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Friday, May 21, 2010

MM - The Consumer Behavior

Consumer behavior is the decision process and physical activity of an individual or group, when they are evaluating, acquiring, using or consuming goods and services.

Characteristics Affecting Consumer Behavior

a. Cultural Factors
Culture : The set of basic values, perceptions, wants and behaviors learned by a member of society from family and other important institutions.
Sub-culture : A group of people with shared value systems based on common life experiences and situations.

b. Social Class
Groups: Two or more people who interact to accomplish individual or mutual goals.
Family: A family is a group of two or more people related by blood, marriage, or adoption living together in a household
Roles and Status : A role consists of the activities people are expected to perform according to the persons around them e.g. daughter, husband, brand manager etc.

c. Personal Factors
  • Age and life-cycle stage
  • Occupation
  • Economic situations
  • Life Style 
  • Personality and self-concept
d. Psychological factor A person’s distinguishing psychological characteristics that leads to relatively consistent and lasting responses to his or her own environment.
Motivation : A need that is sufficiently pressing to direct the person to seek satisfaction of the need. Perception : The process by which people select, organize, and interpret information to form a meaningful picture of the world.
Learning : Changes in an individual’s behavior arising from experience.
Belief and attitudes : Belief is a descriptive thought that a person holds about something and Attitudes is a person’s consistently favorable or unfavorable evaluations, feelings, and expressions toward an object or idea.

 
Types of Buying Behavior


Complex Buying Behavior- Complex buying behavior is where the individual purchases a high value brand and seeks a lot of information before the purchase is made.

Dissonance-Reducing Buyer Behavior- Dissonance reducing buying behaviour is when buyer are highly involved with the purchase of the product, because the purchase is expensive or infrequent. There is little difference between existing brands an example would be buying a diamond chain, there is perceived little difference between existing diamond brand manufacturers.

Habitual Buying Behavior- Habitual buying behaviour is where the individual buys a product out of habit e.g. a daily newspaper, sugar or salt.

Variety-Seeking Buying Behavior-
Variety seeking buying behaviour is where the individual likes to shop around and experiment with different products.

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