Lecture 5 Analyzing Consumer Markets.pptVIP

Analyzing Consumer Markets Chapter Questions How do consumer characteristics influence buying behavior? What major psychological processes influence consumer responses to the marketing program? How do consumers make purchasing decisions? How do marketers analyze consumer decision making? What Influences Consumer Behavior? Cultural factors Social factors Personal factors What is Culture? Culture is the fundamental determinant of a person’s wants and behaviors acquired through socialization processes with family and other key institutions. Subcultures Nationalities Religions Racial groups Geographic regions Fast Facts About American Culture The average American: chews 300 sticks of gum a year goes to the movies 9 times a year takes 4 trips per year attends a sporting event 7 times each year Social Classes Upper uppers Lower uppers Upper middles Middle Working Upper lowers Lower lowers Characteristics of Social Classes Within a class, people tend to behave alike Social class conveys perceptions of inferior or superior position Class may be indicated by a cluster of variables (occupation, income, wealth) Class designation is mobile over time Social Factors Reference groups Family Social roles Statuses Reference Groups Membership groups Primary groups Secondary groups Aspirational groups Disassociative groups Family Distinctions Affecting Buying Decisions Family of Orientation Family of Procreation Personal Factors Age Life cycle stage Occupation Wealth Personality Values Lifestyle Self-concept Brand Personality Sincerity Excitement Competence Sophistication Ruggedness Lifestyle Influences Multi-tasking Time-starved Money-constrained Table 6.2 LOHAS (Lifestyles of Health and Sustainability) Market Segments Sustainable Economy Healthy Lifestyles Ecological Lifestyles Alternative Health Care Personal Development Key Psychological Processes Motivation Perception Learning Memory Motivation Maslow’s Hierarchy of Needs Physiological needs Safety needs Social needs