05. Consumer Behavior

05. Consumer Behavior - Consumer Behavior Why do we buy the...

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Consumer Behavior
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Why do we buy the things we buy?
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The Nature of Consumer Behavior There is only one boss--the customer. And he/she can Fre everybody in the company from the chairman on down, simply by spending his money somewhere else. --Sam Walton Listen to the whispers so you don’t have to hear the screams. --Cherokee saying Two Important Points 1. People are not all the same--person variability 2. People make choices depending on the situation--situation variability
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Situation Variability Think about dining out.
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What is a Market? An aggregate of individuals and/or organizations that have: needs and wants ability, willingness, and authority to purchase products/services that satisfy needs and wants All markets ultimately are people. Two main types: consumer and business B2C B2B
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B2B Individual buyers > Purchasing agent Group buyers > The buying center Buyers Users Infuencers Gatekeepers Deciders Buying Center
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B2C Individual buyers Group buyers > Family members Buyers Users Infuencers Gatekeepers Deciders Family Buying Center Kidfuencers 62%
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Consumer Market Purchasers who intend to beneft From or consume the purchased product For personal use, not intending to make profts.
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Consumer Behavior The processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods/services.
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Model of Consumer Behavior The Environment Buyer’s black box Buyer responses Marketing Product Price Place Promotion Other Economic Technological Social Cultural Buyer’s characteristics Buyer’s decision process Buying attitudes Buying preferences The purchase > product/service > when > where > how much Stimuli Organism Response
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Consumer Behavior is a Process Information search Evaluation of alternatives Purchase Post-purchase evaluation Problem recognition Perceiving a need Seeking value Assessing value Buying value Consuming, experiencing, or using value
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Consumer Behavior is a Process Information search Evaluation of alternatives Purchase Post-purchase evaluation Discrepancy between actual and desired state Why and how consumers get interested Problem recognition Problem recognition
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Key Determinants of Problem Recognition Consumer’s current state Perceived discrepancy Problem Recognition Changes in Current State Changes in Desired State Depletion of stock Dissatisfaction with current stock
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05. Consumer Behavior - Consumer Behavior Why do we buy the...

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