Chapter 5: Consumer Markets and Consumer Buyer Behaviour Consumer buyer behaviour - Refers to buying behaviour of final consumers (individuals & households that buy goods and services for personal consumption) Consumer market - Total number of final customers Marketing stimuli consists of the 4Ps 1. Product 2. Price 3. Place 4. Promotion As well as other major forces in the buyer’s environment 1. Economic 2. Technological 3. Political 4. Cultural 5. Social Understand
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Consumer Behaviour Notes Lecture 1 – Overview of Consumer Behaviour Getting to Know Consumer Behaviour (CB) Marketing Decisions * Market segmentation is the basis of most marketing strategies‚ it involve identifying consumer groups with unique needs and/or purchasing processes‚ and developing specific marketing programs targeted at individual groups. * Target segment(s) * Single or multiple-target segments * Product positioning is the way a product or brand compares to its
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“The Internet has been a transformational force‚ empowering consumers as decision-makers in the marketplace”. Discuss the extent to which you agree or disagree with this statement. (A) Outline the motivations for engaging in compulsive consumption and consider the consequences of this behaviour. Critically evaluate whether marketers might be seen to encourage compulsive consumption. (A) Explore the ways in which young people’s fashion consumption enables them to create meaning and contributes
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problem begins with understanding how consumers or companies make buying decisions. Buyers will typically go through various stages to make the decision to purchase. Marketing and consumer behavior are intrinsically connected. Without grasping a level of understanding of what drives consumers‚ marketers would have a pretty difficult time identifying the right market segments and putting together a marketing campaign that will attract attention. Studying consumers helps marketers improve their strategies
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utilitarian product for all the consumers. * In cases where a high end refrigerator is bought it is also to satisfy the esteem need of the consumer. By buying a high end product at a premium price the consumer would like to impress his friends or relatives after being seen using a stylish and high technology product. Marketing Implications: In the case of high quality product the marketer should try to promote its products in a way such that the consumer feels that owning the product will
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CONSUMER BUYING BEHAVIOUR OF LAKME | SUBMITTED BY: AKANKSHA ARORA- 10BSPHH010050 DEBOPRIYA SAHA- 10BSPHH010213 DIPIKA AGARWAL- 10BSPHH010233 RISHIKA SHARMA- 10BSPHH010634 VRINDA BAJLA- 10BSPHH010888 TABLE OF CONTENTS Overview of Industry and company profile Marketing Mix SWOT Analysis Brand Equity of Lakme Perception and Attitude of consumers Promotional strategies of Lakme How Lakme influences Consumer Behaviour
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Understanding Consumer Behaviour We’ll be implying 3 factors of consumer behaviour. The 3 factors are‚ * Consumer Purchase Decision Process * Consumer Involvement & Problem Solving Variation * Psychological Influence on Consumer Behaviour Consumer Purchase Decision Process The stages in which a consumer passes through in making a decision which product or service to buy is called the purchase decision process. This process consists of 5 stages. They are problem recognition
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EXECUTIVE SUMMARY Consumer behaviour is the study of how individuals‚ groups and organizations select‚ buy‚ use and dispose of goods‚ services‚ ideas or experiences to satisfy their needs and wants. The emerging costumer trends play an important role in analysing the marketing opportunities. A consumer buying behaviour is influenced by cultural‚ social and personal factors. The consumer passes through five stages of the buying decision process: Problem Recognition‚ Information Search‚ evaluation
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CHAPTER 2 – MOTIVATION MOTIVATION 1. NEEDS- Why do consumers do what they need to do? 2. MOTIVATION- is the driving force within individuals that compels them to action. Motivation (in consumer behaviour)- what leads the consumer to search‚ but‚ consume and dispose of products. 3. GOALS- What do consumers want to achieve? i.e. desired ends 4. LAYERS OF REASONS: means-end-analysis NEEDS Need- any human requirement Type of Need Definition Example Application Innate aka biogenic
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Consumer Behaviour and Marketing at Reading Department of Food Economics and Marketing Selection of Part 2 modules Consumer behaviour There are many theories which draw on Psychology‚ Sociology and Economics which help us to understand consumer behaviour. A grasp of these theories will help you to develop a critical appreciation of what influences our decision making and purchasing behaviour. Economics 3 This module extends your understanding of the economic theories of consumer
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