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Consumer Decisions:

Psychology for Profit


Chapter 6 & 7
What is Consumer Behavior?
• Processes a consumer uses to make
purchase decisions, as well as use and
dispose of purchased goods or
services; also includes factors that
influences purchase decision and
product use
Consumer Decision Making
Process
Problem
Problem Recognition
Recognition

Information
Information Search
Search
Cultural,
Cultural, Social,
Social,
Individual
Individual and
and
Psychological Evaluation
Evaluation
Psychological of
Factors
Factors of Alternatives
Alternatives
affect
affect
all
all steps
steps Purchase
Purchase

Postpurchase
Postpurchase
Behavior
Behavior
1: Problem Recognition
• Result of an imbalance b/t actual and
desired states
– What is a need?
– What is a want?
• How to recognize unfilled wants?
2: Information Search
• Internal Search – recalling past
information stored in memory
• External Search – seeking
information in the outside
environment
– Private (non marketing sources)
– Public (non marketing sources)
– Marketing controlled sources
What drives Search?
Perceived Risk

• Performance risk
• Financial risk
• Physical risk
• Social risk
• Time loss risk
Driving Search…
Need Less Need More
Information Information

Less Risk More Risk


More knowledge Less knowledge
More product Less product
experience experience
Low level of interest High level of interest
3: Evaluation of Alternatives
• Consideration set
• Analyze product attributes
• Use cut off criteria [pros/cons]
• Multi-attribute models
4: Purchase
• To buy or not to buy…
• Marketing determines which
attributes are most important in
influencing a consumers’ choice
(differentiation…later)
5: Post Purchase Behavior
• Cognitive dissonance:
– Did I make a good decision?
– Did I buy the right one? Get a good value?
• Marketing minimizes through:
– Effective communication
– Follow up
– Guarantees
– Warranties
Types of Buying Decisions
• Complex buying behavior
• Dissonance reducing buying behavior
• Habitual buying behavior
• Variety seeking buying behavior
Factors that Affect
Involvement Levels
Previous
Previous
Experience
Experience Interest
Interest

Factors
Factors Perceived
Perceived Risk
Risk of
of
Determining
Determining Negative
Negative
Level
Level of
of Consequences
Consequences
Involvement
Involvement
Situation
Situation
Social
Social Visibility
Visibility
Factors Influencing
Buying Decisions

Cultural Social
Factors Factors CONSUMER BUY /
DECISION-
MAKING DON’T BUY
Psycho- PROCESS
Individual logical
Factors Factors
Cultural Factors
• Culture: set of values, norms,
attitudes & other meaningful symbols
that shape human behavior and their
artifacts or products of that
behavior as they are transmitted
from generations.
• Subcultures
• Social class [based on $, education
and job]
Social Factors
• Social influences
– Reference groups
• Direct: primary and secondary groups
– Opinion leaders
• Family
Individual Factors
• Gender (behold the power of women)
• Age
• Family Life Cycle
• Personality
• Self concept
• Lifestyle
Psychological Factors
• Perception: process by which people
select, organize and interpret stimuli
into a meaningful picture
– Selective exposure
– Selective distortion
– Selection retention
• Motivation
• Learning
• Values, Beliefs & Attitudes – what can
marketing influence?
Motivation and Maslow
Self-
Actualization
Esteem

Social

Safety

Physiological
What do you need to know
about your customers?
• What are five things that someone
should know about me?
• Describe yourself demographically
• List 10 things you are thinking right
now.