Consumer Buying Behavior

Topics: Cognition, Decision making, Decision making software Pages: 4 (380 words) Published: September 18, 2013
7/17/2013

Learning outcomes Lesson 2 Consumer Buying Behavior
At the end of the session you should be able to: • Distinguish between customer and consumer • Understand how buyers make purchasing decisions • Identify buying decision behaviors.

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Introduction
• Customer
– A person who pays a value to company offerings

Consumer markets
• Consumer markets are the markets for products and services bought by individuals for their own or family use • Types of consumer markets – Fast moving consumer goods (FMCGs) – Shopping goods – Durables – Services 3 Amali Wijekoon 4

• Consumer
– Anyone who consumes products and services

• Classification of customers
– Prospect – Customer – Client – Internal customers
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Consumer behavior
• How consumers select, buy, use and dispose of goods and services to satisfy their needs and wants • Can study actual consumer purchases (what, where, when, how much) • Why they buy????

Model of buying behavior
Marketing & other Stimuli
• Marketing • Product • Price • Place • Promotion • Other • Economic • Technology • Political • Cultural

Consumer’s black box
• Consumer characteristics • Consumer decision process

Purchase decision
• Product choice • Brand choice • Dealer choice • Purchase timing • Purchase amount

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Consumer characteristics
• • • • • • • Age Occupation Income Family Life style Personality Beliefs & attitudes • • • • Education Perceptions Experience Reference groups

Consumer decision making process
1. Need recognition
• • • Consumer recognizes a problem or need Internal stimuli or external stimuli Sources of information – personal, commercial, public, experiential

2. Information search 3. Evaluation of alternatives 4. Purchase decisions • • Attitudes of others Unexpected situational factors
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Consumer decision...
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