Professional Documents
Culture Documents
Consumer Market
Consumer Market
CONSUMER
MARKETS
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Key Questions
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What is Consumer Behavior?
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Concept 1: What Influences Consumer
Behavior?
• Cultural Factors
• Social Factors
• Personal Factors
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Social Factors
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Social Factors
A. Reference Groups
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Social Factors
B. Family
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Cultural Factors
Subcultures
• Nationalities
• Racial Groups
• Religions
• Geographical Locations
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Personal Factors
• Occupation
• Age and Stage in the lifecycle
• Economic Circumstances
• Personality and Self Concept
• Lifestyle
• Time constraints
• Money constraints
• Values
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Concept 2: Freud’s Theory of Human
Motivation
Freud’s
Theory
Behavior
is guided by
subconscious
motivations
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Concept 3: Maslow’s Theory of
Human Motivation
Maslow’s
Hierarchy
of Needs
Behavior
is driven by
lowest,
unmet need
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Concept 4: Herzberg’s Theory of
Human Motivation
Herzberg’s
Two-Factor
Theory
Behavior is
guided by
motivating
and hygiene
factors
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Concept 5: Buying Decision Process
1. Problem Recognition
– Internal Stimuli
– External Stimuli
2. Information Search
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Buying Decision Process
3. Evaluation of Alternatives
– Beliefs and Attitudes
– Expectancy Value Model
4. Purchase Decision
• Non-compensatory Models of Consumer Choice
– decision short-cuts
• Conjunctive Heuristic
5. Post-purchase Behavior
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Concept 6: Behavior Decision Theory
Decision Heuretics
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Behavior Decision Theory
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