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Consumer behavior

A customer is

The term customer refers to the purchaser of a product or service


whereas the term consumer refers to the end user of a product or
service.

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Factors influencing consumer


behavior

Cultural

Social

Personal

Psychological

personality

Contd..

Schiffman (2008) as that the unique


dynamic organization of characteristics
of a particular person, physical and
psychological,
which
influence
behaviour and responses to the social
and physical environment.

related to the heredity and


experience of early childhood.

the

psychographic

Activities
Interests
Opinions

Family

helps shape an individual's


attitudes and behaviours

develop political and


religious beliefs, lifestyle
choices, and consumer
preferences

society

outside influences of others

Attitude and life styles

the patterns in which people live


and spend time and money.

Beliefs and feelings

Values of perception
Organization,
Identification,
Interpretation

The organization, identification and


interpretation of sensory information in
order to represent and understand the
environment.
can be shaped by learning, memory and
expectations.

Models of consumer behavior

Traditional models:

Economic Model

Learning Model
Psychoanalytic Model

Sociological Model

Economic model

Law of principal of maximum utility


Law of equimarginal utility enables a
consumer to secure the maximum utility
from limited purchasing power
Price effect
Substitution effect
Income effect

Learning model

The response of satisfaction reinforces


the relationship

Learns to associate connection between


stimulus and response which becomes
habit

Understanding the response of


consumer at the market place

Psychoanalytical model

Personality of consumers and their


responses

Consumer behavior is directed by a


complete set of deep seated motives

Sociological model

As his role, status, interaction, influence,


group relation, lifestyle, income, occupation, place of residence, social class
etc.

Contemporary models

Harward seth model


Nicosia
Webster and wind
Engel, balckwell and minard model

Howard sheth model

Customer lacks well defined evaluative


criteria to judge the product
Searches for information
After passing his own personality, his
intake is modified
Evaluates the brands available
Seeks greatest potential of satisfying his
motives

example

Online shopping

Nicosia model
Proposed by Francesco Nicosia in
1970s
Incomplete in a number of aspects,
very reductionist

Variables in the model have not been


clearly defined

A number of assumptions have been made


that question the validity of this model, for
instance:
What type of consumer are we talking about?
The company and the consumer have an

existing relationship? What type?


Is this for a new product? Is this the first
exchange the consumer has had with the
producer?

example

Four-wheelers

Engel, Blackwell and minard model

Information input

Information processing

Decision process stage

Variables influencing decision making


process

example

Garment sector
Social class
Family
Lifestyle
Personality
Beliefs
attitudes

Webster and wind

partitiones the buying process into


several processes

processes of decision-making are


determined by environmental and
organizational factors.

Final buying process rendered as the


mixture of individual and group decision

example

Automobile manufacturing
B2B business
Purchasing tires

conclusion

Understanding consumer contributes the


best to any organization and for this,
models would work great