Consumer Market and Buyer Behavior

CONSUMER MARKET AND BUYING BEHAVIOR Definition ●Consumer buying behavior:- ●Consumer Market:- Buyers reactions to a firms marketing strategy has a great impact on the firms success. The marketing concept stresses that a firm should create a Marketing Mix (MM) that satisfies (gives utility to) customers, therefore need to analyze the what, where, when and how consumers buy. ●Characteristic affecting consumers buying behavior ● SOCIAL ● PERSIONAL ● PSYCHOLOGICAL CULTURE:- ● Groups with shared value systems. e.g.- Asian consumer, American consumer etc. ● Society’s divisions who shares value, interest and behavior. SOCIAL:- ● Consumer wants, learning, motives etc. are influenced by opinion leaders, person's family, reference groups, social class and culture. Opinion leaders-- Roles and Family Influences-- Family is the most basic group a person belongs to. Marketers must understand: {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} The Family life cycle: families go through stages, each stage creates different consumer demands: {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} PERSONAL:- ● Occupation , Economic condition. ● Lifestyle , activities , interests ,and opinion. PSYCHOLOGICAL:- Motives-- A motive is an internal energizing force that orients a person's activities toward satisfying a need or achieving a goal.
Actions are effected by a set of motives, not just one. If marketers can identify motives then they can better develop a marketing mix.
MASLOW hierarchy of needs!! {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} Need to determine what level of the hierarchy the consumers are at to determine what motivates their purchases. ● {text:bookmark-start} Perception {text:bookmark-end} Selective