Model of consumer behavior
Physical influences within an individual
Social influences affect consumer behavior
Cultural factor affect consumer behavior
Personal factors affect consumer behavior
Age and stage of life
Individual are affected by the purchase situation
The-consumer adoption process
Factors influencing adoption process
Readiness to try new product and personal influence
Characteristics of the innovation
Organization's readiness to adopt innovation
Most economists assumes that consumers are economic buyers - people who know all the facts and logically compare choices in terms of costs and value received to get the greatest satisfaction from spending their time and money.This view assumes that economic needs guide most consumers' behavior. Economic needs are concerned with making the best use of a consumer's time and money as the consumer judges it. Some consumers look for the lowest price other will pay extra for convenience and others may weigh price and quality for the best value.Marketing people are preoccupied with doing research and "getting the facts". They analyze the situation to make sure that truth is on their side. Then they sail confidently into the marketing arena, secure in the knowledge that they have the best product and that ultimately the best product will win.It's an illusion. There is no objective reality. There are no facts. There are no best products. All that exists in the world of marketing are perceptions in the minds of the customer. The perception is the reality.
Buyers Black Box
of the Buyer
Most consumers appreciate firms that offer them improved value for the money they spend. But improved value does not just mean offering lower and lower prices.Place decision can make it easier and faster for customers to make a purchase.Product can be designed to work better require less service, or last longer.Promotion can inform consumers about their choices-or explain product benefits interms of measurable factors like operating costs or the length of the guarantee.These are known as marketing stimuli like-PricePlaceProductPromotion etc.Many behavioral dimensions influence consumers. A Consumer buying behavior is influenced by Psychological factors, social factors, and cultural and personal factors.