LECTURE 10.4 CONSUMER BEHAVIOR

LECTURE 10.4 CONSUMER BEHAVIOR - Lecture 7: Consumer...

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Lecture 7: Consumer Behavior 10/4/11 Wood’s Classification of Consumers (consumer’s behavior in the market) o Habit determined – brand loyalty Consumers who don’t think about the brand they buy, they just buy it because they have been using it for a long time/what you grew up on o Cognitive – sensitive to rational claims Consumers who look at the product to see if it does what you what it to do Does it improve your life? Is it safe? o Price – cognitive – influenced mainly by price Consumers who are rational, but the price is the determining factor Cars – want the cheapest car that gets you from point A to point B o Impulsive – influenced by physical appeal, insensitive to brand Consumers who like how the product looks/physical appeal; jumps out at you o Emotional – responds to image Reasons why we buy o NEEDS – necessities of life Food Water Air Shelter o WANTS - unnecessary for survival – luxuries and comfort Wants are very culture specific
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LECTURE 10.4 CONSUMER BEHAVIOR - Lecture 7: Consumer...

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