Factors that Influence Consumer Behavior.ppt

Factors that Influence Consumer Behavior External Influences Culture Socioeconomic level Reference groups Households Internal Influences Personal needs and motives Experience Personality and self-image Perception and attitude Maslow’s Hierarchy of Needs Physiological Needs Safety Needs Social and Belonging Needs Esteem Needs Self-actualization Needs Consumer Discretionary Purchasing over a Lifespan Possession Experiences – less than 40 Catered Experiences – ages 40 to 60 Being Experiences – ages 60 to 80+ Consumer Adoption Process Innovators – 2.5% Early Adopters – 13.5% Early Majority – 34.0% Late Majority – 34.0% Laggards – 16.0% Consumer Decision-Making Model Problem recognition Information search Evaluation of alternatives Purchase decision Post purchase evaluation Consumer Problem-Solving Processes Compensatory Consumers use a product’s strengths in one or more areas to compensate for deficiencies in other areas Noncompensatory Conjunctive: exceed minimums on all attributes Disjunctive: exceed minimum on at least one attribute Lexicographic: prioritize and consider one attribute at a time Consumer Problem-Solving Techniques Routine Response Behavior – habitual response with little search or evaluation Limited Problem Solving – some search and evaluation Extended Problem Solving – extensive search and evaluation Characteristics of Organizational Buying Larger volume purchases Derived demand More emphasis on specifications and service Professional buyers and more negotiation Repeat business Multiple buyers Members of an Organizational Buying Unit Users – people that actually use the product Influencers – people with expertise who may help determine specifications Buyers – people who make purchase Deciders – people with the authority to select or approve a supplier Gatekeepers – people who control the flow of information * * Chapter 3.1 Chapter 3.2 Chapter 3.3 Chapter 3.4 Chapter 3.5 Chapter 3.6 Chapter 3.7 Chapter 3.8 Chapter 3.9 Chapter 3.10