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Analyzing Consumer Markets


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. It provides clues for improving or introducing products or services, setting prices, devising channels, crafting messages, and developing other marketing activities.

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Explain how consumer characteristics influence buying behavior.
Cultural Factors. Culture is the fundamental determinant of a persons wants and behavior. Social Factors. Reference groups;- groups that have influence on consumers attitudes or behavior. Family;- the most influential primary reference groups. Roles and statutes;Role activities a person is expected to perform. Enteryour title here Status in society, eg, a senior vice president has more status than a sales manager. Personal Factors. Age, stage in the life-cycle; occupation and economic circumstances;personality and self-concept; life style and values

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Psychological Processes
Four main psychological processes affect consumer behavior: motivation, perception, learning, and memory.
MOTIVATION A need that is sufficiently pressing to drive the person to act .
PERCEPTION A process by which individual selects, organizes, and interprets information inputs to create a meaningfull picture of the world. MEMORY
Information and experiences individual encounter as they go through life can end up in their long-term memory.

LEARNING Changes in individuals behavior arising from experience.

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Marketing Stimuli Products & Services Price Distribution Communications Buying Decision Process Other Stimuli Problem recognition Economic Information search Technological Political Evaluate alternatives Cultural Purchase decision Post-purchase behavior

Marketing Stimuli
Consumer Psychology

Other Stimuli
Consumer Characteristic

Buying Decision

Purchase Decision

Purchase Decision- Product choice.Brand choice.Dealer choice. Purchase amount.Purchase timing.Payment method.
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Discuss how consumers make purchasing decisions
Buying Decision Process Problem recognition Buyer recognise need. Information search Buyer search for information. Evaluate alternatives Buyer make value judgement. Purchase decision Form preference and intention to buy. Post-purchase behavior After purchase,buyer will be alert to information that supports decision.

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Consumer Involvement From viewing an ad or evaluating a product or service. Elaboration likelihood model. Make evaluations in both low-and high-involvement. Low involvement marketing strategies. Absence of significant brand differences.

Variety-seeking buying behavior Brand switching. Decision heuristics and biases Rules of thumb or mental short cuts in decision process. Mental accounting Manner by which consumers code,categorize,and evaluate financial outcomes of choices.
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The best thing about the future is that it comes only one day at a time.
Abraham Lincoln (1809-1865)

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