Marketingtest2booknotes - Chapter 6: Final Consumers and...

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Chapter 6: Final Consumers and their buying behavior I. Consumer Behavior – Why do they buy what they buy? a. When many firms sell similar products, demographic analysis isn’t much help in predicting which specific products and brands consumers will purchase and why. b. To better understand why consumers buy as they do, many marketers turn to the behavioral sciences for help. c. Specific consumer behaviors vary a great deal for different products and from one target market to the next; how and why a consumer buys a drink is different than how that same consumer buys a DVD player How will we view consumer behavior 6-2 II. Economic buyer- person who has all of the facts and uses this to make a decision III. Economic needs a. Economy of purchase b. Convenience c. Efficiency in use d. dependability IV. Psychological variables a. Motivation b. Perception c. Learning d. Attitude e. Personality/ attitude V. Social influences a. Family b. Social class c. Reference groups d. culture VI. Purchase situation a. Purchase reason b. Time c. Surroundings VII. Economic needs affect most buying decisions i. Most economists assume that consumers are economic buyers – people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money. ii. Economic needs are concerned with making the best use of a consumer’s time and money as the consumer judges it; economic needs guide most consumer behavior; some look for convenience, lowest price or best value iii. Some economic needs are 1. Economy of purchase or use 2. Convenience 3. Efficiency in operation or use 4. Dependability in use 5. Improvement of earnings iv. Most consumers appreciate firms that offer them improved economic value for the money they spend. But improved value does not just mean offering lower prices. They can work better, last longer, etc v. Most marketing managers think that buyer behavior is not as simple as the economic-buyer model suggests, a product one person sees as a good value might be of no interest to someone else 1
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b. Exhibit 6-1 shows that economic needs, psychological variables, social influences, and the purchase situation all affect a person’s buying behavior. VIII. Psychological Influences within an Individual a. Needs motivate consumers i. Needs are the basic forces that motivate a person to do something. ii. Some needs involve a person’s physical well being others the individual’s self-view and relationship with others. iii. Needs are more basic than wants. iv. Wants are “needs” that are learned during a person’s life v. When a need is not satisfied it may lead to a drive - a strong stimulus that encourages action to reduce a need. vi.
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Marketingtest2booknotes - Chapter 6: Final Consumers and...

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