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Slide 7.1 Markets Consumer markets Chapter 7 Slide 7.2 Consumer buying behaviour • Defined as the buying behaviour of the final consumers, individuals and households who buy goods and services for personal consumption. Slide 7.3 Consumer market • Consumer market is defined as all the individuals and households who buy or acquire goods and services for personal consumption. • The world consumer market consists of approx 6.3 billion people – the billion people in North America, Western Europe and Japan make up 70% of the world’s spending power. Slide 7.4 Influencers of consumer behaviour • Cultural factors • Social factors • Personal and psychological characteristics Slide 7.5 Cultural factors • Culture – Basic cause of person’s wants and behaviour – Human behaviour is predominantly learned behaviour from family and other important institutions • Subculture – Group sharing similar value systems based upon life experiences and situations • Social class – Relatively permanent and ordered divisions in a society whose members share similar values interests and behaviours. – Class systems differ in size and constituents – Lower social classes are more culture-bound – Young people of all classes are less so Slide 7.6 Social factors • Membership groups – Primary groups » family, friends, neighbours – Secondary groups » religious groups and professional associations – Reference groups » direct or indirect influence on the person’s behaviour or attitudes – Aspirational groups » reference group to which we want to belong Slide 7.7 Consumer buying roles • Initiator – Person who first suggests or thinks of the idea of buying a particular product. • Influencer – A person whose views or advice will influence the product or service. • Decider – Buying decision maker of the product • Buyer – Ultimate purchaser • User – Ultimate user Slide 7.8 Personal factors – Age and life cycle phase – Psychological life cycles • Changing interests – Occupation – Economic circumstances • Savings and buying power – Lifestyle • Pattern of living expressed in activities • Psychographics is the technique of measuring lifestyles – Personality and self-concept Slide 7.9 RISC Research Agency of Paris developed the 6 ‘Eurotypes’ The ‘traditionalist’ 18% Influenced by culture and socio-economic history, specific to their country The ‘homebody’ 14% Strong attachment to roots and childhood environment The ‘rationalist’ 23% Ability to cope with complex environments, entrepreneurial Personal fulfilment based on self-expression rather than financial reward The ‘pleasurist’ 17% Emphasises sensual and emotional experiences The ‘striver’ 15% Holds beliefs, attitudes and values that underlie change The ‘trend setter’ 13% Favours non-hierarchical structure and spontaneity Slide 7.11 Buying decision behaviour • Dissonance-reducing buying behaviour – Situations characterised by high involvement with an expensive, infrequent or risky purchase but few perceived differences among the brands. • Habitual buying behaviour – Characterised by low consumer involvement and few significant perceived brand differences • Variety seeking buying behaviour – Low consumer involvement but significant perceived brand differences Slide 7.12 Figure 7.5 Four types of buying behaviour Source: Adapted from Henry Assael, Consumer Behaviour and Marketing Action, 6th edition, p. 67 (Boston, MA: Kent Publishing Company, 1987) © Wadsworth Inc. 1987. Reprinted by permission of Kent Publishing Company, a division of Wadsworth Inc. Slide 7.13 Buyer decision process • • • • • Need recognition Information search Evaluation of alternatives Purchase decision Post-purchase behaviour Slide 7.14 Typical consumer evaluation process Figure 7.7 Steps between evaluation of alternatives and a purchase decision Slide 7.15 Stages in the adoption process for new products – Awareness – Interest – Evaluation – Trial – Adoption Slide 7.16 Individual differences in innovativeness Figure 7.8 Adopter categorisation on the basis of relative time of adoption of innovations Source: Reprinted with permission of The Free Press, a Division of Simon & Schuster, Inc., by Everett M. Rogers. Copyright © 1995 by Everett M. Rogers from Diffusion of Innovations, fourth edition. Copyright © 1962, 1971, 1983 by The Free Press Slide 7.17 Influence of product characteristics on rate of adoption • Relative advantage – Innovation superior to existing products • Compatibility – Fit of values and experiences of potential consumers • Complexity – Ease or difficulty in using the technology or innovation • Divisibility – Innovation trialled on a limited basis • Communicability – Results of the innovation can be observed or described to others.