Consumer Behavior Essay

2270 words - 9 pages

Contents

Title

Page no.

Introduction

01

Model of consumer behavior

02

Physical influences within an individual

03

Motivation

04

Perception

05

Learning

06

Attitudes

06

Lifestyle

06

Social influences affect consumer behavior

07

Family

07

Social class

07

Reference group

08

Cultural factor affect consumer behavior

08

Culture

08

Subculture

09

Personal factors affect consumer behavior

09

Age and stage of life

10

Occupation

10

Life style

10

Individual are affected by the purchase situation

11

The-consumer adoption process

11

Factors influencing adoption process

12

Readiness to try new product and personal influence

12

Personal influence

14

Characteristics of the innovation

14

Organization's readiness to adopt innovation

15

Conclusion

16

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.
Marketing Stimuli

Environmental Stimuli

Buyers Black Box

Response

Product
Price
Place
Promotion

Economic
Technological
Social
Cultural

Characteristics
of the Buyer
Buyers decision
Making process

Product decision
Brand decision
Dealer decision
Time decision
Quality decision

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.
Psychological
Factors

Social
Influences

Cultural
Factors

Personal...

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