Principles Of Marketing, Consumer Markets And Buyer Behavior PDF

Principles of Marketing Nineteenth Edition Chapter 3 Consumer Markets and Buyer Behavior Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Principl...

Principles of Marketing Nineteenth Edition Chapter 3 Consumer Markets and Buyer Behavior Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Principles of Marketing Nineteenth Edition Chapter 3 Consumer Markets and Buyer Behavior Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Learning Objectives 5.1 Define the consumer market and construct a simple model of consumer buyer behavior. 5.2 Explore the four major factors that influence consumer buyer behavior. 5.3 Understand the stages in the buyer decision process and the major types of buying decision behavior. 5.4 Describe the adoption and diffusion process for new products. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Learning Objective 1 Define the consumer market and construct a simple model of consumer buyer behavior. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Consumer Markets and Buyer Behavior Consumer buyer behavior is the buying behavior of final consumers—individuals and households that buy goods and services for personal consumption. Consumer markets are made up of all the individuals and households that buy or acquire goods and services for personal consumption. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Model of Consumer Behavior Figure 5.1 A Model of Buyer Behavior Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Learning Objective 2 Explore the four major factors that influence consumer buyer behavior. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (1 of 16) Figure 5.2 Factors Influencing Consumer Behavior Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (2 of 16) Cultural Factors Culture is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (3 of 16) Cultural Factors Subcultures are groups of people within a culture with shared value systems based on common life experiences and situations. Social classes are society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors. Measured as a combination of Jeffrey Isaac Greenberg 2+/Alamy Stock Photo occupation, income, education, wealth, and other variables Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (5 of 16) Groups and Social Networks Reference groups Opinion leaders Word-of-mouth influence Influencer marketing Online social networks Tasia Wells/Stringer/Getty Images Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (6 of 16) Social Factors Family is the most important consumer-buying organization in society. Role and status can be defined by a person’s position in a group. Michael Neelon(misc)/Alamy Stock Photo Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved  Characteristics Affecting Consumer Behavior (8 of 16) Personal Factors Lifestyle is a person’s pattern of living as expressed in his or her psychographics. Occupation affects the goods and services bought by consumers. Age and Life Stage affect tastes in food, clothes, furniture, ad recreation. Economic situations include trends in spending, personal income, savings, interest rates. Personality refers to the unique psychological characteristics that distinguish a person or group. snapshopped/Shutterstock Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (10 of 16) Psychological Factors Motivation Perception Learning Beliefs and attitudes American Association of Advertising Agencies Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (11 of 16) Psychological Factors A motive (or drive) is a need that is sufficiently pressing to direct the person to seek satisfaction of the need. Motivation research refers to qualitative research designed to probe consumers’ hidden, subconscious motivations. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (12 of 16) Figure 5.3 Maslow’s Hierarchy of Needs Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (13 of 16) Psychological Factors Perception is the process by which people select, organize, and interpret information to form a meaningful picture of the world. Perceptual Processes Selective attention Selective distortion Selective retention Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (15 of 16) Psychological Factors Learning is the change in an individual’s behavior arising from experience and occurs through the interplay of: Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Characteristics Affecting Consumer Behavior (16 of 16) Psychological Factors A belief is a descriptive thought that a person has about something based on: Knowledge Opinion Faith An attitude describes a person’s relatively consistent evaluations, feelings, and tendencies toward an object or idea. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Learning Objective 3 Understand the stages in the buyer decision process and the major types of buying decision behavior. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Figure 5.4 Buyer Decision Process Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Types of Buying Decision Behavior (1 of 2) Complex buying behavior Dissonance-reducing buying behavior Habitual buying behavior Variety-seeking buying behavior Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved The Buyer Decision Process (1 of 6) Need Recognition Need recognition is the first stage of the buyer decision process, in which the consumer recognizes a problem or need triggered by: Internal stimuli External stimuli Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved The Buyer Decision Process (2 of 6) Information Search Information search is the stage of the buyer decision process in which the consumer is motivated to search for more information. Sources of information: – Personal sources – Commercial sources – Public sources – Experiential sources Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved The Buyer Decision Process (3 of 6) Evaluation of Alternatives Alternative evaluation is the stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set. Purchase Decision Purchase decision is the buyer’s decision about which brand to purchase. The purchase intention may not be the purchase decision due to: Attitudes of others Unexpected situational factors Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved The Buyer Decision Process (5 of 6) Post purchase Behavior Post purchase behavior is the stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved Learning Objective 4 Describe the adoption and diffusion process for new products. Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved The Buyer Decision Process for New Products (2 of 3) Individual Differences in Innovativeness Innovators Early Adopters Early Mainstream Late Mainstream Lagging Adopters Copyright © 2024, 2021, 2018 Pearson Education, Inc. All Rights Reserved