Marketing

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Marketing session 3
Markets and buyerbehavior
Consumer Markets and Consumer BuyerBehavior
Definitions :
• Consumer BuyingBehavior :
– Buyingbehavior of individuals and householdsthatbuyproductsfor personalconsumption.
• Consumer Market :
– Allindividuals/householdswhobuyproducts for personalconsumption
Model of consumer behavior :
Stimulus Response Model
– Marketing and other stimulienter the buyer’s“black box” and produce certain choice/purchaseresponses.
– Marketers must figure out whatisinsideof the buyer’s “black box” and how stimuli are changed to responsesCharacteristicsaffectingconsumerbehavior :
• Cultural
• Personal
• Social
• Psychological

Hispanics :
– 35 million consumerspurchase $425 billion worth of goods and services.
– Expected to grow 64% in 20years.
– Spanish media makes group easy to reach.
– Brand loyal group.
AfricanAmericans :
– 35 million consumerspurchase $527 billion worth of goods and services.
– Growing more affluent /sophisticated.
– Price and brand nameconscious; quality and selection are important.
– Certain media targetthis group.
AsianAmericans
– 10 million consumerspurchase $229 billion worth of goods andservices.
– Fastestgrowing, most affluent subculture.
– Manynationalities comprise this group.
– Consumer packagedgoodscompaniesnowtargetthis group more heavily.
Mature Consumers
– 75 millionconsumersaged 50+ willgrow to 115 million within 25 years.
– Mature consumers control 50% of all discretionaryincome.
– Attractive market for travel, restaurant, and cosmeticsproducts, amongothers.Brand personality dimension :
• Sincerity
• Ruggedness
• Competence
• Excitement
• Sophistication

Maslow’shierarchy of needs :
• Self-actualization
• Esteemneeds
• Social needs
•Safetyneeds
• Physiologicalneeds


The buyerdecisionprocess
Five stages :
• Need recognition
• Information search
• Evaluation of alternatives
• Purchasedecision
• Postpurchasebehavior

The...
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