Consumer Markets and Consumer Buyer Behavior - Define the consumer market and construct a model of consumer buyer behavior. Can be classified into five adopter categories, each of which behaves. PowerPoint PPT presentation free to view. Learn about ‘Consumer Behavior’ with the help of easy to understand, richly illustrated Powerpoint Presentation of 184 Slides. (View Demo Below) Download Demo Powerpoint Presentation for FREE!

Consumer Behavior • 1. Consumer Behaviour • Based on concepts from Psychology Sociology Anthropology Marketing Economics • Why do we need to study Consumer Behaviour? Because no longer can we take the customer/consumer for granted.

• Failure rates of new products introduced Out of 11000 new products introduced by 77 companies, only 56% are present 5 years later. Only 8% of new product concepts offered by 112 leading companies reached the market. Out of that 83% failed to meet marketing objectives. • All managers must become astute analysts of consumer motivation and behaviour • Can Marketing be standardised?

Because cross - cultural styles, habits, tastes, prevents such standardisation. • Unless Managements act The more successful a firm has been in the past, the more likely is it to fail in the future. Because people tend to repeat behaviour for which they have been rewarded.

Title: Consumer Behaviour Models 1 Chapter 3 • Consumer Behaviour Models 2 Chapter Objectives • To understand the role consumer behaviour plays in the development and implementation of advertising and promotion programs. • To understand the consumer decision-making process and how it varies for different types of purchase. 3 Chapter Objectives • To understand various internal psychological processes, their influence on consumer decision making, and implication for advertising and promotion.

• To recognize external factors such as culture, social class, group influences, and situational determinants and how they affect consumer behaviour. 4 Consumer Decision Making Process 5 Consumer Decision Process 6 Sources of Need Recognition • Out of stock. • Purchase decision is routine. • Resolved by choosing familiar brand. • Dissatisfaction. • Dissatisfied with current state of product/service. • Advertising is used to help consumers recognize need for new product.

7 Sources of Need Recognition • New needs or wants. • Created by life changes. Graduation, employment status, financial situation). • Wants are desired but not essential.

• Related product purchase. • Purchase of a new product will most likely trigger purchase of accessories.