Chapter 5 of Marketing course of year 1 of Bachelor of Business Economics. Comprehensive notes completed with information from class and the slides provided by the teacher, and all the graphs and schemes seen in the course. Hope they can help you study for the exam :)
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chapter 5: Consumer Markets and Buying
Behaviour
Type Lecture
This document discusses consumer markets and buyer behavior. It covers topics such as the
differences between consumer markets and business markets, the model of consumer behavior,
characteristics affecting consumer behavior (including cultural factors, social factors, personal
Description factors, and psychological factors), the buyer decision process, types of buying decision
behavior, the buying decision process for new products, and the stages in the adoption process.
It also touches on Kahneman's Dual Process Theory, heuristics and cognitive biases, the
customer journey, and Rogers' product adoption curve.
Reviewed
CONSUMER MARKETS AND BUYER BEHAVIOUR
Consumer markets vs business markets
Consumer markets are made up of all individuals and householders that buy or acquire good or services for
personal consumption
Consumer buyer behaviour is the behaviour of the final consumers-individuals and households that buy
goods and services for personal consumption
PURCHASE DECISIONS:
what? with whom?
chapter 5: Consumer Markets and Buying Behaviour 1
, why? what brand?
when? at what price?
where? decision making process?
Consumers don’t only buy tangible products → consumer behaviour is all about all the types of market
offerings:
products people
services organisations
solutions places
experiences ideas
retailers
MODEL OF CONSUMER BEHAVIOUR
A central question for marketers → How do consumers respond ro various marketing efforts a company may
use?
marketers can study actual consumer purchases to find out what they buy, where and how much
learning abot the why’s of consumer buying behaviour is more difficult:
the answers are sometimes locked deep within the consumers’ mind
often, consumers themselves don’t know exactly what influences their purchases
consumer’s black box = the complex and hard to understand internal processes that occur within a consumer’s
mind when they make a purchasing decision
CHARACTERISTICS AFFECTING CONSUMER BEHAVIOUR
chapter 5: Consumer Markets and Buying Behaviour 2
, Characteristics affecting Consumer Behaviour:
Cultural factors
Culture:
culture = the set of basic values, perceptions, wants, and behaviours, learned from family and other
important institutions
members of a culture share a system of beliefs and practices
exerts a broad and deep influence on consumer behaviour
it’s like a second skin → human behaviour is largely learned in the society one grows in (basic values,
perceptions, wants, behaviours)
culture form the prism through which people view products and try to make sense of their own and
other people’s behaviour
Subculture:
chapter 5: Consumer Markets and Buying Behaviour 3
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