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CONSUMER PSYCHOLOGY & BUYING BEHAVIOR (consumer behaviour (Marketing…
CONSUMER PSYCHOLOGY & BUYING BEHAVIOR
Psychology
science of behaviour and mental processes
Consumer
Person who consumes, especially one who uses a product
Consumer Psychology
KEY PSYCHOLOGICAL PROCESSES
3 dimensions of value a product
Symbolism
What this product says about them
Experience
What it feels like to use this particular product
Utility
What uses they find for the product.
HELP CONSUMER BUSINESSES BY
By designing experiments to test product concepts and enable consumers themselves to innovate.
By understanding how different types of consumers (e.g. men versus women) think, feel and act.
By understanding the ordinary everyday lives and activities of consumers
By understanding the different ways in which consumers value products and services
By understanding the fundamental human drives which underpin consumer behaviour
is the study of how people relate to the products and services that they purchase or use
10 WAYS TO CONVERT MORE CUSTOMERS
help customer break through action paralysis by setting minimums
embrace the power of labels
understand the 3 types of buyers
highlight strengths by admitting shortcomings
use urgency the smart way
make their brain light up instantly
make an enemy
stand for something
devils advocate
keep them on their toes
consumer behaviour
Marketing applications of consumer behavior
Market segmentation
Target market selection
Positioning
Product or service decisions
Pricing decisions
Distribution decisions
Promotion decisions
behavior reflects all decisions about the acquisition, consumption and disposal of an offering by people over time
the customer experience
current behavior
rational ties
intended behavior
emotional ties
the buying roles
Initiator
who first gives the idea of buying the product or service
Influencer
who decide on any component of buying decision
Buyer
who makes the actual purchase
User
who uses the product or service purchased
BUYING DECISION PROCESS
FIVE STAGE MODEL
I. Need recognition / Problem recognition
II. Information search
III. Evaluation of alternatives
IV. Purchase decision
V. Post-purchase behavior
FACTORS INFLUENCING CONSUMER BUYING BEHAVIOR
CULTURAL
SOCIAL
PERSONAL
PSCHOLOGICAL
