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Model of business buyer behavior and consumer buyer behavior

Model of Business Buyer Behavior and Consumer Buyer

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Page 1: Model of Business Buyer Behavior and Consumer Buyer

Model of business buyer behavior and consumer buyer behavior

Page 2: Model of Business Buyer Behavior and Consumer Buyer

• Refers to the buying behavior of people who buy goods and services for personal use.

• These people make up the consumer market.• The central question for marketers is:

“How do consumers respond to various marketing efforts the company might use?”

Consumer Buying Behavior

Page 3: Model of Business Buyer Behavior and Consumer Buyer

Model of Buyer Behavior

Page 4: Model of Business Buyer Behavior and Consumer Buyer

Factors Influencing Consumer Behavior

Page 5: Model of Business Buyer Behavior and Consumer Buyer

• Culture is the most basic cause of a person's wants and behavior.

– Culture is learned.

– Culture reflects basic values, perceptions, wants, and behaviors.

– Cultural shifts create opportunities for new products or may otherwise influence consumer behavior.

– Subcultures are of interest to marketers.

– Social class

• Society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.

• Measured by a combination of: occupation, income, education, wealth, and other variables.

Page 6: Model of Business Buyer Behavior and Consumer Buyer

Personal Factors

• Lifestyle:

– Pattern of living as expressed via a person’s activities, interests, and opinions.

• Personality refers to the unique psychological characteristics that lead to relatively consistent and lasting responses to one’s own environment.

• Generally defined in terms of traits.• Self-concept suggests that people’s possessions contribute to

and reflect their identities.

Page 7: Model of Business Buyer Behavior and Consumer Buyer

Buyer Decision Process

Page 8: Model of Business Buyer Behavior and Consumer Buyer

Model of Business Buyer BehaviorModel of Business Buyer Behavior

Page 9: Model of Business Buyer Behavior and Consumer Buyer

Stages in buying process

Page 10: Model of Business Buyer Behavior and Consumer Buyer

Market Research techniques

Page 11: Model of Business Buyer Behavior and Consumer Buyer

Secondary Research

Information already collected for another purpose

• Internal• Company Accounts• Internal Reports and Analysis• Previous company research• Retail data - loyalty cards, purchase data, etc.• Customer feedback• Salespeople feedback

• External• Government Statistics • Trade publications• Magazine surveys• Other firms’ research• Published research documents – publications, journals, etc.

Page 12: Model of Business Buyer Behavior and Consumer Buyer

• Qualitative Research– Discovery/identification of new ideas, thoughts, feelings– Preliminary insights/understanding of ideas– Open-ended questions– Results cannot be generalized

• Types:

– Customer Interviews– Focus Groups– Observation

Primary Research

Page 13: Model of Business Buyer Behavior and Consumer Buyer

Market Research

• Advantages of Market Research– Helps focus attention on objectives– Aids forecasting, planning and strategic development– May help to reduce risk of new product development– Communicates image, vision, etc. – Globalisation makes market information valuable (HSBC adverts!!)

Page 14: Model of Business Buyer Behavior and Consumer Buyer

Exploratory Research

• Initial research conducted to clarify and define the nature of a problem

• Does not provide conclusive evidence

• Subsequent research expected

Page 15: Model of Business Buyer Behavior and Consumer Buyer

Descriptive Research

• Describes characteristics of a population or phenomenon

• Some understanding of the nature of the problem