Topic 1 - Consumer Behavior and Decision-Making Flashcards
(20 cards)
5 FACTORS
INFLUENCING
CONSUMER BEHAVIOR
Psychological
Social
Cultural
Personal
Economic
Content of Psychological
MOTIVATION (safety, social,
esteem, and self actualization
needs)
PERCEPTION (info gathering)
LEARNING (cognitive or
conditional)
ATTITUDES AND BELIEFS
Content of Social
FAMILY
REFERENCE GROUPS (orgs,
clubs, church, school, socmed
influencers)
ROLES AND STATUS
Content of Cultural
CULTURE (values, norms,
wants, preferences)
SUBCULTURE
SOCIAL CLASS (family
background, occupation,
education, residential location)
Content of Personal
AGE (Gen Z, Millennials, Gen
Y, Gen X, Baby Boomers)
INCOME (Keynesian
consumption function)
OCCUPATION
LIFESTYLE (health buff,
environmentalist, fashion and
brand conscious)
Content of Economic
PERSONAL INCOME (disposable
and discretionary personal income)
FAMILY INCOME
INCOME EXPECTATIONS
CONSUMER CREDIT
LIQUID ASSETS (stocks, mutual
fund, savings or current account)
SAVINGS
CHANGE IN SEASON
ENVIRONMENT/LOCATION
OF RESIDENT
CHANGE IN MOOD
Situational Changes
Characteristics
Passionate interest in a product
category
Willingness to go to great lengths
to secure objects
Dedication of time and money to
collecting
Fixated consumption behavior
“Addicted” or “out-of-control”
consumers
Compulsive consumption behavior
feel it is wrong
to purchase foreign-made products
because of the impact on the economy.
Target by stressing nationalistic themes.
Ethnocentric consumers
consider the world to be their marketplace
and would be attracted to products from
other cultures and countries.
Cosmopolitan orientated consumers
4 TYPES OF CONSUMER BEHAVIOR
HABITUAL BUYING BEHAVIOR (brand loyal consumer)
VARIETY-SEEKING BEHAVIOR
DISSONANCE-REDUCING BUYING BEHAVIOR (avoidance of
buyer’s remorse)
COMPLEX BUYING BEHAVIOR
HVDC
Attributing human characteristics to objects
Product Anthropomorphism
Consumer’s perception of brand’s attributes for a human-like character.
Mr. Coffee is seen as dependable, friendly, efficient, intelligent and smart.
Brand Personification
Establishing a specific image for a
brand in the consumer’s mind in
relation to competing brands.
Conveys the product in terms of
how it fulfills a need.
Successful positioning creates a
distinctive, positive brand image.
Product Positioning
conveys the image that the brand communicates to the buyer.
Color, weight, image, and shape are all important.
Repositioning might be necessary because:
- Increased competition
- Changing consumer tastes
Packaging / PACKAGING AS A POSITIONING ELEMENT
The buyer’s journey (three stages)
AWARENESS Stage
CONSIDERATION Stage
DECISION Stage
Your buyer has realized that they have a problem that they need to solve.
They’re just starting to look for a
solution to their problem.
The buyer’s journey (awareness stage)
Your buyer has determined what their problem is, and they ve committed to finding a solution.
Most buyers will be looking for their solution online.
The buyer’s journey (consideration stage)
Your buyer is settled–they’re making a purchase.
The only questions at this point are what exactly they’re buying and who they’re buying from.
The buyer’s journey (decision stage)
