Consumer Buying Behavior The most important thing is to forecast where customers are moving, and be in front of them. Phillip Kotler TYPES OF MARKETS CONSUMER MARKET MARKETING MANAGEMENT INDUSTRIAL MARKET CONSUMER BUYING BEHAVIOR BUYING BEHAVIOR The decision processes and acts of people involved in buying and using products. MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR CONSUMER BUYING BEHAVIOR The decision processes and purchasing activities of people who purchase products for personal or household use and NOT for business purposes. MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR CONSUMER PROBLEM SOLVING ROUTINIZED RESPONSE MARKETING MANAGEMENT LIMITED EXTENDED CONSUMER BUYING BEHAVIOR CONSUMER PROBLEM SOLVING ROUTINIZED RESPONSE MARKETING MANAGEMENT The consumer problem-solving process used when purchasing frequently purchased, low-cost items needing very little search-and-decision effort. CONSUMER BUYING BEHAVIOR CONSUMER PROBLEM SOLVING LIMITED MARKETING MANAGEMENT The consumer problem-solving process employed when buying occasionally or when they need to obtain information about an unfamiliar brand in a familiar product category. CONSUMER BUYING BEHAVIOR CONSUMER PROBLEM SOLVING EXTENDED MARKETING MANAGEMENT A consumer problem-solving process employed when purchasing unfamiliar, expensive, or infrequently bought products. CONSUMER BUYING BEHAVIOR CONSUMER PROBLEM SOLVING MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR CONSUMER BUYING DECISION INFLUENCES SITUATIONAL MARKETING MANAGEMENT PSYCHOLOGICAL SOCIAL CONSUMER BUYING BEHAVIOR SITUATIONAL INFLUENCE Influences resulting from circumstances, time, and location that affect the consumer buying decision process. MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR SITUATIONAL INFLUENCE Physical Surroundings Social Surroundings MARKETING MANAGEMENT Time Buyers’ Mood Purchase Reason CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE The Psychological Factors are the factors that talk about the psychology of an individual that drive his actions to seek satisfaction. MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE Perception Motives MARKETING MANAGEMENT Learnings Attitude Personality Lifestyle CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE PERCEPTION Perception is the process by which people select, organize, and interpret information to form a meaningful picture of the world from three perceptual processes: Selective Exposure MARKETING MANAGEMENT Selective Distortion Selective Retention CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE MOTIVES MARKETING MANAGEMENT An internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals. CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE MOTIVES MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE The individual’s learning depends on the skills, knowledge and intention. The skills are developed through practice while the knowledge and intention are acquired with LEARNINGS the experience. There could be a conditional learning or a cognitive learning. MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE SOURCES OF LEARNING BEHAVIOR CONSEQUENCES MARKETING MANAGEMENT INFORMATION PROCESSING EXPERIENCE CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE ATTITUDE An individual’s enduring evaluation of feelings about and behavioral tendencies toward an object or idea. MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE COMPONENTS OF ATTITUDE COGNITIVE MARKETING MANAGEMENT AFFECTIVE BEHAVIORAL CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE Personality – internal traits and behavioral tendencies Self-Concept – perception or PERSONALITY view of oneself MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR PSYCHOLOGICAL INFLUENCE LIFESTYLE ARE AFFECTED BY: AGE MARKETING MANAGEMENT EDUCATION INCOME SOCIAL CLASS CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE Social influence occurs when a person's emotions, opinions, or behaviors are affected by others. MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE ROLE FAMILY MARKETING MANAGEMENT REFERENCE GROUP OPINION LEADER SOCIAL CLASS CULTURE CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE ROLE Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons. MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE FAMILY MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE REFERENCE GROUP A group that a person identifies with so strongly that he or she adopts the values, attitudes, and behavior of group members. MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE TYPES OF REFERENCE GROUP DISSOCIATIVE MARKETING MANAGEMENT MEMBERSHIP ASPIRATION CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE OPINION LEADER MARKETING MANAGEMENT A member of an informal group who provides information about a specific topic to other group members. CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE OPINION LEADER MARKETING MANAGEMENT CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE SOCIAL CLASS MARKETING MANAGEMENT An open group of individuals with similar social rank. CONSUMER BUYING BEHAVIOR SOCIAL INFLUENCE CULTURE MARKETING MANAGEMENT The accumulation of values, knowledge, beliefs, customs, objects, and concepts of a society. CONSUMER BUYING BEHAVIOR