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5-1 MARKETING MANAGEMENT Analyzing Consumer Markets.

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Presentation on theme: "5-1 MARKETING MANAGEMENT Analyzing Consumer Markets."— Presentation transcript:

1 5-1 MARKETING MANAGEMENT Analyzing Consumer Markets

2 Influences on Consumer Behavior Cultural Factors Social Factors Reference Groups Family Roles Demographics (age, $, education) Personality Lifestyle and Values 5-2

3 Psychological approaches “Drives” –Freud –Maslow –Hertzberg “Learning” –Pavlov –Skinner “Cognitive” 5-3

4 17-4

5 17-5

6 17-6

7 6-7 Rational Model of Decision Making

8 6-8 Other Models of Decision Making Involvement Elaboration Likelihood Model Low-involvement marketing strategies Variety-seeking buying behaviour Decision Heuristics Availability Representativeness Anchoring and adjustment

9 17-9 Elaboration Likelihood Model Petty & Caccioppo –Two questions: Motivation to process? Ability to process? –When YES to both: HIGH elaboration Central cues –product –When NO: LOW elaboration Peripheral cues - –source or ad

10 17-10 INVOLVEMENT Decoding is ACTIVE –That is, it requires EFFORT –When will people to spend effort? 1. When they CARE about what you’re saying –personal relevance This is the concept of INVOLVEMENT The personal relevance of the product interest, price

11 17-11

12 17-12

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