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S03 - 3010 - Buyer Behavior

S03 - 3010 - Buyer Behavior - PROFESSIONAL SELLING MKTG...

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PROFESSIONAL SELLING MKTG 3010 Spring 2011
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2 Section 3 MKTG 3010 RM Consumer and Buyer Behavior Why do we buy what we buy? What influences impact our purchase decisions?
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3 Section 3 MKTG 3010 RM What Drives Purchasing Decisions? Needs & Wants are motivations that drive action Needs are “must haves”, that arise from a state of deprivation, or a problem to be solved State: thirst => Need: drink Wants are “like to haves”, that represent a form of need shaped by culture and individual personality State: thirst => Want: Coca-Cola E.g. Preferences for brands are wants
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4 Section 3 MKTG 3010 RM People Seek to Fulfill Needs Customers have needs and wants Customers look for solutions to fulfill needs and wants. A solution is the combination of products, services, information, or experiences offered to a market. Customers obtain (buy) the “best” solution (from the alternatives) to fulfill their needs. Customers are rational Customers act in their own self interest The role of sales is to ensure that the customer needs are best matched by the company’s solution.
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5 Section 3 MKTG 3010 RM How Needs Develop into Action At first, all is perfect Then, there is a slight change (or imperfection) that leads to discontent or dissatisfaction but we live with it; work around it Then. it may evolve into a real problem, or shortcoming but we’re not ready to change - yet Then, “there must be a better way” now there is need (a.k.a. PAIN ) with a desire to take action
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6 Section 3 MKTG 3010 RM People have Many Needs Maslow’s Hierarchy of Needs Self-Actualization: self fulfillment, creative expression Esteem: prestige, status Belonging: love, friendship, acceptance Safety: security, shelter, order Physiological: water, food, sleep Solutions may fulfill needs at multiple levels HIGHER LOWER
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7 Section 3 MKTG 3010 RM Consumer and Buyer Behavior Most purchasing transactions fall into one of two categories: Business to Consumer (B2C) Consumer buys for own personal or household use Business to Business (B2B) Purchaser buys on behalf of an organization
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8 Section 3 MKTG 3010 RM Consumer Buying Behavior How people think about, buy and use goods and services for personal use in response to marketing messages and other stimuli Consumer buys for own personal or household use Typically one-on-one discussion E.g. car, telephone service, personal computer
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9 Section 3 MKTG 3010 RM Societal & Environmental Trends Factors Influencing Consumer Behavior Cultural Social Personal Psychological (See Additional Slides for more detail)
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10 Section 3 MKTG 3010 RM Factors Influencing Consumer Behavior Culture the most basic influence on a person's wants and needs.
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