Understanding Consumer and Business
• Understand the consumer market and the major factors that influence consumer buyer behavior. • Identify and discuss the stages in the buyer decision process. • Describe the adoption and diffusion process for new products. • Define the business market and identify the major factors that influence business buyer behavior. • List and define the steps in the business buying decision process.
Apple’s Loyal Consumers
• Macheads: Extremely brand loyal consumers who live for the latest Apple products. • Unique consumer behavior: Tattooing Apple logos on their bodies, buying multiple phones just so they can dissect one and use the other. • How Satisfied Are They? Apple scored an 85% customer satisfaction rating–the highest ever for a PC firm (American Consumer Satisfaction Index). Additionally, 81% of current users plan to buy another Apple.
Apple’s Fanatically Loyal Consumers
Apple Caters to Customers
• Why are they loyal? Strong satisfaction with current products, strong belief in superiority of the brand. Apple understands that their products are a means to self-expression: users are innovators, independent thinkers. • Deepening the experience: Apple stores are designed to get patrons to stay and enjoy technology. • Sales and Profits: Apple saw a 35% sales increase in 2008; iPod and iPhone sales continue to grow despite economic woes. Consumer Buying Behavior
• Consumer buying behavior:
o Refers to the buying behavior of individuals and households who buy goods and services for personal use. o These people make up the consumer market.
• The central question for marketers is:
o “How do consumers respond to various marketing efforts the company might use?” Model of Consumer Behavior
• Marketing mix factors and other external stimuli are inputs into the “buyer’s black box.” o Stimuli are evaluated in light of the buyer decision process and the buyer’s characteristics. o Buyer responses include formation of attitudes and preferences, purchase behavior, and the development of a relationship with the brand or firm. Copyright 2011, Pearson Education Inc. Publishing as Prentice-Hall 5 -
Copyright 2011, Pearson Education Inc. Publishing as Prentice-Hall 5 - 6
Consumer Buying Behavior
• Factors influencing consumer behavior:
o Cultural factors:
▪ Culture, subculture, social class
o Social factors:
▪ Reference groups, family, roles, and status o Personal factors:
▪ Age/life-cycle stage, occupation, economic situation, lifestyle, personality, and self-concept o Psychological factors:
▪ Motivation, perception, learning, beliefs, and attitudes Culture
• Culture is the most basic cause of a person’s wants and behavior. o Culture is learned from family, church, school, peers, colleagues. o Culture reflects basic values, perceptions, wants, and behaviors. o Cultural shifts create opportunities for new products or may otherwise influence consumer behavior. Copyright 2011, Pearson Education Inc. Publishing as Prentice-Hall 5 -
Copyright 2011, Pearson Education Inc. Publishing as Prentice-Hall 5 - 8
o Groups of people with shared value systems based on common life experiences. • Major subculture groups:
o Hispanic consumers
o African-American consumers
o Asian-American consumers
o Mature consumers
• Social class:
o Society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors. o Measured by a combination of occupation, income, education, wealth, and other variables. o Class categories include...
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