MKT 3210 Lecture Note 4_inppt_04.pptx - Principles of Marketing Chapter 5 Consumer Markets and Buyer Behavior 5-1 Consumer Markets and Buyer Behavior

MKT 3210 Lecture Note 4_inppt_04.pptx - Principles of...

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Principles of MarketingChapter 5:Consumer Markets and Buyer Behavior5-1
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Consumer Markets and Buyer Behavior5-2
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GoPro’s runaway success comes from a deep-down understanding of what makes its customers tick. More than just selling tiny, wearable HD video cameras, GoPro helps people capture, share, and celebrate with others the most meaningful experiences in their lives.The GoPro story shows that factors at many levels affect consumer buying behavior. Buying behavior is never simple, yet understanding it is an essential task of marketing management. Consumer buyer behavior refers to the buying behavior of final consumers—individuals and households that buy goods and services for personal consumption. All of these final consumers combine to make up the consumer market. The American consumer market consists of more than 318 million people who consume more than $16 trillion worth of goods and services each year, making it one of the most attractive consumer markets in the world.
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Consumer Markets and Buyer BehaviorConsumer buyer behavior is the buying behavior of final consumers—individuals and households that buy goods and services for personal consumption.Consumer markets are made up of all the individuals and households that buy or acquire goods and services for personal consumption.5-6
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Model of Consumer Behavior5-7This 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.
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Characteristics Affecting Consumer BehaviorCultural FactorsFactors Influencing Consumer Behavior5-10Consumer purchases are influenced strongly by cultural, social, personal, and psychological characteristics, as shown in Figure 5.2. For the most part, marketers cannot control such factors, but they must take them into account.
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Characteristics Affecting Consumer BehaviorCultural FactorsCultureis the set of basic values, perceptions, wants, and behaviorslearned by a member of society from family and other important institutions.5-11Cultural factors exert a broad and deep influence on consumer behavior. Marketers need to understand the role played by the buyer’s culture, subculture, and social class.Marketers are always trying to spot cultural shiftsso as to discover new products that might be wanted. For example, the cultural shift toward greater concern about health and fitness has created a huge industry for health-and-fitness services, exercise equipment and clothing, organic foods, and a variety of diets.
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Characteristics Affecting Consumer BehaviorCultural FactorsSubculturesare groups of people within a culture with shared value systems based on common life experiences and situations. (Subcultures include nationalities, religions, racial groups, and geographic regions. )Cross-cultural marketingis the practice of including ethnic themes and cross-cultural perspectives within mainstream marketing. Cross-cultural marketing appeals to consumer similarities across
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