Principles of Marketing Lecture-14
Summary of Lecture-13
Marketing Research (cont..) Consumer Market- understanding the consumer
Step-3 Implementing the Research Plan
Step-4 Interpretation and Reporting of Findings
Consumer Market- understanding the consumer
All individuals and households who buy or acquire goods and services for personal consumption
Model of Consumer Behavior “Stimulus-Response”
Today’s Topics
Consumer Buying Behavior (cont..)
Marketing and Other Stimuli Marketing and Other Stimuli Buyer’s Black Box ”what” & “how” Buyer’s Black Box ”what” & “how” Buyer’s Response Product Price Place Promotion Economic Technological Political Cultural Buyer characteristics affecting consumer behavior Buyer’s decision process Product choice Brand choice Dealer choice Purchase timing Purchase quantity
Stimulus Response Model – Marketing and other stimuli enter the buyer’s “black box” and produce certain choice/purchase responses. – Marketers must figure out what is inside of the buyer’s “black box” and how stimuli are changed to responses.
Model of Buyer Behavior Marketing & other stimuli Marketing Product Price Place Promotion Other Economic Technological Political Cultural Buyer’s Black Box Buyer Characteristics Buyer Decision Process Buyer Responses Product Choice Brand Choice Dealer Choice Purchase Timing Purchase Amount
Characteristics Affecting Consumer Behavior
Social Reference groups Family Roles and status Personal Age and life-cycle Occupation Economic situation Lifestyle Personality and self-concept Psycho- logical Motivation Perception Learning Beliefs and attitudes Buyer Culture Sub- culture Social class Culture Sub- culture Social class Cultural
1. Cultural 2. Social 3. Personal 4. Psychological
1. Cultural
Cultural a. Culture b. Sub-Culture c. Social Class
a. Culture Set of values norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next.
b. Subculture A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group.
c. Social Class A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms.
2. Social
Social a.Reference Groups b.Family c.Role & Status
a. Reference Group
Reference Group A group in society that influences an individual’s purchasing behavior.
Implications of Reference Groups
They serve as information sources and influence perceptions They affect an individual’s aspiration levels Their norms either constrain or stimulate consumer behavior
Opinion Leaders An individual who influences the opinion of others.
b. Family
Purchase Roles in the Family Initiators Influencers Decision- Makers Purchasers Consumers Children Influence Purchase Decisions
c. Roles and Status
Enough for today...
Summary
Consumer Buying Behavior (cont..)
Marketing and Other Stimuli Marketing and Other Stimuli Buyer’s Black Box ”what” & “how” Buyer’s Black Box ”what” & “how” Buyer’s Response Product Price Place Promotion Economic Technological Political Cultural Buyer characteristics affecting consumer behavior Buyer’s decision process Product choice Brand choice Dealer choice Purchase timing Purchase quantity
Characteristics Affecting Consumer Behavior
Social Reference groups Family Roles and status Personal Age and life-cycle Occupation Economic situation Lifestyle Personality and self-concept Psycho- logical Motivation Perception Learning Beliefs and attitudes Buyer Culture Sub- culture Social class Culture Sub- culture Social class Cultural
Next….
Understanding the consumer behavior (cont..)
Principles of Marketing Lecture-14