Introduction to Business & Marketing. TODAY’S OBJECTIVES o Understand consumer buying motives. o Compare 11 common buying motives based on consumer reasoning.

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Presentation transcript:

Introduction to Business & Marketing

TODAY’S OBJECTIVES o Understand consumer buying motives. o Compare 11 common buying motives based on consumer reasoning o Practice comparison shopping in order to determine the best buy among products and services.

THE MAIN IDEA o Customers buy products and services to satisfy their needs and wants o The rational behind making a purchase is different depending on the product or service

Reasoning vs. Emotion

BUYING MOTIVES A salesperson must know what motivates customers to buy Rational Motives – conscious, logical reason for a purchase Emotional Motives – a feeling experienced by a customer through association with a product Patronage Motives - a reason to purchase from a specific place of business

RATIONAL BUYING MOTIVES o Health o Comfort o Quality o Safety/Protection o Price o Gain o Economy o Convenience

RATIONAL BUYING MOTIVES Price: the purchase is a good value and priced attractively Ex: buying groceries or home products Gain: the purchase will earn money ex: buying a computer to expand a business Economy : the purchase will help save money ex: buying an economy car to save money on gas Convenience: To save time and to make things easier ex: a GPS system in your car

RATIONAL BUYING MOTIVES Health: a purchase made to improve your health ex: joining a health club to get into shape Comfort: a purchase made to be physically comfortable ex: owning a down comforter Quality: a purchase made based on quality or service ex: buying organic produce Safety & Protection: a purchase made to feel safe ex: an alarm system in your home

EMOTIONAL BUYING MOTIVES o Prestige o Recognition o Affection/Love o Variety o Recreation

EMOTIONAL BUYING MOTIVES Prestige: a purchase made based on desire to look and feel important ex: owning valuable jewelry, designer handbag Recognition: The desire to be noticed ex: a tattoo Affection & Love: a purchase for those we care about ex: flowers or an engagement ring Variety: a purchase made to have change in our lives ex: owning the same shirt in 5 different colors Recreation: spending money on activities we enjoy ex: lift ticket for snowboarding

SAVVY SHOPPERS o Take their time before purchasing o Research and plan purchase o Time their purchase for best pricing o Avoid peak seasons o Avoid impulse buying o Stick to a list

Smart shoppers know how to…

COMPUTE PER UNIT COST o Sometimes prices vary by size o Read labels for the size/weight of each product o Figure out how much you are paying per unit Peanut Butter – Brand A 8 oz. $1.60 per jar Peanut Butter – Brand B 20 oz. $3.00 per jar Peanut Butter – Brand A 8 oz. $1.60 per jar Peanut Butter – Brand B 20 oz. $3.00 per jar WHAT’S THE BETTER DEAL?

COMPARE SALES o Promotional Sales o Limited-time offer that may happen once or on a recurring basis o “30% off entire store – this week only!” o Store coupons o Clearance Sales o Final offer used to quickly sell the remaining stock of products o “30% off the lowest marked price”

RESEARCH PRODUCTS Types of Merchants  Full-service  Discount  Specialty  Outlet  Supermarket  Warehouse  Convenience Stores

REVIEW ASSURANCES o Warranties o Costco vs. Best Buy o Guarantees o Satisfaction Guarantee?

BUYING MOTIVES ACTIVITY o Review the 13 common buying motives we discussed o Using either magazine clippings and poster board or a Power Point slide, find an image of a product a consumer might buy based on each buying motive