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MS-CT-KK-C6 Analyzing consumer markets (The buying decision process --…
MS-CT-KK-C6 Analyzing consumer markets
What influences C behavior?
Cultural factors
Culture: view of self, relationship with others and rituals
Subculture: provide more specific identification and socialization for their members
Social classes: lower lowers; upper lowers; working class; middle class; upper middles; lower uppers; upper uppers.
Social factors
reference groups
: (aspirational groups, dissociatively groups, opinion leader) 3 ways influence: 1)expose an individual to new behaviors/lifestyles; 2) influence attitudes / self-concept; 3) create pressure for conformity
family
: 1)family of orientation - parents&siblings; 2)family of procreation - spouse & children
Social roles & status
Personal factors
age & stage in the life cycle: taste in goods - family life cycle; psychological life-cycle; critical life events & transitions (marriage, death, career..)
occupation & economic circumstance
personality & self-concept: brand personality (sincerity, excitement, competence, sophistication, ruggedness)
lifestyle & values: money constrained / time constrained
Key psychological processes
Motivation
: a need becomes a motive when it is aroused to a sufficient level of intensity to drive us to act
Perception
selective attention: related to current need; anticipant; whose deviations are large in relationship to the normal size of stimuli.
selective distortion
selective retention
selective preception
Learning
: drive - strong internal stimulus impelling action; stimuli; cues - determine when. where. how a person responds; responses; reinforcement
Memory
: short-term memory (STM) & long-term memory (LTM); memory encoding; memory retrieval
Emotion
The buying decision process -- five stage model
problem recognition
information search: heightened attention - active information search; information sources (personal, commercial, public, experiential); market partitioning - total set, awareness set, consideration set, choice set, decision.
evaluation of alternatives: brief & attitude; expectancy-value model
purchase decision: brand, dealer, quantity, timing, payment method; noncompensatory model of consumer choice (conjunctive heuristic; lexicographic heuristic; elimination-by-aspects heuristic. intervening factors
post-purchase behavior: post purchase satisfaction; post purchase action; post purchase product uses and disposal
Moderating effects on consumer decision making
level of involvement
extent of variety seeking
Behavioral decision theory & B economics
decision heuristics
availability heuristic: quickness, ease
representativeness heuristic: similarity
anchoring and adjustment heuristic: initial judgement, base on additional information.
framing
mental accounting
segregate gains
intergate losses
integrate small losses
segregate small gains from small losses
other contextual effects