Understanding Consumer Behavior

Understanding Consumer Behavior

This chapter delves into the intricacies of consumer behavior, with the main objective being to equip the reader with a comprehensive understanding of the consumer buying process. The chapter begins with an overview of the steps involved in

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About Understanding Consumer Behavior

PowerPoint presentation about 'Understanding Consumer Behavior'. This presentation describes the topic on This chapter delves into the intricacies of consumer behavior, with the main objective being to equip the reader with a comprehensive understanding of the consumer buying process. The chapter begins with an overview of the steps involved in. The key topics included in this slideshow are . Download this presentation absolutely free.

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Slide1chapterconsumer  behavior five McGraw-Hill/Irwin         Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

Slide2LEARNING OBJECTIVESLO1 Articulate the steps in the consumer buying process. LO2 Describe the difference between functional and psychological needs. LO3 Describe factors that affect information search. LO4 Discuss post-purchase outcomes. LO5  List the factors that affect the consumer decision process. LO6  Describe how involvement influences the consumer decision process. Consumer Behavior 5-2

Slide3The Consumer Decision Process5-3

Slide4Need RecognitionFunctional needs Functional needs Psychological needs Psychological needs Royalty-Free/CORBIS ©Digital Vision/PunchStock 5-4

Slide5Search for InformationInternal Search for Information External Search for Information 5-5

Slide6Factors Affecting Consumers’Search Process Perceived Benefits Perceived Costs 5-6

Slide7The Locus of ControlInternal Locus of Control = more search activities Internal Locus of Control = more search activities External Locus of Control = Fate, external factors External Locus of Control = Fate, external factors Royalty-Free/CORBIS ©Comstock/JupiterImages 5-7

Slide8Actual or Perceived RiskPerformance Risk Financial Risk Psychological Risk 5-8

Slide9Evaluation of Alternatives:Attribute Sets Universal Retrieval Evoked 5-9

Slide10Evaluation of Alternatives:Evaluate Criteria Evaluative Criteria Determinant Attributes What are some of the features of a vacation that would be in your evaluative criteria? What are some of the features of a vacation that would be in your evaluative criteria? Digital Vision/Getty Images 5-10

Slide11Evaluation of Alternatives:Decision Heuristics Mental Shortcuts Price Brand Product presentation Amos Morgan/Getty Images 5-11

Slide12Purchase and ConsumptionIncrease Conversion rate Reduce real or virtual abandoned carts Merchandise in stock Reduce the actual wait time 5-12

Slide13Post-purchase:Customer Satisfaction Dissonance Customer Loyalty 5-13

Slide14Factors Influencingthe Consumer Decision Process 5-14

Slide15Involvement and Consumer Buying Decisions 5-15

Slide16Types of Buying Decisions• Extended Problem Solving • Limited Problem Solving – Impulse Buying – Habitual Decision Making Courtesy Wendy’s International, Inc. 5-16

Slide17Return to slideReturn to slide An  attitude  is a person’s enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea. Glossary 5-17

Slide18Return to slideReturn to slide Consumer decision rules  are the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives. Glossary 5-18

Slide19Return to slideReturn to slide Determinant attributes  are product or service features that are important to the buyer and on which competing brands or stores are perceived to differ. Glossary 5-19

Slide20Return to slideReturn to slide Evaluative criteria  consist of a set of salient, or important, attributes about a particular product. Glossary 5-20

Slide21Return to slideReturn to slide A consumer’s  evoked set  comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision. Glossary 5-21

Slide22Return to slideReturn to slide Extended problem solving  occurs during a purchase decision that calls for a lot of effort and time. Glossary 5-22

Slide23Return to slideReturn to slide Functional needs  pertain to the performance of a product or service. Glossary 5-23

Slide24Return to slideReturn to slide Habitual decision making  describes a purchase decision process in which consumers engage little conscious effort. Glossary 5-24

Slide25Return to slideReturn to slide Impulse buying  is a buying decision made by customers on the spot when they see the merchandise. Glossary 5-25

Slide26Return to slideReturn to slide Involvement  is the consumer’s degree of interest in the product or service. Glossary 5-26

Slide27Return to slideReturn to slide Limited problem solving  occurs during a purchase decision that calls for, at most, a moderate amount of effort and time. Glossary 5-27

Slide28Return to slideReturn to slide Psychological needs  pertain to the personal gratification consumers associate with a product and/or service. Glossary 5-28

Slide29Return to slideReturn to slide Retrieval sets  are the brands or stores that can be readily brought forth from memory. Glossary 5-29

Slide30Return to slideReturn to slide Ritual consumption  is a pattern of behaviors tied to life events that affect what and how we consume. Glossary 5-30

Slide31Return to slideReturn to slide Shopping goods/services  are products or services for which consumers will spend time comparing alternatives. Glossary 5-31

Slide32Return to slideReturn to slide Situational factors  are factors specific to the situation. Glossary 5-32

Slide33Return to slideReturn to slide Specialty goods/services  are products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers. Glossary 5-33

Slide34Return to slideReturn to slide Universal sets  include all possible choices for a product category. Glossary 5-34