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Chapter consumer behavior five McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

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Presentation on theme: "Chapter consumer behavior five McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved."— Presentation transcript:

1 chapter consumer behavior five McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

2 LEARNING OBJECTIVES LO1Articulate the steps in the consumer buying process. LO2Describe the difference between functional and psychological needs. LO3Describe factors that affect information search. LO4Discuss post-purchase outcomes. LO5 List the factors that affect the consumer decision process. LO6 Describe how involvement influences the consumer decision process. Consumer Behavior 5-2

3 The Consumer Decision Process 5-3

4 Need Recognition Functional needs Psychological needs Royalty-Free/CORBIS ©Digital Vision/PunchStock 5-4

5 Search for Information Internal Search for Information External Search for Information 5-5

6 Factors Affecting Consumers’ Search Process Perceived Benefits Perceived Costs 5-6

7 The Locus of Control Internal Locus of Control = more search activities External Locus of Control = Fate, external factors Royalty-Free/CORBIS ©Comstock/JupiterImages 5-7

8 Actual or Perceived Risk Performance Risk Financial Risk Psychological Risk 5-8

9 Evaluation of Alternatives: Attribute Sets Universal Retrieval Evoked 5-9

10 Evaluation of Alternatives: Evaluate Criteria Evaluative CriteriaDeterminant Attributes What are some of the features of a vacation that would be in your evaluative criteria? Digital Vision/Getty Images 5-10

11 Evaluation of Alternatives: Decision Heuristics Mental Shortcuts PriceBrand Product presentation Amos Morgan/Getty Images 5-11

12 Purchase and Consumption Increase Conversion rate Reduce real or virtual abandoned carts Merchandise in stock Reduce the actual wait time 5-12

13 Post-purchase: Customer Satisfaction Dissonance Customer Loyalty 5-13

14 Factors Influencing the Consumer Decision Process 5-14

15 InvolvementInvolvement and Consumer Buying Decisions 5-15

16 Types of Buying Decisions Extended Problem Solving Extended Problem Solving Limited Problem Solving – Impulse Buying Impulse Buying – Habitual Decision Making Habitual Decision Making Courtesy Wendy’s International, Inc. 5-16

17 Return to slide An attitude is a person’s enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea. Glossary 5-17

18 Return to slide Consumer decision rules are the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives. Glossary 5-18

19 Return to slide Determinant attributes are product or service features that are important to the buyer and on which competing brands or stores are perceived to differ. Glossary 5-19

20 Return to slide Evaluative criteria consist of a set of salient, or important, attributes about a particular product. Glossary 5-20

21 Return to slide A consumer’s evoked set comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision. Glossary 5-21

22 Return to slide Extended problem solving occurs during a purchase decision that calls for a lot of effort and time. Glossary 5-22

23 Return to slide Functional needs pertain to the performance of a product or service. Glossary 5-23

24 Return to slide Habitual decision making describes a purchase decision process in which consumers engage little conscious effort. Glossary 5-24

25 Return to slide Impulse buying is a buying decision made by customers on the spot when they see the merchandise. Glossary 5-25

26 Return to slide Involvement is the consumer’s degree of interest in the product or service. Glossary 5-26

27 Return to slide Limited problem solving occurs during a purchase decision that calls for, at most, a moderate amount of effort and time. Glossary 5-27

28 Return to slide Psychological needs pertain to the personal gratification consumers associate with a product and/or service. Glossary 5-28

29 Return to slide Retrieval sets are the brands or stores that can be readily brought forth from memory. Glossary 5-29

30 Return to slide Ritual consumption is a pattern of behaviors tied to life events that affect what and how we consume. Glossary 5-30

31 Return to slide Shopping goods/services are products or services for which consumers will spend time comparing alternatives. Glossary 5-31

32 Return to slide Situational factors are factors specific to the situation. Glossary 5-32

33 Return to slide Specialty goods/services are products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers. Glossary 5-33

34 Return to slide Universal sets include all possible choices for a product category. Glossary 5-34

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