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MARKETING MANAGEMENT

Analyzing Consumer Markets

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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?

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Culture

The fundamental determinant of a person’s wants and behaviors acquired through socialization processes with family and other key institutions.

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Subcultures

 Nationalities

 Religions

 Racial groups

 Geographic regions

 Special interests

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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.

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Social Factors

Reference groups

Social roles Statuses

Family

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Family

 Family of Orientation  Religion  Politics  Economics  Family of Procreation  Everyday buying behavior

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Personal Factors

 Age

 Life cycle stage

 Occupation

 Wealth

 Personality  Values  Lifestyle  Self-concept

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Key Psychological Processes

 Motivation

 Perception

 Learning

 Memory

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Motivation

 Freud’s theory

 Maslow’s hierarchy of needs

 Herzberg’s two-factor theory

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Figure 6.4 Consumer Buying Process

 Problem recognition

 Information search

 Evaluation

 Purchase decision

 Postpurchase behavior

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Sources of Information

 Personal

 Commercial

 Public

 Experiential

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Other Theories of

Consumer Decision Making

Involvement  Elaboration Likelihood Model  Low-involvement marketing strategies  Variety-seeking buying behavior

Decision Heuristics  Availability  Representativeness  Anchoring and adjustment