Ch2.ppt
- 3. 11/8/2023 3 How many times do you make decisions throughout the day? What should I wear today? What perfume should I put on? What am I going to have for lunch? If you think about it, we make many buying decisions every day without giving them much thought.
- 4. What is the meaning of consumer behavior? 11/8/2023 4 Consumer behavior is the study of the elements that influence individuals’ purchasing decisions, including environmental, psychological, and societal factors.
- 5. 11/8/2023 5 By understanding consumer behavior, businesses can tailor their marketing efforts to target specific groups, improve brand loyalty, and identify emerging trends. This knowledge can also help businesses stay ahead of their competition and adapt to changes in consumer behavior. In conclusion, understanding consumer behavior is vital to any successful marketing strategy. By analyzing the factors that influence consumer behavior, businesses can develop effective marketing campaigns that cater to the needs and wants of their target audience
- 6. Why is consumer behavior important? 11/8/2023 6 Studying consumer behavior is important because it helps marketers understand what influences consumers’ buying decisions. By understanding how consumers decide on a product, they can fill in the gap in the market and identify the products that are needed and the products that are obsolete.
- 7. 11/8/2023 7 Studying consumer behavior also helps marketers decide how to present their products in a way that generates a maximum impact on consumers. Understanding consumer buying behavior is the key secret to reaching and engaging your clients, and converting them to purchase from you.
- 8. 11/8/2023 8 A consumer behavior analysis should reveal:- What consumers think and how they feel about various alternatives (brands, products, etc.); What influences consumers to choose between various options; Consumers’ behavior while researching and shopping; How consumers’ environment (friends, family, media, etc.) influences their behavior.
- 9. 11/8/2023 9 Consumer behavior is often influenced by different factors. Marketers should study consumer purchase patterns and figure out buyer trends. So what are the factors that influence consumers to say yes?
- 10. 11/8/2023 10 There are three categories of factors that influence consumer behavior:- 1) Personal factors: an individual’s interests and opinions can be influenced by demographics (age, gender, culture, etc.). 2) Psychological factors: an individual’s response to a marketing message will depend on their perceptions and attitudes. 3) Social factors: family, friends, education level, social media, income, all influence consumers’ behavior.
- 11. Types of consumer behavior 11/8/2023 11 There are four main types of consumer behavior: 1) Complex buying behavior 2) Dissonance-reducing buying behavior 3) Habitual buying behavior 4) Variety-seeking behavior
- 12. 1. Complex buying behavior 11/8/2023 12 This type of behavior is encountered when consumers are buying an expensive, infrequently bought product. They are highly involved in the purchase process and consumers’ research before committing to a high-value investment. Imagine buying a house or a car; these are an example of a complex buying behavior.
- 13. 2. Dissonance-reducing buying behavior 11/8/2023 13 The consumer is highly involved in the purchase process but has difficulties determining the differences between brands. ‘Dissonance’ can occur when the consumer worries that they will regret their choice. Imagine you are buying a lawnmower. You will choose one based on price and convenience, but after the purchase, you will seek confirmation that you’ve made the right choice.
- 14. 3. Habitual buying behavior 11/8/2023 14 Habitual purchases are characterized by the consumer having very little involvement in the product or brand category. Imagine grocery shopping: you go to the store and buy your preferred type of bread. You are exhibiting a habitual pattern, not strong brand loyalty.
- 15. 4. Variety-seeking behavior 11/8/2023 15 n this situation, a consumer purchases a different product not because they weren’t satisfied with the previous one, but because they seek variety. Like when you are trying out new shower gel scents.
- 16. What affects consumer behavior? 11/8/2023 16 Many things can affect consumer behavior, but the most frequent factors influencing consumer behavior are: 1) Marketing campaigns 2) Economic conditions 3) Personal preferences 4) Group influence 5) Purchasing power
- 17. What factors influence consumer behavior while purchasing? 11/8/2023 17 Consumer behavior is influenced by many external factors and internal factors such as situational, psychological, environmental, and marketing factors, personal factors, family, and culture.
- 18. factors influence consumer behavior 11/8/2023 18 Situational factors They are temporary in nature and include physical factors such as a store’s location, layout, colors, music, lighting, and even scent. Companies try to make these factors as favorable as possible. Other situational factors include holidays, time, and moods of the consumer.
- 19. 11/8/2023 19 Personal factors These factors include demographic factors such as age, gender, income, occupation, etc. It also depends on one’s interests and opinions. To further understand consumers, companies also look more closely at their lifestyles – their daily routine, leisure activities, etc.
- 20. 11/8/2023 20 Social factors This factor also includes social class, level of education, religious and ethnic background, sexual orientation, customer orientation, and people around you – family, friends, or social network. Different cultures have varying customs and rituals that influence how people live their lives and what products they purchase. Generally, consumers in the same social class exhibit similar buying behavior. Most market researchers believe a person’s family is one of the biggest determinants of buying behavior.
- 21. 11/8/2023 21 Psychological factor A person’s ability to understand information, perception of needs, and mindset influence consumer behavior. One’s reaction to a marketing campaign will depend on one’s beliefs and state of mind.
- 22. How to collect data on consumer behavior? 11/8/2023 22 Surveys Surveys are a popular method for collecting data about customer behavior. Online, phone or in-person surveys can provide quantitative information about customer opinions, preferences, and behavior Focus groups Small, moderated consumer discussions about a specific good or service are called focus groups. Focus groups provide qualitative information on consumer opinions and views and also insights into how customers interact with products and services.
- 23. 11/8/2023 23 Focus groups Small, moderated consumer discussions about a specific good or service are called focus groups. Focus groups provide qualitative information on consumer opinions and views and also insights into how customers interact with products and services.
- 24. 11/8/2023 24 Interviews Consumer interviews can provide detailed data on customer behavior, attitudes, and preferences. Interviews can be conducted in person or over the phone, and they can provide qualitative data to boost quantitative data.
- 25. 11/8/2023 25 Observations Observational research entails watching and recording consumers in their natural surroundings. This method can aid in identifying patterns of behavior and offer insights into how consumers engage with products and services.
- 26. 11/8/2023 26 Experiments Experiments involve changing one or more variables to see what effect it has on customer behavior. It can be carried out in a controlled environmental analysis or in the field, and it can provide information about the connections between variables and consumer behavior.
- 27. 11/8/2023 27 Data analysis Data from sources such as sales data, web analytics, and social media can be analyzed to gain an understanding of customer behavior. This method entails recognizing patterns and trends in data in order to determine consumer behavior and preferences.
- 28. 11/8/2023 28 END