Cb unit-v (individual influences on consumer decision making)
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Cb unit-v (individual influences on consumer decision making)
- 1. 07/04/15 1 By : Prof. Amit Kumar
- 2. 07/04/15 2 Course: Consumer Behavior Unit-1 Consumer in the Marketplace Unit-2 Models of Consumer Behavior Unit-3 Cultural Influences on Consumer Decision making Unit-4 Sociological Influences on Consumer Decision making Unit-5 Personal / Individual Influences on Decision making Unit-6 Psychological Influences on Decision making Unit-7 Consumer Decision Making Process Unit-8 Consumer Influence & Diffusion of Innovation Consumer Behavior IILM-Graduate School of Management
- 3. 07/04/15 3 Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 4. 07/04/15 4 Personal Factors • Buyer’s decisions are also influenced by personal characteristics. These includes, 1. Age and Stage in Life-Cycle 2. Occupation & Economic Situation 3. Lifestyle & Values 4. Personality & Self –Concept Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 5. 07/04/15 5 Personal Factors 1. Age and Stage in Life-Cycle – People buy different goods & services over a life-time. Taste in food, furniture and recreation is often age-related. Consumption is shaped by family life cycle and the number, age, and gender of people in the household at any point of time. – Marketers should also consider critical life events or transitions- marriage, childbirth, illness, relocation, divorce, career change-as giving rise to new need. These should alert service providers- banks, lawyers, and marriage, employment counselors-to ways they can help. Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 6. 07/04/15 6 Personal Factors 1. Age and Stage in Life-Cycle BOA is using “event-based triggers” to help its premier customers. BOA, using “Relationship Optimizer” solution, monitor large deposits, withdrawals, insufficient funds and other events that deviate from a customer’s normal behavior. Client managers are alerted to these events and phone the client to see if they can be of any assistance. For example, if a client has withdrawn a large sum of money to buy a home, the client manager offers to help the client find the best mortgage. While a mortgage in itself is not a debt, it is the lender's security for a debt. Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 7. 07/04/15 7 Personal Factors 2. Occupation & Economic Situation – Occupation also influences consumption patterns. A blue- collar worker will buy work cloths, work shoes, and lunchboxes. A company president will buy dress suits, air travel, and country club memberships. – A company can even tailor its products and services for certain occupational groups: Computer software companies, for example, design different products for brand managers, engineers, lawyers, and physicians. Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 8. 07/04/15 8 Personal Factors 2. Occupation & Economic Situation – Product choice is greatly affected by economic circumstances: spendable income, saving and assets, debts, borrowing power, and attitude towards spending and saving. – Luxury-goods makers such as Gucci, Prada, and Burberry can be vulnerable to an economic downturn. If economic indicators point to a recession, marketers can take steps to redesign, reposition and reprice their products and services. Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 9. 07/04/15 9 Personal Factors 3. Lifestyle & Values • Lifestyle is a person’s pattern of living in the world as expressed in activities, interests & opinion. e.g. Recent US trends in lifestyles are a shift towards personal independence and individualism and a preference for a healthy, natural lifestyle. • Marketers search for relationships between their products and lifestyle groups. For example, a computer manufacturer might find that most computer buyers are achievement-oriented. Marketers may then aim the brand more clearly at the achiever lifestyle. Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 10. 07/04/15 10 Personal Factors 3. Lifestyle & Values • Marketers are always uncovering new trends in consumer lifestyles. One of the latest lifestyle trends businesses are currently targeting is LOHAS. Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 11. 07/04/15 11 Personal Factors 3. Lifestyle & Values LOHAS Consumer who worry about the environment, want products to be produced in a sustainable way, and spend money to advance their personal development and potential have been named ‘LOHAS’. The markets for LOHAS products encompasses things like organic foods, energy-efficient appliances and sonar panels, as well as alternative medicine, yoga tapes and ecotourism. Taken together, they accounted for a $230 billion market in 2000…..thinking about the P & S that are perceived as better for the environment and society. Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 12. 07/04/15 12 Personal Factors 3. Lifestyle & Values • Lifestyle is shaped by whether consumers are: – Money-constrained ( Wal -Mart-”everyday low prices”) or – Time-constrained ( multitasking people, Texas unveiled a product design called WANDA- Wireless Any Network Digital Assistant, that allows user to talk on a cell phone while web browsing over Wi-Fi while conducting business via Bluetooth) Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 13. 07/04/15 13 VALS framework -Values, Attitudes and Lifestyles 1. Innovators – Successful, Sophisticated, high self esteem, image is important, niche oriented 2. Thinkers – Mature, Satisfied, practical people. choices, look for value, durable, functionality 3. Achievers – Goal oriented lifestyle, focus on career & family, favor for premium product 4. Experiencers – Young, enthusiastic, Like “cool stuff,” like excitement and variety’ spend a high proportion of income on fashion, entertainment 1. Believers – Conservative, traditional, like familiar product and loyal to established brands 2. Strivers – Trendy and fun loving who are resource-constrained, concerned about the opinion of others 3. Makers – Practical, down-to-earth, self-sufficient who like to work with their hands, prefer product with a practical or functional purpose 4. Survivors – Few resources, buy at a discount, little motivation to buy, loyal to their favorite brands. Major tendencies of the four groups with higher resources are: Major tendencies with lower resources are: American Lifestyles Believers (principle oriented consumers) Achievers (successful, work-oriented people who get satisfaction from their jobs) Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
- 14. 07/04/15 14 Personal Factors Self-Concept is the complex mental pictures people have of themselves, also known as self-image. Consumer Behavior Personal Influence on Consumer Behavior IILM-Graduate School of Management
Hinweis der Redaktion
- Bank of America Corporation (NYSE: BAC) is a financial services company, the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization.[6][7][8][9] Bank of America serves clients in more than 150 countries and has a relationship with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average[10][11][12] The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth manager and a major player in the investment banking industry.[13] The company holds 12.2% of all U.S. deposits, as of August 2009,[14] and is one of the Big Four Banks of the United States, along with Citigroup, JP Morgan Chase and Wells Fargo — its main competitors
- Autocad for mechanical and civil engibeers
- Activities like work, hobbies, social events, vacation, entertainment, s membership, community, shopping, sports Intersets like family, home, job, community, recreation, fashion, food, media, achievements Opinions like themselves, social issues, politics, business, economics, eductaion, produts, future, culture
- Lifestyles of health and sustainability
- Lifestyles of health and sustainability
- Activities like work, hobbies, social events, vacation, entertainment, culb membership, community, shopping, sports Intersets like family, home, job, community, recreation, fashion, food, media, achievements Opinions like themselves, social issues, politics, business, economics, eductaion, produts, future, culture
- Early adopter-achievers Early majority-thinkers Late majority- strivers Laggards -believers Like professional student LS…A- attending the class, presentaion, participating in events I- reading knowledge updation, understanding the business world O- opinion that higher eduation is necessary for a better job…opinion on politics..business and corporate culture Achievement oriented LS..
- If u r a sport person then…look for niky adidas products… Self confidence..latest technoly and innovative product..innovator .opposite laggards Friendliness..buy the mobile with FB.twitter or socila networing facilities Adaptibility…hot places people buy coolent like ac, cooler..in cold places..they buy wollen cloths, gyser, heater Ambitiousness…more ambitoous hoping for best job..buy branded cloths..laptops for presentation Introvert…buying ipods…and listening music …buyinng and reading novals..less intercation with outside Extrovert…enjoying and taking parts in events…birth day party celebration in groups.. Aggressivenss…buying pistals…arms and armaments...watching aggressive movies…dabang…singham… Competitiveness…they will update themselves by buying latest gadgets like…OS software .mobile..laptops etc What are Values? Values are those things that really matter to each of us ... the ideas and beliefs we hold as special. Caring for others, for example, is a value; so is the freedom to express our opinions. Most of us learned our values - or morals, if you prefer - at home, at church or synagogue, at school. But, where are our children learning their values? Maybe from parents, teachers and religious leaders, but society has changed. Too often young people today are most influenced by what they see and hear on television or on the street. For this reason, the Boy Scouts of America - the nation's largest youth development organization - introduced new tools to help young people - from Cub Scouts through Exploring - develop positive values while learning to make ethical decisions. The Scout Oath and Law express a well-defined code of ethical and moral conduct. If you think about it, you'll see that these abstract ideas - trustworthy, loyal, helpful, friendly, courteous, kind, obedient, cheerful, thrifty, brave, clean, reverent - can become very concrete goals for young people. No, these ideas aren't "new and improved." They've been around since the very beginning of Scouting. These new tools provide a means for teaching today's young people how to apply these abstract ideas in everyday situations. A personal and/or cultural value is an absolute or relative ethical value, the assumption of which can be the basis for ethical action. A value system is a set of consistent values and measures. A principle value is a foundation upon which other values and measures of integrity are based. Those values which are not physiologically determined and normally considered objective, such as a desire to avoid physical pain, seek pleasure, etc., are considered subjective, vary across individuals and cultures and are in many ways aligned with belief and belief systems. Types of values include ethical/moral values, doctrinal/ideological (religious, political) values, social values, and aesthetic values. It is debated whether some values which aren't clearly physiologically determined are intrinsic such as altruism and whether some such as acquisitiveness should be valued as vices or virtues. Values have typically been studied in sociology; anthropology; social psychology; moral philosophy and business ethics. Contents [hide] Human values Cultural values See also References External links [edit] Human values Human values are a set of emotional rules people follow to help make the right decisions in life. When values are used in a professional setting, they are called ethics (Changing Minds, n.d.). Values are used in every day decision making at work and at home. Good values instill a sense of integrity, honesty, and diligence in people. Without good values, people would become corrupt, dishonest, and undependable as people and employees. Companies want to hire employees with a sense of moral value so that they can help improve the company as a whole. Promoting values in every-day life and in the workplace can help promote career success (Heathfield, Susan, n.d.). Values are an integral part of every culture. Along with beliefs and worldview assumptions, they generate behavior. Being part of a culture that shares a common core set of values creates expectations and predictability without which a culture would disintegrate and its members would lose their personal identity and sense of worth. Values tell people what is good, beneficial, important, useful, beautiful, desirable, appropriate...etc. They answer the question of why people do what they do. Values help people solve common human problems for survival. Over time, they become the roots of traditions that groups of people find important in their day to day lives. Values can be positive or negative; some are destructive. To understand people of other cultures, we must come to understand the values, beliefs and assumptions that motivate their behavior of there values over. [edit] Cultural values The Inglehart-Welzel Cultural Map of the World, created by sociopolitical scientists Ronald Inglehart and Christian Welzel based on the World Values Survey. Groups, societies, or cultures have values that are largely shared by their members. The values identify those objects, conditions or characteristics that members of the society consider important; that is, valuable. In the United States, for example, values might include material comfort, wealth, competition, individualism or religiosity . The values of a society can often be identified by noting which people receive honor or respect. In the US, for example, professional athletes at the top levels in some sports are honored (in the form of monetary payment) more than college professors. Surveys show that voters in the United States would be reluctant to elect an atheist as a president, suggesting that belief in God is a value. There is a difference between values clarification and cognitive moral education. Values clarification is, "helping people clarify what their lives are for and what is worth working for. Students are encouraged to define their own values and understand others' values."[1] Cognitive moral education is based on the belief that students should learn to value things like democracy and justice as their moral reasoning develops."[1]