Chapter 4

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School
University of Illinois, Chicago **We aren't endorsed by this school
Course
MKTG 360
Subject
Marketing
Date
Apr 24, 2023
Pages
4
Uploaded by SuperHumanJellyfishMaster723 on coursehero.com
Understanding Your Customer - Chapter 4 Understanding Consumer Behavior Consumer behavior relates to two fields Business-to-consumer (B2C) Business-to-business (B2B) Traditional perspective on consumer decision making Previous focus on cognition and rationality Inside buyer's brains Modernfocus incorporates emotion into reasoning process Thinking, fast and slow System 1 - unconscious System 2 - Effortful Consumer Decision-Making Processes A continuum where the ends are Habitual decision making Extended problem solving Process Problem recognition What need do I have to satisfy? Information search What products are available to satisfy my need? ources of Information Internal information search External information search The internet, social media marketing, and information search Search marketing Instagram shopping Alternative Evaluation Which product will best satisfy my need? Use a set of evaluative criteria Attribute-based choice Affective choice attitude -based choice Outlet selection and purchase Where should I purchase from? How much should I pay Factors include store location or convenience, price, merchandise quality and selection, and more Unplanned purchases Reminder purchases Impulse purchases Credit cards and mobile payment system Postpurchase Process Am I satisfied with my purchase? Thoughts and feelings about a purchase will affect whether they become repeat buyers Cognitive dissonance Buyer's remorse
Cultural and Social Influences on Consumer Behavior Culture Normal are formal or informal societal rules Differences in national cultures Individualism versus collectivism Subcultures Consumption subculture Country-of-origin effects Social Factors Influenced by our social network Family influences Reference groups Loyal customers for life Opinion leaders Influencers Individual Influences on Consumer Behavior Personality Confident Personable Deferential Adaptable Dominant Lifestyle Values Personality Framework O - openness C - concientiousness E - extraversion A - agreeableness N - neurocism Psychological Influences on consumer's behavior Perception Sensation Stimulus Selective attention Sensory marketing Motivation Maslow's hierarchy needs
Physiological Safety love/belonging Esteem Self-actualization Atitudes ABC model Affective Behavioral Cognitive Learning Begins with a stimulus Stimulus followed by a response Reinforcement occurs when response reduces need Situational influences Time affects what consumers buy Level of involvement matters Low involvement products Inexpensive and purchased oftern High involvement products Expensive with greater risk B2B marketing Professional purchasing Request for proposal (RFP) Derived demand Fewer buyers, large purchases Types of Business Customers Producers profit -oriented manufactures and services providers Reseller Markets Resellers Retailers Wholesaling Wholesalers Government markets
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