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Lecture 7

Lecture 7

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Ryerson University
GEO 301
Joseph Aversa

L7: Consumer Markets and Consumer Buyer Behaviour Definitions - Consumer buyer behavior refers to the buying behavior of final consumers – individuals and households who buy goods and services for personal consumption - All of these final consumers combine to make up the consumer market Model of Behaviour Characteristics Affecting Consumer Behaviour A. Cultural B. Social C. Personal D. Psychological A. Culture - Culture – Forms a person’s wants and behavior - Subculture – Groups with shared value systems - Social Class – Society’s divisions who share values, interests and behaviors B. Social - Groups o Membership o Reference (Aspirational) o Opinion leaders (Buzz marketing) - Family o Many influencers - Roles and status C. Personal - Age and life cycle - Lifestyle - Personality and self-concept - Occupation o Activities, interests and opinions - Economic situation o Lifestyle segmentation D. Psychological - Motivation - Perception - Learning - Beliefs and attitudes - A motive is a need that is sufficiently pressing to direct the person to seek satisfaction - Motivation research is based on Freud. Looks for hidden and subconscious motivation - Maslow ordered needs based on how pressing they are to the consumer Psychological Factors Perception - Perception is the process by which people select, organize, and interpret information. - Perception Includes: o Selective attention – Consumers screen out information o Selective distortion – People interpret to support beliefs o Selective retention – People retain points to support attitudes Psychological Factors Learning - Learning describes changes in an individual’s behavior arising from experience - Learning occurs through o Drives – Internal stimulus that calls for action o Stimuli – Objects that move drive to motive o Cues – Minor stimuli that affect response o Reinforcement – Feedback on action Psychological Factors Beliefs and Attitudes - Belief o a descriptive thought about a brand or service o may be based on real knowledge, opinion, or faith - Attitude o describes a person’s evaluations, feelings and tendencies toward an object or idea o They are difficult to change The Buyer Decision 1. Need Recognition Needs can be triggered by: - Internal stimuli – Normal needs become strong enough to drive behavior - External stimuli – Advertisements, Friends of friends 2. Information Search - Consumers exhibit heightened attention or actively search for information - Sources of information: o Personal o Commercial o Public o Experiential o Word-of-mouth 3. Evaluation of Alternatives - Evaluation procedure depends on the consumer and the buying situation. - Most buyers evaluate multiple attributes, each of which is weighted differently. - At the end of the evaluation stage, purchase intentions are formed. 4. Purchase Decision - Two factors intercede between purchase intentions and the actual decision: o Attitudes of others o Unexpected situational factors 5. Postpurchase Behavior - Satisfaction is important: o Delighted consumers engage in positive word-of-mouth. o Unhappy customers tell on average 11 other people. - Cognitive dissonance is common CASE STUDY Consumer Behaviour and The Recession - Both consumers and businesses dealt with a great deal of uncertainty in 2009. - Most of this year was marked by consumers slowing in discretionary spending, while retailers and shopping center owners want to know what it will take to get consumers shopping again. Key Questions by Industr
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