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Cheatography

Consumer Buying Behavior Cheat Sheet (DRAFT) by

Consumer Buying Behavior refers to the actions taken (both on and offline) by consumers before buying a product or service.

This is a draft cheat sheet. It is a work in progress and is not finished yet.

Definition

Consumer buyer behavior
Refers to the buying behavior of final consumers
[Indiv­iduals and households who buy goods and services for personal consum­ption]
Consumer market
Refers to all of the personal consum­ption of final consumers

Model of Consumer Behavior

Factors Influe­ncing Consumer Behavior

CULTURAL FACTORS

Culture
Learned values, percep­tions, wants, and behavior from family and other important instit­utions
Subculture
Groups of people within a culture with shared value systems based on common life experi­ences and situations
Social classes
Society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors
Social classes measured by a combin­ation of occupa­tion, income, education, wealth, and other variables

SOCIAL FACTORS

Membership Groups
Groups with direct influence and to which a person belongs
Aspira­tional Groups
Groups an individual wishes to belong to
Reference Groups
Groups that form a comparison or reference in forming attitudes or behavior

PERSONAL FACTORS

Age and life-cycle stage
Occupation affects the goods and services bought by consumers
Economic situation includes trends in personal income, savings, interest rates
Lifestyle
Person­ality and self concept
Definition
Lifestyle is a person’s pattern of living as expressed in his or her psycho­gra­phics

PHYSIO­LOGICAL FACTORS

1. Motivation
A need that is suffic­iently pressing to direct the person to seek satisfaction

Motivation research refers to qualit­ative research designed to probe consumers’ hidden, subcon­scious motiva­tions*
2. Perception
The process by which people select, organize, and interpret inform­ation to form a meaningful picture of the world
3. Learning
The change in an indivi­dual’s behavior arising from experience and occurs through interplay of:
- drives
- stimuli
- cues
- responses
- reinfo­rcement
4. Belief...
A descri­ptive thought that a person has about something based on:is a descri­ptive thought that a person has about something based on:
- knowledge
- opinion
- faith
...and attidudes
Describe a person’s relatively consistent evalua­tions, feelings, and tendencies toward an object or idea
 

Types of Buying Decision Behavior

Buyer Decision Making Process

1. Need recogn­ition
Occurs when the buyer recognizes a problem or need triggered by:
– internal stimuli
– external stimuli
2. Inform­ation search
- Personal sources: family, friends
- Commercial sources: advert­ising, Internet
- Public sources: mass media, consumer organizations
- Experi­ential sources: handling, examining, using the product
3. Evaluation of Altern­atives
How the consumer processes inform­ation to arrive at brand choices
4. Purchase Decision
The act by the consumer to buy the most preferred brand

The purchase decision can be affected by:
– attitudes of others
– unexpected situat­ional factors
5. Post Purchase Decision
The satisf­action or dissat­isf­action that the consumer feels about the purchase

Relationship between:
– consumer’s expectations
– product’s perceived performance
– Gap will determine level of satisfaction/disatisfaction

Cognitive dissonance is the discomfort caused by a post purchase conflict
Customer satisf­action is a key to building profitable relati­onships with consumers to keeping and growing consumers and reaping their customer lifetime value

The Buyer Decision Process for New Products

Adoption process is the mental process an individual goes through from first learning about an innovation to final regular use.