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Understanding Consumer Behavior Essentials

The document discusses consumer behavior and its applications. It defines consumer behavior as the study of how individuals select, purchase, use, and dispose of products and services. Understanding consumer behavior is important for developing effective marketing strategies, regulating policies, and social programs. Segmenting the market allows companies to better meet the needs of different consumer groups. Consumer behavior is influenced by personal characteristics, product attributes, and the consumption situation. A firm's marketing strategy aims to provide superior customer value by anticipating consumer needs.

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12 views13 pages

Understanding Consumer Behavior Essentials

The document discusses consumer behavior and its applications. It defines consumer behavior as the study of how individuals select, purchase, use, and dispose of products and services. Understanding consumer behavior is important for developing effective marketing strategies, regulating policies, and social programs. Segmenting the market allows companies to better meet the needs of different consumer groups. Consumer behavior is influenced by personal characteristics, product attributes, and the consumption situation. A firm's marketing strategy aims to provide superior customer value by anticipating consumer needs.

Uploaded by

rajeshwar singh83
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

CONSUMER BEHAVIOUR

BY:-
ANUPAMA GULATI
What is Consumer Behavior?
• The study of individuals, groups, or
organizations and the processes they use to
select, secure, use, and dispose of products,
services, experiences, or ideas to satisfy needs
and the impacts that these processes have on
the consumer and society.
Why study consumer behavior?
• Consumer behavior theory provides the
manager with the proper questions to ask
• Marketing practice designed to influence
consumer behavior influences the firm, the
individual, and society
• All marketing decisions and regulations are
based on assumptions about consumer
behavior
Applications of Consumer Behavior
• Marketing Strategy
– To satisfy target consumer needs
• Regulatory Policy
– To protect consumers
• Social Marketing
– To help consumers
• Informed Individuals
– To better understand how societies function
Marketing Strategy & Consumer Behavior
• What is Customer Value?

The difference between all the benefits derived from a total product and all
the costs of acquiring those benefits.

• What is required of a firm to provide superior customer value?

It must do a better job of anticipating and reacting to customer needs than


the competition does.

• What role does consumer behavior play in creating superior customer value?

An understanding of consumer behavior is the basis for marketing strategy


formulation, and the consumer’s reaction to this marketing strategy
ultimately determines the firms success or failure.
Marketing Strategy & Consumer Behavior
Market Segmentation
• Market Segment: a portion of a larger market
whose needs differ somewhat from the larger
market.
• Four steps to segmentation:
– Identify product-related need sets
– Group customers with similar need sets
– Describe each group
– Select an attractive segment(s) to serve
• What is market segmentation?
Market segmentation involves aggregating prospective buyers
into groups that:
1. have common needs
2. will respond similarly to marketing actions

• Why segment the market?


Market segmentation links market needs to an organization’s
marketing programs.

• When does an organization segment the market?


When the potential increase in profits as a result of
segmenting outweigh the costs of segmenting.
Market Segment Attractiveness
Creating Satisfied Customers
Consumer Behavior is Product – Person –
Situation Specific

Personal
Characteristics

Consumer Marketing
Product
Behavior Strategy
Characteristics

Consumption
Situation
Consumer Lifestyles and Consumer Decisions

Needs/Attitudes
That Influence
Consumption Decisions

Consumer
Choices

Behavior/Experiences
That Influence
Consumption Decisions
Overall Model Of Consumer Behavior

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