can be affected by: – Attitudes of others – Unexpected situational factors  The Buyer Decision Process Post-Purchase Decision The satisfaction or dissatisfaction that the consumer feels about the purchase Relationship between: – Consumer’s expectations – Product’s perceived performance The larger the gap between expectation and performance, the greater the consumer’s dissatisfaction Cognitive dissonance is the discomfort caused by a post-  The Buyer Decision Process Post-Purchase Decision Customer satisfaction is a key to building profitable relationships with consumers—to keeping and growing consumers and reaping their customer lifetime value  The Buyer Decision Process for New Products Differences in Innovativeness Adopter Categories Innovators Early Adopters Early Mainstream Late Mainstream Lagging Adopters