What Drives Consumer: Business & Economy

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• Business & Economy»

• Marketing & Advertising
What Drives Consumer
New online consumer behavior in the Middle East and globally demands changes in
corporate strategy
Internet usage that involves online collaboration, networking between individual users,
and user-created content - known as Web 2.0 - is growing rapidly and is changing the
way companies in the Middle East and around the world should operate, a new Booz
Allen Hamilton study has found.
Consumers no longer visit the Internet to passively take in content; rather, they are
actively creating content themselves.
'In this new era of interactivity, corporations must be aware of what is taking place on the
Internet and in social media spaces like MySpace, Wikipedia, and Second Life. They also
must decide how to participate in this new world. They must develop a strategy to
address the threats posed by Web 2.0 and seize the opportunities it offers. This is equally
true for corporations operating in the Middle East, where Web 2.0 sites have a dedicated
following,' said Jad Hajj, an associate with Booz Allen Hamilton,
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a global management consulting firm with offices throughout the MENA region.
He added that companies also may need to change their business models to better fit the
new online environment. 'Those that ignore the growing trend of Web 2.0 usage do so at
their own peril,' he warned.
To understand the full scale of Web 2.0 activity and learn how it might affect consumer
behavior, Booz Allen conducted a first-of-its-kind study to investigate trends in Web 2.0
usage, including social behavior and networking, usage of communication and Internet
services, and customer expenditure.
As part of the study, 4,570 individuals in the Middle East, Germany, the United
Kingdom, Brazil, and the United States were surveyed between August 2006 and January
2007. The Middle Eastern countries surveyed included Egypt, the United Arab Emirates
(UAE), Bahrain, Kuwait, Qatar, and Saudi Arabia.
What is Web 2.0?
The term 'Web 2.0' describes online activities, sites, and...

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• Submitted by: zekisson

• Date Submitted: 10/05/2008 10:39 PM
• Category: Marketing & Advertising
• Length: 7 pages (1,541 words)
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• Arts & Humanities»
• Criticism & Theory
Customer Behavior
INTRODUCTION: EXPECTATION GAP
In the world we live today, businesses and top executives must understand what
differentiates their companies from others and must understand the needs of the
consumers in their markets. If these two ingredients are understood, a business can
develop a strategic plan to create a market niche and develop their customer base to be
successful. Development of this information along with the development of the internal
business processes can lead to some form of a competitive advantage in the market. The
businesses and their representatives are directly responsible for the patterns of purchases
(in the long run) of each of their customers. How they (the customers) will react within
certain situations is largely due to the education and supplying the customer with enough
data and tools to proficiently inform them of what is to be completed and within what
context and timeframe. Understanding the customer and their reactions to the
environment will prolong the life
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of the relationship between businesses and their customers.
Understanding the customer can be a starting point for most businesses and a re-
evaluation point for most others. There are at times where a gap occurs between what
customers expect and what management / businesses presume they expect. This often
happens because companies overlook or do not fully understand customer's perceptions
and expectations. In spite of a strong commitment and sincere desire to provide quality
service, many companies fall dramatically short of the mark, usually because they have
an internally directed rather than externally directed focus. An internally directed focus
assumes that the company knows what customers should want and delivers or produces
that. This orientation often leads to providing products and services that do not match
customer's expectations important features and benefits may be left out and levels of
performance may be inadequate. According...
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Consumer Behaviour
Explain how consumers form evaluations of brands. Show how marketers seek to
influence this process using examples from the marketing activities of an organisation of
your choice
Introduction
Evaluation is the process of judging or determining whether an activity or product meet a
specified criteria. According to Cambridge Advanced Learner’s Dictionary, to evaluate is
‘to judge or calculate the quality, importance, amount or value of something. When
consumers evaluate a brand, they are trying to get an overall picture of the brand, which
will allow the consumer to take a stand as to what they think of that brand. Some criteria
of evaluation of brands may include price, brand image, taste, functional characteristics,
style and sometimes the way the consumer “feel” about a product.
Consumer evaluation of brands involved both cognitive and psychological processes in
selecting a course of action from multiple alternatives. The consumer decision-making
process model (fig 1) will provide useful insights
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as to how consumer form evaluations of brands and how marketers seek to influence this
process.
Fig 1: The customer decision-making process and its five stages

Source: guuui.com, 2007
NEED OR PROBLEM RECOGNITION

“Problem recognition is the discovery of a discrepancy between an actual and a desired
state of being. Thus problem recognition occurs when a need state is felt”. (Minor et al:
1998. p358).
The consumer-decision process model begins with the recognition by the consumer that
there is a problem or a need. Problems and needs can be triggered by either internal or
external stimuli. An internal trigger of a problem or need could include hunger, and
external triggers could include in-store displays, intentional use of scents or publicity.
At this stage relevant internal psychological processes such as perception, learning and
motivation could influence the consumer, especially if he or she has an internal drive to
satisfy a need....
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Already a Member? Login NConsumer Surplus In The Digital Economy:
Erik Brynjolfsson • Yu (Jeffrey) Hu • Michael D. Smith

Sloan School of Management, Massachusetts Institute of Technology, Cambridge,
Massachusetts 02139
Sloan School of Management, Massachusetts Institute of Technology, Cambridge,
Massachusetts 02139
The Heinz School of Public Policy and Management, Carnegie Mellon University,
Pittsburgh, Pennsylvania 15213
erikb@mit.edu • yuhu@mit.edu • mds@cmu.edu
We present a framework and empirical estimates that quantify the economic impact of
increased product variety made available through electronic markets. While efficiency
gains from increased competition significantly enhance consumer surplus, for instance,
by
leading to lower average selling prices, our present research shows that increased product
variety made available through electronic markets can be a significantly larger source of
consumer surplus gains.
One reason for increased product variety on the Internet is the ability of online retailers
to catalog, recommend, and
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provide a large number of products for sale. For example, the
number of book titles available at Amazon.com is more than 23 times larger than the
number
of books on the shelves of a typical Barnes & Noble superstore, and 57 times greater than
the number of books stocked in a typical large independent bookstore.
Our analysis indicates that the increased product variety of online bookstores enhanced
consumer welfare by $731 million to $1.03 billion in the year 2000, which is between 7
and 10
times as large as the consumer welfare gain from increased competition and lower prices
in
this market. There may also be large welfare gains in other SKU-intensive consumer
goods
such as music, movies, consumer electronics, and computer software and hardware.
(Consumer Surplus; Product Variety; Electronic Commerce; Welfare; Internet)
1. Introduction
Clearly, new goods are at the heart of economic
progress. But that realization is only the beginning of
an understanding of the economics...
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• Date Submitted: 11/11/2008 01:48 AM
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ow » Buyer Behavior
MODELS OF BUYER BEHAVIOUR
A model is often viewed as a n abstract representation of a process or

relationship,which allows us to make a sense of the world and also help us to predict the
likely course of events. The buying process is portrayed as a highly complex one, in
which a variety of personal and environmental factors influence the decisions the buyer
makes. A simple starting point of understanding buyer’s behaviour is to take a basic
model of consumer response.
The inputs to the decision process are the range of psychological, sociological,
economic and situational factors. The outcome is the decision: whether or not to
purchase; whether to purchase now or to defer; where to buy from etc. In between the
input and output is the decision making process which determines how the buyer
translates complex information into decisions and the process differs for each consumer.
The basic model of buyer behaviour, however does not explain how a decision is
made. For this a number of models have been
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developed. If a model is to have value to the marketing managers , it should be capable of
use as a predictive tool, given a set of conditions on which the model is based. Hence, a
number of researchers have sought to develop models that explain how buying decisions
are made in specific situations and from this to predict the likely consequences of
changes to marketing strategy.
The different models that are going to be discussed are:
1. Howard model of Buyer Behaviour.
2. Howard-sheth Model of Consumer behavior
3. Engel, Kollat and Blackwell model of consumer decision making.
4. Webster and wind model of consumer behaviour.
5. Sheth model of industrial buyer behaviour.
Howard Model of Buyer Behaviour
John Howard’s (1989) most recently cognitively model of buyer behavior is

along the lines of Dretske. Basic to the model is the view that consumers are in one of
three different decision states...
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Consumer Motivation
At present, understanding consumer motivation is very important to marketers in modern

marketing. However, the key to consumer motivation, understanding the consumer needs
is the first factor that marketers should know at first. “Human needs or, in this case,
consumer needs are the basis of all modern marketing. Needs are the essence of the
marketing concept.”(Schiffman, 2008). Maslow’s hierarchy of needs is a well-known
theory in psychology which can help marketers understanding the consumer needs better.
So, what is Maslow’s hierarchy of needs? It was suggested by Abraham Maslow in his
1943 paper A Theory of human Motivation, which was described in a triangular diagram.
Maslow’s hierarchy of needs is often divided five levels: “At the bottom are the basic
needs for food, water and air. Then, above them is the need for safety, security and
protection. After theses needs have been met, an individual has a need for love, affection
and friendship. When these have been satisfied an individual may
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seek status and self-respect and, finally, at the top of the pyramid is the need for self-
actualization or self-fulfillment.” (Shaw e9t.al, 2002). Though this explanation we can
see that only the lowest needs (physiological needs) are satisfied, people will focus on the
higher needs.(Chinadaily BBS,2007) That is the basic concept of Maslow’s hierarchy of
needs. However, based on the Maslow’s hierarchy of needs, each level needs have some
limitations, not each need can completely satisfy. Therefore, “if a lower set of needs is
continually unmet for an extended period of time, the individual will temporarily re-
prioritize those needs - dropping down to that level until those lower needs are reasonably
satisfied again.”(Chinadaily BBs, 2007). It is clear to see that differences in need
priorities can influence human behavior.
Differences in need priorities can influence consumer behavior in difference ways.

Though Maslow’s hierarchy of needs we can see that When one level is...
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• Business & Economy»
• Marketing & Advertising
Consumer Behaviour
1.0 INTRODUCTION
A brand is a product, service, or concept that is publicly distinguished from other

products, services, or concepts so that it can be easily communicated and usually
marketed. According to Kotler & Armstrong, Brand is a name, term, sign, symbol or
design, or a combination of these intended to identify the good or services of one seller or
group of sellers and to differentiate them from those of competitors.
Nowadays in competitive world, there is no product can go without a brand. Branding has
become so strong that hardly anything goes unbranded. For example, even an A4 paper or
a common nut is packaged with manufacturer brand label. Fruits such as oranges, apple
or mango also have its own brand label.
It is important to understand the meaning and the value of the brand in order to widen an
effective marketing mix, for each target consumer. This is because a brand name can
helps an organization to differentiate from its competitors. For example, a Sony dvd
player is
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different from a Panasonic dvd player. Although the product is the same but the brand is
different.
Furthermore, consumer are mostly build up a relationship with a brand that they trust and
go back to buy the brand products from time to time. Accessed on 1st Jan 2008. For
example, some of the consumer will only purchase Acer product although there are
acceptable alternative on the market due to history of the company.
Today, consumer does not just purchase a product but also to purchase the brand of the
product. Consumer behavior has influence on how consumer evaluates brands. According
to John C. Mowen & Michael S. Minor, consumer behavior is defined as the study of the
buying units and the exchange processes involved in acquiring, consuming, and disposing
of goods, services, experiences, and ideas.
Hence, marketers must consider the consumer behavior and decision making that will
influences the behavior towards motivation, personality, perception, learning and...
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Consumer Decision Analysis
Introduction
My name is. I am a junior going into my third year at Florida Atlantic University. During
my entire life I have been attracted to what makes people buy certain products. I would
always show and make comments to family and friends, usually boring their minds with
my observations. Into middle school and high school I enjoyed marketing myself and
creating a name and reputation for myself. I used to do this through experiments within
my own mind. I would do or say, sometimes extreme, actions to gather responses by
fellow students. For example, my eighth grade year of middle school I ran for student
body president. My campaign was to the extreme, using lyrics from popular songs,
including my pretty girl friends to help make a statement during my speech and by word
of mouth to the younger grades I successfully won the position. This is one of many ways
I have marketed myself.
During High school I interned with two different companies who were trying to increase
their notoriety
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throughout the community. My job was to help them do this, by handing out flyers,
contacting local businesses to help get the companies name out. It was not until my last
year of high school, when I was interning with Image Inside and Out, ran by a lady who
taught successful business people how to dress for success and business etiquette, that
what I had been doing my entire life was marketing. She explained to me what marketing
consisted of, showed me that that was truly my passion. It is what I’m drawn to. I took
her thoughts and advice to heart and began looking into what I wanted to do with the rest
of my life. It became clear to me that this was my passion and upon coming to FAU I
knew that I wanted to pursue a degree in the field I am drawn to, marketing.
However I did not know the extent to which Marketing could take me. There are many
different fields of Marketing and they are not all the same I have learned. I am excited to
continue to learn the different aspects of...
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What Drives Consumer

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What is Web 2.0?

The term 'Web 2.0' describes online activities, sites, and...

• Submitted by: zekisson

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INTRODUCTION: EXPECTATION GAP

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• Customer Behaviors In...

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Fig 1: The customer decision-making process and its five stages

NEED OR PROBLEM RECOGNITION

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Already a Member? Login NConsumer Surplus In The Digital Economy:

Erik Brynjolfsson • Yu (Jeffrey) Hu • Michael D. Smith

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• Submitted by: i485705

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• Uk - Digital Economy Act...

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MODELS OF BUYER BEHAVIOUR

A model is often viewed as a n abstract representation of a process or

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Howard Model of Buyer Behaviour

John Howard’s (1989) most recently cognitively model of buyer behavior is

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• Submitted by: ramyaraju

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• Why Measure Buyer Behavior

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At present, understanding consumer motivation is very important to marketers in modern

get better grades

Differences in need priorities can influence consumer behavior in difference ways.

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• Submitted by: hyxhht

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• Consumer Behaviour: The...

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A brand is a product, service, or concept that is publicly distinguished from other

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Consumer Decision Analysis