Chapter 3
Consumer Behaviour
Needs, Wants, Desires
A need is a basic requirement, essential for a person's physical and psychological well-being.
A want is an upgrade of a basic need influenced by a ...
Consumer Decision Process
The consumer decision-making process typically involves five stages, including problem recognition, information search, evaluation of alternatives, ...
Factors Affecting Consumer Decision Process - Overview
Consumer decision-making is influenced by cultural, social, personal, psychological, marketing mix, and situational factors.
These factors alter a ...
Factors Affecting Consumer Decision Process - Cultural
Culture includes shared values, beliefs, customs, and practices learned from society, family, and social institutions.
These elements shape customers' ...
Examples of cultural factors influencing consumer behavior
A country's culture, subcultures, and subclasses shape consumer needs and preferences.
And businesses must consider these cultural elements to stay ...
Factors Affecting Consumer Decision Process - Social
The social environment significantly influences consumers' decision-making processes.
Reference groups that individuals identify with, like family or ...
Factors Affecting Consumer Decision Process - Personal
Several Personal factors influence consumer decisions.
First is the Age and Life Cycle Stage. A family with young children may prioritize safety features ...
Factors Affecting Consumer Decision Process - Psychological
Psychological factors refer to internal elements, conscious and unconscious, that influence how an individual thinks, feels, and acts.
Psychological ...
Buying Behavior
Consumer buying behavior is categorized into four types based on perceived brand differences and customer involvement levels.
Complex buying ...
Buying Behavior for a new product
Consumers encountering a new product exhibit different buying behaviors than when encountering a familiar one.
This difference arises from the ...
Learning Model
The Learning Model of Consumer Behavior emphasizes that learning can change consumer preferences, attitudes, and decision-making through experiences, ...
Psychoanalytic Model
The psychoanalytic model of consumer behavior focuses on the impact of the unconscious mind on purchase decisions.
The model suggests that unconscious ...
Sociological Model
The Sociological Model of consumer behavior seeks to explain consumer choices by examining social factors and influences.
It assumes consumers' ...
Economic Model
The Economic Model of consumer behavior proposes that consumers seek maximum value by comparing prices and quality.
It assumes consumers have a fixed ...
Engel-Kollat-Blackwell (EKB) Model
The Engel Kollat Blackwell or EKB Model explains consumer behavior as a five-stage decision process.
The first stage is Problem Recognition. Troy realizes ...
Black Box Model
The Black Box Model, or the Stimulus-Response model, suggests that consumer decision-making is similar to a black box because a consumer's internal ...
Hawkins Stern Impulse Buying Model
The Hawkins-Stern Impulse Buying Model states that spontaneous desires drive impulse buying rather than deliberate intentions.
The process unfolds when ...
Howard Sheth Model
The Howard Sheth Model of Consumer Behavior suggests that consumers are inherently rational, making systematic decisions.
The model assumes customers view ...
Howard Sheth Model - Variables
The Howard-Sheth Model provides a framework for understanding consumer decision-making.
To illustrate it, let's consider Mike's decision-making ...
Customer Loyalty
Customer loyalty is about establishing a lasting connection, where customers choose a particular product or brand repeatedly.
The loyal customers keep ...
Customer Lifetime Value
Customer Lifetime Value, or CLV, is the total value a customer brings to a business over the lifespan, that is, the entire period of their relationship ...
Gathering Customer Insights
Customer insights empower businesses to make informed decisions, enabling them to understand and exceed customer expectations.
These valuable insights can ...
Types of Customers
Customers can be categorized based on their behavior, preferences, and purchasing patterns.
New customers are first-time buyers, but their future loyalty ...
Types of Customer Relationships
Customer relationships, crucial for business success, are a spectrum from basic transactions to more collaborative interactions, as illustrated by the ...
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