Lecture fundamentals of marketing - Lecture 9: Consumer markets and consumer buyer behavior (Part 2)

In this chapter, the following content will be discussed: Model of consumer behavior, characteristics affecting consumer behavior, types of buying decision behavior, the buyer decision process, the buyer decision process for new products.

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Publishing as Prentice Hall 1- 1

Publishing as Prentice Hall

Consumer Markets and Consumer Buyer Behavior

(Part-2)

LECTURE9

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SAFETY NEEDS Security and Safety

LOVE, AFFECTION, AND BELONGINGNESS NEEDS

ESTEEM NEEDS

Prestige

SELF ACTUALIZATION

Characteristics Affecting

Consumer Behavior

Maslow’s Hierarchy of Needs

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Perception is the process

by which people select,

organize, and interpret

information to form a

meaningful picture of the

world from three perceptual

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Selective attention is the tendency for people to

screen out most of the information to which they are exposed

Selective distortion is the tendency for people

to interpret information in a way that will support what they already believe

Selective retention is the tendency to

remember good points made about a brand they

• Psychological Factors

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behavior arising from experience and

occurs through interplay of:

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person has about something based on:

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consistent evaluations, feelings, and tendencies toward an object or idea

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Types of Buying Decision

Behavior

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Types of Buying Decision

Behavior

• Four Types of Buying Behavior

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The Buyer Decision Process

• Buyer Decision Making Process

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§ Occurs when the buyer recognizes a problem or need triggered by:

§ Internal stimuli

§ External stimuli

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§ Personal sources—family and friends

§ Commercial sources—advertising, Internet

§ Public sources—mass media, consumer

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§ How the consumer processes information

to arrive at brand choices

• Evaluation of Alternatives

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§ The act by the consumer to buy the most preferred brand

§ The purchase decision can be affected by:

§ Attitudes of others

§ Unexpected situational factors

• Purchase Decision

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§ The satisfaction or dissatisfaction that the consumer feels about the purchase

§ Relationship between:

§ The larger the gap between expectation and performance, the greater the

consumer’s dissatisfaction

§ Cognitive dissonance is the discomfort

caused by a post-purchase conflict

• Post-Purchase Decision

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Customer satisfaction is a key to

building profitable relationships with

consumers—to keeping and growing

consumers and reaping their customer lifetime value

• Post-Purchase Decision

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for New Products

Adoption process is the mental process an

individual goes through from first learning

about an innovation to final regular use.

• Stages in the process include:

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What is Adoption?

Adoption is an individual’s decision to become a regular user of a product

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Stages in the Adoption Process

Awareness Interest Evaluation

Trial Adoption

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• Influence of Product Characteristics

• on Rate of Adoption

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Bibliography

§ Principles of Marketing by Philip Kotler & Gary Armstrong Fifteenth Edition, Published by Prentice Hall

§ Marketing Management – A South Asian Perspective

by Philip Kotler, Kevin Lane Keller, Abraham Koshy &

Mithileshwar Jha, 13th Edition, Published by Pearson

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