1. 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?

2. 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.

3. 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.

4. 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.

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

6. 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.

7. 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

8. 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.

9. 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.