Analyse Consumer Behaviour for Specific Markets
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1) The document discusses key questions about consumer behaviour for specific markets, including who is important in the buying process, how consumers buy, what their choice criteria are, when they buy, and where they buy. 2) It outlines the consumer decision making process and different roles in group purchasing decisions, from the initiator to influencer to decider. 3) Choice criteria that consumers evaluate include technical, economic, social, and personal attributes about products.
Analyse Consumer Behaviour for Specific Markets
- 1. ANALYSE CONSUMER BEHAVIOUR FOR SPECIFIC MARKETS
- 2. Consumer Buying Behaviour: Key Questions 1 of 8 Consumers Who is Important? How do they buy? What are their choice criteria? When do they buy? Where do they buy?
- 3. Consumer Buying Behaviour: Key Questions 2 of 8 Most purchases individual – confectionary, beer, etc Many decisions by group/family/couple - (buying centre/decision making unit). There are 5 roles… Who is Important? Initiator – Starts process, may gather information to aid decision Influencer – Persuade others in group re the outcome of decision, typically gathers information and tries to impose their choice Decider – He/she who pays – ultimate power of veto Buyer – Person who conducts transaction User – Consumer/user of the product
- 4. Consumer Buying Behaviour: Key Questions 3 of 8 How they Buy? Need Recognition/ Problem Awareness Consumer Decision Making Process Information Search Evaluation of Alternatives Purchase Post purchase evaluation •Need Recognition • Functional (accurate calculations, get from A to B) • Routine Depletion (its broken) • Emotional/Psychological (need cool clothes, expensive perfume, a Ferrari rather than a ‘car’) Current/ Desired Situation Delta Relative Importance HiLo Lo Hi No Motivation to Change ? Motivation to Change Motivation to Change ? Motivation to Change Problem Awareness
- 5. Consumer Buying Behaviour: Key Questions 4 of 8 How they Buy? Need Recognition/ Problem Awareness – Internal Search • Review of relevant information from memory – External Search • Personal – friends/family • Commercial – adverts, sales people • Third Party – Which? What Car? • Trial Consumer Decision Making Process Information Search Evaluation of Alternatives Purchase Post purchase evaluation Build Awareness Set
- 6. Consumer Buying Behaviour: Key Questions 5 of 8 How they Buy? Need Recognition/ Problem Awareness – Create evoked set • Those products/brands to be considered Consumer Decision Making Process Information Search Evaluation of Alternatives Purchase Post purchase evaluation Low Involvement High Involvement Awareness Trial Repeat Purchase Personal Beliefs Attitudes Purchase Intentions Purchase Normative Beliefs Subjective Norms
- 7. Consumer Buying Behaviour: Key Questions 6 of 8 How they Buy? Need Recognition/ Problem Awareness – Cognitive Dissonance • Post purchase concerns, likely to occur in four ways, – Expense – Did I spend too much? – Difficult – So many alternatives, all good, all slightly different benefits, did I make the right choice? – Irrevocable – I have done it now! – Tendency to experience anxiety – Purchaser is a nervous sort Consumer Decision Making Process Information Search Evaluation of Alternatives Purchase Post purchase evaluation Marketers should seek to reduce buyer remorse by reinforcing wisdom of purchase
- 8. Consumer Buying Behaviour: Key Questions 7 of 8 Various attributes used to evaluateWhat are the choice criteria? Technical – Reliability – Durability – Performance – Comfort – Taste – Convenience Economic – Price – Value for money – Life time costs – Residual value – Running costs Social – Status – Social Belonging – Fashion Personal – Self-Image – Ethics – Emotions
- 9. Consumer Buying Behaviour: Key Questions 8 of 8 When do they buy? – Day of the week? – advertise toys on Saturday morning (pester power) for the afternoon – Stay open on Sunday – have the time to review cars, etc – Last minute? Where do they buy? – Not buying it in Tesco’s, I’ll buy it on the Kings Road? • It will look and sound cooler – I’ll buy it online? • It will sound cooler – I’ll buy it at the airport?