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Chapter 7 Analyzing Consumer Markets and Buyer Behavior by

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1 Chapter 7 Analyzing Consumer Markets and Buyer Behavior by

2 Chapter Objectives In this chapter, we focus on two questions:
How do the buyers’ characteristics – cultural, social, personal, and psychological – influence buying behavior? How does the buyer make purchasing decisions?

3 Cultural Factors Culture Subculture Social Class Buyer

4 Social Factors Reference Groups Family Roles & Statuses

5 Influences on Consumer Behavior
Personal Influences Influences on Consumer Behavior Age and Family Life Cycle Stage Lifestyle Occupation & Economic Circumstances Personality & Self-Concept

6 Psychological Factors
Motivation Perception Beliefs & Attitudes Learning

7 Maslow’s Hierarchy of Needs
Self- actualization (self-development and realization) 5 Esteem needs (self-esteem, recognition) 4 Social needs (sense of belonging, love) 3 Safety needs (security, protection) 2 Psychological needs (food, water, shelter) 1

8 The Buying Decision Process
Buying Roles Initiator Influencer Decider Buyer User Buying behavior

9 Types of Buying Behavior
Complex Buying Behavior Variety- Seeking Behavior High Involvement Low Involvement Significant differences between brands Few Dissonance- Reducing Buying Behavior Habitual Buying Behavior

10 Consumer Buying Process
Problem recognition Information search Evaluation of alternatives Purchase decision Post purchase behavior

11 Model of Buying Behavior
Marketing stimuli Product Price Place Promotion Other stimuli Economic Technological Political Cultural Buyer’s characteristics Cultural Social Personal Psychological Buyer’s decision process Problem recognition Information search Evaluation Decision Post purchase behavior Buyer’s decisions Product choice Brand choice Dealer choice Purchase timing Purchase amount

12 Decision Making Sets Total Set Aware- ness Consid- Set eration Set
Choice Set Decision

13 Chapter 8 Analyzing Business Markets and Business Buying Behavior by

14 Objectives How Business & Consumer Markets Differ
Organizational Buying Situations Participants in the Business Buying Process Major Influences on Organizational Buyers Business Buyer Decision Making Institutional & Government Buying

15 Business vs. Consumer Fewer buyers Larger buyers
Close supplier-customer relationship Geographically concentrated Derived demand Inelastic demand Fluctuating demand

16 Business vs. Consumer Professional purchasing
Several buying influences Multiple sales calls Direct purchasing Reciprocity Leasing

17 New Task Buying Modified Rebuy Straight Rebuy
Custom furniture Installed components Buildings Weapon systems Involved Decision Making New vehicles Elec. Equip Consultants Computer equip. Modified Rebuy Straight Rebuy Utilities Office Supplies Bulk chemicals

18 Participants in the Business Buying Process
Users Initiators Influencers Gatekeepers Buyers Deciders Approvers

19 Major Influences on Industrial Buying Behavior
Level of demand Economic outlook Interest rate Rate of techno- logical change Political and regulatory developments Competitive Social responsi- bility concerns Environmental Objectives Policies Procedures Organizational structures Systems Interests Authority Status Empathy Persuasive- ness Interpersonal Age Income Education Job position Personality Risk attitudes Culture Individual Business Buyer

20 Info Search/ Eval Purchase Post Purchase
Problem Recognition Need Recognition General Need Description Product Specification Info Search/ Eval Supplier Search Proposal Solicitation Supplier Selection Purchase Order Routine Specification Post Purchase Performance Review

21 Government Markets Domestic Suppliers Cost Minimization Paperwork
Open Bids Public Review

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