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CONSUMER BUYING BEHAVIOR

CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13 Today’s Agenda: Learning about Consumer Buying Behavior through: Consumer Vocabulary Consumer

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Page 1: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

CONSUMER BUYING BEHAVIOR

Page 2: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Good Afternoon!! 9/9/13

Today’s Agenda: Learning about Consumer Buying Behavior through: Consumer Vocabulary Consumer Buying Process Notes

This week: Consumer rights and responsibilities Comparison Shopping – what are YOU going

to shop for?

Page 3: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Consumer Market

Consists of all the individuals and households who buy or acquire goods and services for personal consumption.

Page 4: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Consumer Buying Decision Process

Problem Recognition

Information Search

Evaluation of Alternatives

Purchase Decision

Post-PurchaseEvaluation

Page 5: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Types of Buying BehaviorRoutine ResponseLimited Decision Extensive Decision Impulse Buying

Page 6: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Factors Influencing Consumer Behavior

PersonalPsychological

SocialCultural

Page 7: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Personal FactorsAgeLife-Cycle Stage

Page 8: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Stages in Family Life-Cycle

1. Single2. Newly Married Couples3. Full Nest I4. Full Nest II5. Full Nest III6. Empty Nest I7. Empty Nest II8. Solitary Survivor9. Solitary Survivor, Retired

Page 9: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Personal Factors

AgeLife-Cycle StageOccupationEconomic CircumstancesLife Style

Page 10: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Buying Motives

Psychological WANTS Motivations Perceptions Learned experiences

Functional Satisfies a NEED

Page 11: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Psychological Factors“Wants”

Based on a want or desire to have something. Not a necessity.

Page 12: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Psychological Factors

Motivation: Freud

IdEgoSuper Ego

MaslowHierarchy of Needs

Page 13: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Psychological Factors Motivation Perception

The process by which an individual selects, organizes, and interprets inputs to create a meaningful picture of the world. Selective Exposure Selective Distortion Selective Retention

Page 14: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Psychological FactorsMotivationPerceptionLearning

Changes in an individual’s behavior arising from experience

Page 15: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Psychological Factors Motivation Perception Learning Beliefs

Descriptive thoughts that a person holds about something

Page 16: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Psychological Factors Motivation Perception Learning Beliefs Attitudes

Enduring favorable or unfavorable cognitive evaluations emotional feelings and action tendencies

Page 17: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Functional Factors“Needs”

Need over wants. Delivers to a real “need” to have something.

Page 18: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Social Class

Relatively homogenous, enduring divisions in a society,

hierarchically ordered with members sharing similar values,

interests, and behaviors.

Page 19: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

American Social Classes

Upper Upper 1% Lower Upper 2% Upper Middle 12% Middle 32% Working 38% Upper Lower 9% Lower Lower 7%

Page 20: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Family Influence on Buying Behavior

Husband-DominantWife-DominantEqual

Page 21: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Culture & Subcultures

Cultures The accumulation of values, knowledge,

beliefs, customs, objects, and concepts that a society uses to cope with its environment

Subcultures Groups of individuals who have similar value

and behavior patterns within the group but differ from those in other groups.

Page 22: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Adoption Process1. Awareness2. Interest3. Evaluation4. Trial5. Decision6. Confirmation

Page 23: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Examples of Buying Motives:Psychological or Functional?

A senior wants to impress his date at the prom .His primary motive is …?

Psychological

Page 24: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Examples of Buying Motives:Psychological or Functional? A girl wants to remember her

grandmother on her birthday.Her primary motive is…?

Psychological

Page 25: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Examples of Buying Motives:Psychological or Functional? A homemaker needs a new washing

machine and has had good experiences with Sears.

Her primary motive is …?

Functional

Page 26: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Examples of Buying Motives:Psychological or Functional? A teacher wants to buy a practical car to

be used for family transportation.Her/His primary motive is …?

Functional

Page 27: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Examples of Buying Motives:Psychological or Functional? A career woman always buys Liz

Claiborne clothes.Her primary motive is…?

Psychological

Page 28: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Examples of Buying Motives:Psychological or Functional? An overweight 40 year old man wants to

loose weight so that he can reduce his blood pressure.His primary motive is…?

Functional

Page 29: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Examples of Buying Motives:Psychological or Functional? A homeowner needs to mow their lawn.

Their primary motive is…?

Functional

Page 30: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Consumer Buying Behavior Competency

Functional Motive

Psychological Motive

The price is 40 cents off the regular price.

It never needs ironing.

Diamonds are forever.

Serving you since 1971.

Ninety-day warranty.

Page 31: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Consumer Buying Behavior Competency

Functional Motive

Psychological Motive

Running shoe with built-in arch.

It’s all the rage—colored action wear and style.

Wheaties—the breakfast of champions!

Steel-belted radial tires warranted for 40,000 miles

A watch—a gift she will treasure always.

Page 32: CONSUMER BUYING BEHAVIOR. Good Afternoon!! 9/9/13  Today’s Agenda: Learning about Consumer Buying Behavior through:  Consumer Vocabulary  Consumer

Consumer Buying Decision Process

Problem Recognition

Information Search

Evaluation of Alternatives

Purchase Decision

Post-PurchaseEvaluation