MODEL OF CONSUMER BEHAVIOR (BUYER'S BLACK BOX; Buyer…
MODEL OF CONSUMER BEHAVIOR
BUYER'S BLACK BOX;
Buyer decision process
Buying attitudes and preference
Purchase behavior; what the buyer buys, when, where and how much
Brand and company relationship behavior
It is not easy to understand consumer's mind and behavior. Marketers must figure out what is in the buyer's black box
CHARACTERISTICS AFFECTING CONSUMER BEHAVIOR
Roles and Status
Age and Life-cycle Stage
Personality and Self-concept
Beliefs and Attitudes
5.3 Types of Buying Decision Behavior
COMPLEX BUYING BEHAVIOR
When they are highly involved in a purchase and perceive significant differences among brands.
HABITUAL BUYING BEHAVIOR
Occurs under conditions of low consumer involvement and little significant brand difference.
Consumer do not search extensively for information about the brands, evaluate brand characteristics, and make weighty decisions about which brands to buy
" Low Involvement :
Most purchases are not highly involving.
Items are bought as quickly and efficiently as possible because prices and risks are low "
VARIETY-SEEKING BUYING BEHAVIOR
Consumers often do a lot of brand switching
In situations characterized by low consumer involvement but significant perceived brand differences.
" High involvement:
to more active, careful decision making.
The involvement or interest is based on
perceived risks in the purchase "
DISSONANCE-REDUCING BUYING BEHAVIOR
dissonance (after-sale discomfort) when they notice certain disadvantages of the purchased brand or hear favorable things about brands not purchased.
Consumers are highly involved with an expensive, infrequent, or risky purchase, but see little difference among brands.
THE BUYER DECISION PROCESS
NEED RECOGNITION- the buyer should recognize a problem or need. A need can also be triggered by stimuli.
INFORMATION SEARCH - the amount of information search depends on the strength of your drive.
EVALUATION OF ALTERNATIVE - the marketers needs to know about alternative evaluation, that is how the consumer process the information.
PURCHASE DECISION - the consumers purchase decision will be to buy the most preferred brand.
POST-PURCHASE BEHAVIOR - the consumer will be satisfied or dissatisfied and will engage in post-purchase behavior of interest to the marketer.
5.5 THE BUYER DECISION PROCESS FOR NEW PRODUCTS
STAGES IN THE ADOPTION PROCESS :
5 ADOPTER CATEGORIES:
3)The late majority are skeptical
4)Laggards are traditional bound
2) The early majority are deliberate
5)Innovators are venturesome
1)Early adopters are guided by respects
iINFLUENCE OF PRODUCT CHARACTERISTIC ON RATE OF ADOPTION:
5.6 Illustration of buyer decision process for financial product
this is where you will compare a few financial products to get to know and decide your choice.
for example, for insurance you can compare their services based on few items such as the premium of the insurance, limitation of coverage , processing claim services and customer satisfaction.