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Principle Marketing - Week 3: Consumer behavior

Consumer market – all the individuals and households who buy or acquire goods and services for personal consumption. | Consumer behavior Agenda Consumer behavior Consumer decision process Consumer behavior Models of consumer behavior Consumer market – all the individuals and households who buy or acquire goods and services for personal consumption Consumer buying behavior – the buying behavior of final consumers – individuals and households who buy goods and services for personal consumption Models of consumer behavior Characteristics affecting consumer behavior Cultural factors Culture – the set of basic values, perceptions, wants and behavior learned by a member of society from family and other important institutions Marketers are always trying to spot cultural shifts in order to imagine new products that might be wanted Health and fitness concern has created a huge industry for exercise equipment, lower calorie, natural foods, health & fitness services Cultural factors Subculture – a group of people with shared value systems based on common life experiences and situations Cultural factors Social . | Consumer behavior Agenda Consumer behavior Consumer decision process Consumer behavior Models of consumer behavior Consumer market – all the individuals and households who buy or acquire goods and services for personal consumption Consumer buying behavior – the buying behavior of final consumers – individuals and households who buy goods and services for personal consumption Models of consumer behavior Characteristics affecting consumer behavior Cultural factors Culture – the set of basic values, perceptions, wants and behavior learned by a member of society from family and other important institutions Marketers are always trying to spot cultural shifts in order to imagine new products that might be wanted Health and fitness concern has created a huge industry for exercise equipment, lower calorie, natural foods, health & fitness services Cultural factors Subculture – a group of people with shared value systems based on common life experiences and situations Cultural factors Social class – relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviors Social factors Groups influence a person’s behavior Membership groups – groups that have a direct influence on a person’s behavior and to which a person belongs Reference groups – groups that have a direct or indirect influence on the person’s attitudes or behavior Aspirational group – a group to which an individual wishes to belong Social factors Opinion leaders – people within a reference group who, because of special skills, knowledge, personality or other characteristics, exert influence on others Social factors Groups influence on brand choice Strong Weak Group influence on product choice Strong Public luxuries Golf clubs Snow skis Yachts Private luxuries Tv video games Weak Wristwatches Cars Dress clothes Mattresses Floor lamps Refrigerators Social factors Social networking – social interaction carried out over internet media Marketers are working to harness .