Achievers group

1 1.ABHISHEK SHARMA 2. TEJ PRATAP SINGH 3. RAVI KUMAR JAISWAL 4.VARUN CHAUHAN

Chapter 4

Consumer Behavior

Chapter 4

CONSUMER MARKETS AND CONSUMER BUYING BEHAVIOR

Consumer Buying

Behaviour The buying behavior of final consumers (i.e., individuals and households that buy goods for personal consumption)
Consumer Market

All the individuals and households

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MODEL OF BUYING BEHAVIOR

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Marketing and other stimuli

Product Price Place Promotion Economic Technological Political Cultural

Buyers responses

Buyers black box

Buyer characteristics Buyer decision process

Product choice Brand choice Dealer choice Purchase timing Purchase amount

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CONSUMER BEHAVIOR INFLUENCES

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Cultural

Social Reference groups Family Roles and status

Personal Age and life-cycle Occupation Economic situation Lifestyle Personality and self-concept

Culture Subculture Social class

Psychological Motivation Perception Learning Beliefs and attitudes

Buyer

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CONSUMER BEHAVIOR INFLUENCES:

GROUP 1: CULTURE
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Culture Set of basic values, perceptions, wants, and behaviors learned by a member of society or from family and other important institutions Subculture Group of people with shared value systems based on common life experiences and situations

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CONSUMER BEHAVIOR INFLUENCES:

GROUP 1: Culture
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Social Class: Relatively permanent ordered divisions in a society whose members share similar Values, Interests and Behaviors NOTE: it is NOT only based on income and is a combination of occupation, education, wealth and other variables

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CONSUMER BEHAVIOR INFLUENCES:

GROUP 2: SOCIAL FACTORS
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Groups Membership groups Direct influence Reference and aspirational groups Indirect influence Opinion leaders exert influence Family Most important consumer influence changing family roles and evolving lifestyles children may influence strongly Roles & Status
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CONSUMER BEHAVIOR INFLUENCES:

GROUP 4: PSYCHOLOGICAL FACTORS

Motivation Perception Learning Beliefs Attitudes

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CONSUMER BEHAVIOR INFLUENCES:

GROUP 4: PSYCHOLOGICAL FACTORS
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1) Motivation: Need sufficiently pressing to drive a person to

seek satisfaction e.g. Biological needs or Psychological needs
Maslows Theory of Motivation

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CONSUMER BEHAVIOR INFLUENCES:

GROUP 4: PSYCHOLOGICAL FACTORS
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2) Perception
Process by which people: Select, organize and interpret information in order to form a meaningful picture of the world People form different perceptions of the same information or stimuli due to 3 processes Selective attention Selective distortion Selective retention

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CONSUMER BEHAVIOR INFLUENCES:

GROUP 4: PSYCHOLOGICAL FACTORS
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3) Learning Changes in individual behaviour Arising from experience Most human behaviour is learned 4) Beliefs A descriptive thought that a person holds about something 5) Attitudes A persons consistently favorable or unfavorable evaluations, feelings towards an object or idea. Hard to change
Chapter 4