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1、Consumer Decision Making&Behaviour,Week 1,The foundations of consumer behaviour,Consumer behaviour is defined as:“The behaviour that consumers undertake in seeking,purchasing,using,evaluating,and disposing of products and services that they expect will satisfy their personal needs”,What is Consumer
2、Behaviour?,More About Consumer Behaviour,Consumers face varying problems associated with acquiring products to satisfy these needs and wants,For example,a research study may ask consumers.,Two Broad Types of Consumers,Personal ConsumersThe personal consumer buys goods and services for:His or her own
3、 useUse by the whole household,or a household member,orA gift for someone elseIn all contexts,the products are bought for final use by individuals(end-users),Organisational ConsumersOrganisational consumers include the following types of organisation:Profit businessesNot-for-profit businessesPublic
4、sector agencies and Institutions(e.g.schools,churches)In all cases,they buy products to help run their organisations,Consumers as Buyers and Users,The marketplace activities of individuals entail three functions:The consumerWho consumes or uses the productThe buyerWho undertakes activities to procur
5、e or obtain the productThe payerWho provides the money(or other value)to obtain the product,Consumer Research:Two Perspectives,Positivist ApproachTends to be objective and empiricalSeeks causes for behaviourConduct studies that can be generalised to larger populations,Interpretivist MethodologyMore
6、qualitativeBased on smaller samplesView each consumption situation as unique and non-predictiveLook for common patterns across consumption situations,The Interdisciplinary Nature of Consumer Behaviour Research,PsychologyThe study of the individual,SociologyThe study of groups,Social PsychologyHow in
7、dividuals operate in groups,EconomicsAn important component of economics is the study of consumers,Inputs to the study of consumer behaviour,Cultural AnthropologyThe study of humans in society,Consumer Behaviour as an Interdisciplinary Science,Psychology:The study of the individual,including motivat
8、ion,perception,attitudes,personality and learning stylesSociology:The study of groups,group behaviour and the actions of individuals within groupsSocial Psychology:The combination of sociology and psychologyCultural Anthropology:The study of human beings in a society,which traces the development of
9、core beliefs,values and customsEconomics:How consumers make decisions with the goal of maximising satisfaction,Figure 1.8,An ad focusing upon the key benefits sought by consumers,12,Model of Consumer Decision Making Key Components,Input Process OutputInput=Various firms marketing activities(4Ps+STP)
10、+EXTERNAL social/culture influencesProcess=Decision steps(Need recognition,search,evaluation)+INTERNAL psychological factors(modified with experience)Output=Trial and repeat purchases and post-purchase evaluation(cognitive dissonance),Subaru Liberty RX print ad showing detailed information on featur
11、es and price,Why Study Consumer Behaviour?,Reasons to better understand consumers,Development of the Marketing Concept,Overview of Philosophical Approaches,Production conceptHas the marketing objective of cheap,efficient production and intensive distributionProduct conceptBased on the assumption tha
12、t consumers will buy the product that offers them the highest quality,the best performance,and the most featuresSelling conceptFocus on aggressive promotion and selling to persuade consumers to buy products,The Marketing Concept,Determine specific target markets,Understand their needs and wants,Meet
13、 the identified needs of the target markets,better than competition,NB:Consumer behaviour helps to:Segment the marketIdentify unsatisfied needsUnderstand needsEffectively meet those needs,A reassessment of the traditional marketing concept where marketers also adhere to principles of social responsi
14、bility in the marketing of their goods and services.,The Societal Marketing Concept,Needs of the target market,Improvement of society overall,Firms following this concept look for an effective balance,Market Segmentation,Market segmentation is the process of dividing a market into subsets of consume
15、rs with common needs or characteristics,A key component of the marketing concept is the identification of common market needs and the creation of segments,Positioning,Positioning is developing a unique image for the product or service in the mind of the consumer an image that will differentiate the
16、offering from competing ones,Principle OneThe products benefits are communicated,not its features,Principle TwoEffective positioning must communicate a unique selling proposition,The Marketing Mix,PLACEDistribution via stores and non-store outlets,PROMOTIONAdvertisingSales promotionPublic relationsD
17、irect&OnlineSales efforts,Providing Customer Value,There is a trend in marketing to focus on improving“value”to consumersNote the reference to“value”in the American Marketing Associations definition of marketing:,“Marketing is an organisational function and a set of processes for creating,communicat
18、ing and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders”,What is customer value?,The customers perceived benefits they receive,The customers resources(money,time,effort)used to obtain those benefits,In other words:what
19、they get versus what they give,Customer Satisfaction,The consumers perception of performance of the product/service,As compared to the consumers expectations,If exceeded:,If equalled:,If not met:,Very satisfied,delighted,Satisfied,Dissatisfied,Benefits of Customer Retention,Loyal customers,Buy more
20、products,Are less price sensitive,Pay less attention to competitors advertising,Spread positive word-of-mouth,Are cheaper to service,Traditional Marketing vs Value/Retention Marketing,Traditional Marketing Concept Focus on needs,not the product itselfResearch consumer needs Target large market segme
21、ntsUse one-way promotionsBase budgets on the no.of customers targeted,Value and Retention-focused Marketing Focus on the products perceived valueDetermine profits associated with needsDevelop one-to-one promotional messagesUse interactive promotionBase budgets on the customers lifetime value,Market
22、Segmentation,Market Segmentation is defined as:“The process of dividing a market into distinct subsets of consumers with common needs and selecting one or more segments to target with a distinct marketing strategy”,What is market segmentation?,Progression of market segmentation,Who uses segmentation
23、?,CarsShoesShampooChocolate,David JonesMitre 10Krispy KremeTarget,CharitiesTheatreSports,EquipmentMachineryTools,Uses of segmentation,Nine main bases for segmentation,Geographic segmentation,Where the market is divided by locationAssumes that people who live in the same area share some similar needs
24、 and wantsGeographic markets can be easily reached by local mediaSome firms use geographic segmentation to adopt a localised strategy,however other firms adopt a global strategy,Possible geographic segmentation bases,Demographic segmentation,Demography refers to the identifiable and measureable char
25、acteristics of a populationIncludes characteristics such as:age,income,marital status,educationDemographic information is very accessible and cost-effective to obtainDemographic segmentation is one of the most popular ways to segment customer groups,Possible demographic segmentation bases,Age,Age is
26、 often a strong determinant of product choiceHealth club/gym example.,Age cohorts,Age cohorts are born during the same period and travel through life togetherExamples include,baby boomers,Generation X and Generation YTherefore,they share similar events and general changes in lifestyleMay include war
27、,depression,the“1960s”,and so onAge cohorts will generally hold the same interests through lifeAn example is they will probably enjoy the same style of music as they get older,Segmenting age cohorts,This is an example of segmenting the Baby Boomers age cohort.,Sex/Gender,Many products have been trad
28、itionally targeted at males or females onlyExamples include:Cosmetics,shavers,tools,magazinesHowever,traditional male/female roles in the household are not as clearly defined as in the past,An example of changing sex roles,Marital status,Many decisions are made on the behalf of a householdsTherefore
29、,marital status is an important indicator of how household purchases are madeIn recent years,single one-person households have become an attractive segment,Income,education,occupation,These three demographics variables tend to be highly interrelated,Note:These three variables are often combined in a
30、 composite index to measure social class of the consumer,Income,education,occupation,Income is important because it provides an indication of the consumers ability to purchase the productBy combining income with education and occupation(a social class measure),an understanding of the consumers lifes
31、tyle can be determinedSometimes the occupation variable is used as a proxy measure of social class,Possible psychological segmentation bases,Psychographic segmentation,Psychographic research is also referred to as lifestyle analysisOften considers consumers AIOsAIO=activities,interests,opinionsUsed
32、to help structure appropriate marketing messages,InterestsHomeFashionFood,OpinionsPoliticsSocial eventsThe future,The profile of the techno-road-warrior,On the internet 6+times per weekSends/receives more than 15 emails per weekRegularly visits websites to gather informationOften buys personal items
33、 over the internetMay buy shares or book travel over the internetEarns$100,000+per yearBelongs to several reward programs,Possible sociocultural segmentation bases,Family life cycle,Based on the premise that families go through similar phases and will have similar needs during those phasesAs a simpl
34、e example.,Young MarriedFirst home,household goods,finance needs,Full NestBaby needs,child-care,2nd car,Culture and sub-culture,Cultures share common values,beliefs and customsVery important for success in international marketingImportant sub-cultures in Australia include.Greek-AustraliansItalian-Au
35、straliansAsian-AustraliansThe elderly,Possible use-related segmentation bases,Rate of usage,Non-users Light Medium Heavy usersIn the beer market,the group of heavy users account for around 30%of consumers,but over 70%of consumptionTherefore,heavy users are an attractive(but competitive)target market
36、Also need to consider whether non-users are a viable segmentShould we attract new consumers(non-users),or try to win heavy users from competition?,Possible use-situation segmentation bases,User-situation segmentation,Consumers will often make different decisions in different situations(or occasions)
37、Consider.Wine for self,or as a giftFood when in a hurry,or when have 1-2 hours freeOccasions are a key marketing opportunityMothers DaySt Valentines DayEaster,Benefit segmentation,Benefit(or needs-based)segmentation is based on providing/communicating the major benefits that consumers are seekingA g
38、ood example is the toothpaste market.,AimNice taste,so kids will brush their teeth,Colgate Tartar ControlHealthy,plague-free teeth,Hybrid segmentation,Possible hybrid,Possible hybrid,Hybrid segmentation uses multiple bases to generate far more insightful and powerful information about target markets
39、,VALSTM SRIC-BI segments,Criteria for market segments,Implementing segmentation strategies,Target one or more segments?,Concentrated marketing One segment only Good for small firmsGood for firms new to the industry,Differentiated marketing Two or more segments,with a different marketing mixFor stron
40、ger,more established,firmsUsed to defend the traditional markets of the firm,Counter segmentation,When target markets become less viable,or the firms resources are too stretchedCounter segmentation is when a firm combines two or more segments togetherThese combined segments still need a common underlying need or similarity,
