Analysing Consumer Market
5. Analyzing Consumer Markets
LECTURE QUESTIONS 1. How do consumer characteristics influence buying behavior? 2. What major psychological processes influence consumer responses to the marketing program? 3. How do marketers analyze consumer decision making? 4. How do consumers make purchasing decisions?
INTRODUCTION
* The aim of marketing is to meet and satisfy target customers’ needs and wants better than competitors * Marketers are always looking for emerging customer trends that suggest new marketing opportunities * Adopting a holistic marketing orientation means understanding customers and the bases for their choices * This lecture explores individual consumer buying dynamics * Task: Using any stimulus response model explain your understanding of consumer behavior
WHAT IS CONSUMER BEHAVIOR?
It is the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs & desires (Solomon, 2006)
It reflects the totality of consumers’ decision with respect to the acquisition, consumption, & disposition of goods, services, time, & ideas by human decision making units over time * Consumers are actors on the stage: * Evolves from the perspective of role theory which takes the view that much of consumer behavior resembles actions in a play * Because people act out many different roles, they sometimes alter their consumption decisions depending on the he particular play they act at the time * Consumer behavior is a process: * Consumer behavior is an ongoing process, not merely what happens at the moment a consumer hands over payment & in turn receives the good or service * Consumer behavior involves many different actors: * Generally a consumer is a person who identifies a need or desire, makes the purchase of the product * However many different people may be involved in this
LECTURE QUESTIONS 1. How do consumer characteristics influence buying behavior? 2. What major psychological processes influence consumer responses to the marketing program? 3. How do marketers analyze consumer decision making? 4. How do consumers make purchasing decisions?
INTRODUCTION
* The aim of marketing is to meet and satisfy target customers’ needs and wants better than competitors * Marketers are always looking for emerging customer trends that suggest new marketing opportunities * Adopting a holistic marketing orientation means understanding customers and the bases for their choices * This lecture explores individual consumer buying dynamics * Task: Using any stimulus response model explain your understanding of consumer behavior
WHAT IS CONSUMER BEHAVIOR?
It is the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs & desires (Solomon, 2006)
It reflects the totality of consumers’ decision with respect to the acquisition, consumption, & disposition of goods, services, time, & ideas by human decision making units over time * Consumers are actors on the stage: * Evolves from the perspective of role theory which takes the view that much of consumer behavior resembles actions in a play * Because people act out many different roles, they sometimes alter their consumption decisions depending on the he particular play they act at the time * Consumer behavior is a process: * Consumer behavior is an ongoing process, not merely what happens at the moment a consumer hands over payment & in turn receives the good or service * Consumer behavior involves many different actors: * Generally a consumer is a person who identifies a need or desire, makes the purchase of the product * However many different people may be involved in this