Principles of marketing: Lecture 14

Principles of marketing: Lecture 14 provide students with knowledge about: consumer buying behavior; stimulus response model; model of buyer behavior; characteristics affecting consumer behavior; reference group; implications of reference groups;... Please refer to this lesson for details!

MGT301 Principles of Marketing Lecture­14 Summary of   Lecture­13  Marketing Research (cont )  Consumer Market­understanding the consumer  Step­3 Implementing the Research Plan Step­4  Interpretation and Reporting  of Findings Consumer Market­understanding   the consumer  All individuals and households who buy or acquire goods  and services for personal consumption Model of  Consumer Behavior “Stimulus­Response” Today’s Topics Consumer Buying Behavior (cont ) Product Price Place Promotion Buyer’s decision process Product choice Brand choice Dealer choice Marketing Marketing and and Other Other Stimuli Stimuli Buyer’s Buyer’sBlack BlackBox Box ”what” ”what”&& “how” “how” Buyer’s Buyer’s Response Response Economic Technological Political Cultural Buyer characteristics affecting consumer behavior Purchase timing Purchase quantity Stimulus Response Model – Marketing and other stimuli enter the buyer’s “black box” and  produce certain choice/purchase responses – Marketers must figure out what is inside of the buyer’s “black  box” and how stimuli are changed to responses Model of Buyer Behavior Marketing &  other stimuli Buyer’s Black Box Product Price Place Promotion Buyer Characteristics Buyer Decision Process Marketing Buyer  Responses Product Choice Brand Choice Dealer Choice Other Economic Technological Political Cultural Purchase Timing Purchase Amount Social Social a b c Reference Groups Family Role & Status a. Reference Group Reference Group A group in society that influences an individual’s  purchasing behavior Implications of Reference Groups  They serve as information sources and influence perceptions  They affect an individual’s aspiration levels  Their norms either constrain or stimulate consumer behavior Opinion Leaders  An individual who  influences the opinion of others b. Family Purchase Purchase Roles Roles in in the the Family Family Children Influence  Purchase Decisions  Initiators  Influencers  Decision­Makers  Purchasers  Consumers c. Roles and Status Enough for today. .  Summary Consumer Buying Behavior (cont ) Product Price Place Promotion Buyer’s decision process Product choice Brand choice Dealer choice Marketing Marketing and and Other Other Stimuli Stimuli Buyer’s Buyer’sBlack BlackBox Box ”what” ”what”&& “how” “how” Buyer’s Buyer’s Response Response Economic Technological Political Cultural Buyer characteristics affecting consumer behavior Purchase timing Purchase quantity Characteristics Affecting Consumer  Behavior Cultural Social Culture Culture Reference groups Sub­ Sub­ culture culture Family Social Social class class Roles and status Personal Age and life­cycle Occupation Economic situation Lifestyle Personality and self­concept Psycho­ logical Motivation Perception Learning Beliefs and attitudes Buyer Next…   Understanding the consumer behavior (cont ) MGT301 Principles of Marketing Lecture­14 ... b. Subculture A homogeneous group  of? ?people who share elements? ?of? ?the overall culture as well as  unique elements? ?of? ? their own group c. Social Class A group? ?of? ?people in a society who are considered nearly equal ... Beliefs and attitudes Buyer Next…   Understanding the consumer behavior (cont ) MGT301 Principles? ?of? ?Marketing Lecture? ?14 ...Summary of? ?  Lecture? ?13  Marketing Research (cont )  Consumer Market­understanding the consumer  Step­3 Implementing the Research Plan Step­4  Interpretation and Reporting ? ?of? ?Findings