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consumer behavior study material for MBA

consumer behavior study material for MBA

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Published by girikiruba
This is mostly for MBA students
This is mostly for MBA students

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Published by: girikiruba on Jan 31, 2010
Copyright:Attribution Non-commercial


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Consumer behaviour is defined, as a behaviour that consumers display insearching for, purchasing, using, evaluating and disposing of products and services thatthey expect will satisfy their needs.- SchiffmanObservable activities chosen to maximize satisfaction through attainment of economic goods and services such as choice of retail outlet, preference of particular  brands and so on.- Dictionary of marketing and advertisingThe decision process and physical activity individual engage in when evaluating,acquiring, using or disposing of goods and services.-Loudon & Della Bitta
Types of consumers:Types of consumers:
Personal consumers
Organizational consumers
What is consumer behaviour?
Obtaining - purchase/ receipt of product Consuming - how, where, when and under what circumstances use product Disposing - get rid
Consumer behaviour roles:Initiator:
Individual who determines that some needs or want is not being metand authorizes to rectify the situation.
Individual who intentionally or unintentionally influence the purchase decision.
Individual who actually make the purchase transaction.
Individual who directly consume the product.
Importance of studying consumer behaviour:
Consumer is the king.
Consumers do not always act or react as the theory suggest.
Consumer preferences are changing and become highly diversified.
Consumer dislikes identical product and prefer differential products.
Segmenting the market to cater the special needs of consumers.
Rapid introduction of new products with technological advancement
To sell products that might not sell easily.
Model of consumer behaviour:
Feedback to consumer Feedback to environmentFeedback to environment
Methods of studying consumer behaviour:Methods of studying consumer behaviour:
Observational approachIn home observationInterviews and surveysFocus groupField experimentationConsumption research products
Principles of consumer behaviour:Principles of consumer behaviour:
Consumer is sovereignConsumer is globalConsumers are differentConsumer has rights
Different approaches to studying consumer behaviour are:
Managerial approach
Holistic approach
Balanced approach
Managerial approach:
- It is more micro and cognitive in nature.- Micro: emphasizes the individual consumer like his attitude, perception, lifestyle, etc.- Cognitive: emphasizes the thought process of individual consumers and factorsin influencing their decision.IndividualConsumer EnvironmentalInfluenceConsumer Decision MakingConsumer Response
- Marketers are interested in this approach because all marketing strategy is tosatisfy the individual consumers need.- Risks in managerial approach:
Overemphasizes the rationality of consumers
Overlook the dynamics of environmental factors independent of individual
Focus is on purchase rather than consumption
Holistic approach:
- It is more macro in nature.- It focuses on consumption experience rather than purchasing process.- It helps in understanding the environmental context of consumer action.- Risks in holistic approach are:
 No emphasize on purchase decision.
 No understanding of cognitive process, which is necessary for themarketer to meet consumer needs.
Balanced approach:
In balanced approach both the managerial view and holistic view are taken byeliminating the drawbacks.
Understanding of consumer behaviour is essential for the long run success of anymarketing program.Some of marketing activities were consumer behaviour knowledge is importantare:
Market-opportunity analysis
Target market selection
Marketing mix determination
Market opportunity analysis:
- It involves analyzing the market to identify unsatisfied needs and wants.- The analysis begins with a study of general market trends such as consumerslifestyle and income levels which suggests unsatisfied needs and wants.
Target market selection:
- Market opportunity analysis results in the selection of target market ie distinctgroupings of consumers who have unique wants and needs.- Eg: Colgate- Palmolive company segment consumers according to their lifestyle pattern and personalities to identify a unique group of consumers for a certain typeof deodorant soap.
Market-mix determination:
Marketing mix variables are:

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