Aim: What is consumer behavior and why is it important?

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Presentation transcript:

Aim: What is consumer behavior and why is it important? Do Now: Write down 5 items that you want for the holidays/your birthday. Are these items needs or wants? Why do you need/want these items? Which one do you want the most and why?

BEHAVIORS Consumer Behavior: is defined as the study of the buying units and the exchange processes involved in acquiring, consuming, and disposing of goods, services, experiences, and ideas. Buying Behavior: is the decision processes and acts of people involved in buying and using products.

Why study Consumer and Buying Behavior? Need to understand: Why consumers make the purchases that they make? What factors influence consumer purchases? The changing factors in our society.

Level of involvement is an individual’s intensity of interest in a product and the importance he or she places on a product. Consumers go through a problem-solving process and some are more complex than others.

The 4 types of Problem-Solving are: Routine response Limited decision Extensive decision Impulse buying.

The 4 types of Problem-Solving Routine Response – buying that requires very little search and decision effort; it is used for products that are low priced and bought frequently. Examples include soft drinks, snack foods, milk, etc.

The 4 types of Problem-Solving Limited Decision – Buyers use when they purchase products occasionally or need information about unfamiliar brands in a familiar product category; it requires a moderate amount of time for information gathering and deliberation. Examples include clothes and sneakers

The 4 types of Problem-Solving Extensive Decision – employed when unfamiliar, expensive, or infrequently bought products (such as homes, automobiles and furniture) are purchased; buyers used many criteria to evaluate brands and spend more time searching for information and deciding on the purchase.

The 4 types of Problem-Solving Impulse Buying – unplanned buying behavior involving powerful urge to buying something immediately. A lot of impulse decisions are made at the checkout area and can be on items such as candy, sodas, batteries, film, etc.