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Consumer behavior models

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Consumer behavior models

  1. 1.  The term customer refers to the purchaser of a product or service whereas the term consumer refers to the end user of a product or service. A customer is
  2. 2. Factors influencing consumer behavior  Cultural  Social  Personal  Psychological
  3. 3. personality
  4. 4. Contd..  Schiffman (2008) as that the unique dynamic organization of characteristics of a particular person, physical and psychological, which influence behaviour and responses to the social and physical environment.  related to the heredity and the experience of early childhood.
  5. 5. psychographic Activities •Interests •Opinions
  6. 6. Family  helps shape an individual's attitudes and behaviours  develop political and religious beliefs, lifestyle choices, and consumer preferences
  7. 7. society outside influences of others
  8. 8. Attitude and life styles  “the patterns in which people live and spend time and money.”  Beliefs and feelings
  9. 9. Values of perception •Organization, •Identification, •Interpretation
  10. 10.  The organization, identification and interpretation of sensory information in order to represent and understand the environment.  can be shaped by learning, memory and expectations.
  11. 11. Models of consumer behavior  Traditional models: Economic Model Learning Model Psychoanalytic Model Sociological Model
  12. 12. Economic model  Law of principal of maximum utility  Law of equimarginal utility enables a consumer to secure the maximum utility from limited purchasing power  Price effect  Substitution effect  Income effect
  13. 13. Learning model  The response of satisfaction reinforces the relationship  Learns to associate connection between stimulus and response which becomes habit  Understanding the response of consumer at the market place
  14. 14. Psychoanalytical model  Personality of consumers and their responses  Consumer behavior is directed by a complete set of deep seated motives
  15. 15. Sociological model  As his role, status, interaction, influence, group relation, lifestyle, income, occup- ation, place of residence, social class etc.
  16. 16. Contemporary models  Harward seth model  Nicosia  Webster and wind  Engel, balckwell and minard model
  17. 17. Howard sheth model  Customer lacks well defined evaluative criteria to judge the product  Searches for information  After passing his own personality, his intake is modified  Evaluates the brands available  Seeks greatest potential of satisfying his motives
  18. 18. example  Online shopping
  19. 19. Nicosia model  Proposed by Francesco Nicosia in 1970s  Incomplete in a number of aspects, very reductionist  Variables in the model have not been clearly defined
  20. 20.  A number of assumptions have been made that question the validity of this model, for instance:  What type of consumer are we talking about?  The company and the consumer have an existing relationship? What type?  Is this for a new product? Is this the first exchange the consumer has had with the producer?
  21. 21. example  Four-wheelers
  22. 22. Engel, Blackwell and minard model  Information input  Information processing  Decision process stage  Variables influencing decision making process
  23. 23. example  Garment sector  Social class  Family  Lifestyle  Personality  Beliefs  attitudes
  24. 24. Webster and wind  partitiones the buying process into several processes  processes of decision-making are determined by environmental and organizational factors.  Final buying process rendered as the mixture of individual and group decision
  25. 25. example  Automobile manufacturing • B2B business • Purchasing tires
  26. 26. conclusion  Understanding consumer contributes the best to any organization and for this, models would work great

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