Mgt170 (5) Consumer Markets and Consumer Buyers Decision (1).docx - CHPTER 5 CONSUMER MARKETS CONSUMER BUYERS DECISION Consumer buyer behavior The

Mgt170 (5) Consumer Markets and Consumer Buyers Decision (1).docx

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CHPTER 5: CONSUMER MARKETS & CONSUMER BUYERS DECISION Consumer buyer behavior The buying behavior of final consumers— individuals and households that buy goods and services for personal consumption. Consumer market All the individuals and households that buy or acquire goods and services for personal consumption. MODEL OF CONSUMER BEHAVIOR The buying decision is the focal point of the marketer’s effort. Learning about the whys of consumer buying behavior is not so easy—the answers are often locked deep within the consumer’s mind. The central question for marketers is How do consumers respond to various marketing efforts the company might use? The starting point is the stimulus-response model of buyer behavior. This figure shows that marketing and other stimuli enter the consumer’s “black box” and produce certain responses. Marketers must figure out what is in the buyer’s black box. Marketers want to understand how the stimuli are changed into responses inside the consumer’s black box, which has two parts. First, the buyer’s characteristics influence how he or she perceives and reacts to the stimuli. Second, the buyer’s decision process itself affects his or her behavior. We look first at buyer characteristics as they affect buyer behavior and then discuss the buyer decision process. CHARACTERISTICS AFFECTING CONSUMER BEHAVIOR Consumer purchases are influenced strongly by cultural, social, personal, and psychological characteristics. CULTURAL Culture The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. Culture is the most basic cause of a person’s wants and behavior. Growing up in a society, a child learns basic values, perceptions, wants, and behaviors from his or her family and other important institutions. Marketers are always trying to spot cultural shifts so as to discover new products that might be wanted. Subculture A group of people with shared value systems based on common life experiences and situations. Subcultures include nationalities, religions, racial groups, and geographic regions. Many subcultures make up important market segments, and marketers often design products and marketing programs tailored to their needs. Social Class Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors. Social class is not determined by a single factor, such as income, but is measured as a combination of occupation, income, education, wealth, and other variables. Marketers are interested in social class because people within a given social class tend to exhibit similar buying behavior. SOCIAL Group Two or more people who interact to accomplish individual or mutual goals.
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