The Consumer Behavior Process

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Del curso dictado por IE Business School

Market Research and Consumer Behavior

625 calificaciones

IE Business School

Market Research and Consumer Behavior

625 calificaciones

Curso 1 de 5 en SpecializationMarketing Strategy

Your marketing quest begins here! The first course in this specialization lays the neccessary groundwork for an overall successful marketing strategy. It is separated into two sections: Market Research and Consumer Behavior. Gain the tools and techniques to translate a decision problem into a research question in the Market Research module. Learn how to design a research plan, analyze the data gathered and accurately interpret and communicate survey reports, translating the results into practical recommendations. You will then focus in on the consumer decision-making process, highlighting the key moments from identifying a need to buying and consuming a product. Adopt a true “consumer focus” in your managerial decisions by analyzing how consumers make decisions, what happens (in their hearts and minds) at different stages of the decision making process, and the variables that influence those decisions. This course will equip you with the knowledge required to understand the state of your product before approaching the market strategy. There’s no better place to build the foundations of your marketing journey!

De la lección

Consumer Behavioral Fundamentals

This Course consists of two blocks: Marketing Research and Consumer Behavior. First, learners will see the tools and methods to be able to effectively conduct (or hire) and interpret marketing research. Second, they will learn the foundations of consumer behavior and the consumer decision-making process and how to use this knowledge in the formulation of effective marketing strategies and tactic. In this first module, you will head-dive into your consumer's thought-processes to really get to know what makes them tick, and, more specifically, what makes them make their purchase decisions. Getting into the mind of your customer is the first step in developing a marketing strategy that is effective.

The Consumer Behavior Process8:48

The Consumers' Attitudes Perspective4:04

The Contiuum of Consumers' Thought Process5:15

Conoce a los instructores

Shameek Sinha
Professor
Marketing

[MUSIC]

In the last video, we discussed what is consumer behavior,

and what are some of the influences on consumer behavior?

Today, we are going to dig deep into the consumer behavior process and

look at the different factors which affect your behavior.

So first of all, we have to think about the different marketing stimuli which

affect consumer behavior.

Of course, the first thing is products and services.

So what kind of product you're purchasing definitely affects your behavior.

You have to also think about the price of the product, and

also where this product is available.

Is it available online or offline?

Is it available through a department store or

is it available through a mass merchandiser?

Finally, you have to think about what kind of communications

the firm is sending to you as a consumer in order to understand

how you are going to go through the purchase process.

Let's think about some other stimuli, or factors, which affects your behavior.

First of all, you have to consider the economic situation.

That is, whether the economy is in a downturn or is it in a boom?

If the economy is in a downturn then probably you have less money to dispose of

and that's why your purchase behavior gets affected.

The second factor is technological.

So, if you're buying an electronics product,

then the technological factor is definitely going to impact your purchases.

Some other factors which are definitely important

are things like political factors or cultural factors.

The third thing which affects your behavior is your psychology as a consumer.

The things which affects your behavior includes motivations, perceptions,

learning, memory and so on, and we are going to discuss them soon.

Some other characteristics,

which are the consumer characteristics, also affect the behavior of consumers.

These include cultural characteristics, it includes social characteristics.

Are you a social person or are you an individualistic person?

That definitely affects the behavior of consumers.

Then there are certain factors, like personality.

Are you a outgoing person or are you a person who want to share your thoughts

with all the other people around you?

Then definitely, that affects your behavior.

Once you go through these factors,

a consumer goes through different stages in the buying decision process.

Starting from problem recognition, information search, evaluation of

alternatives, purchase decision, and eventually, post-purchase behavior.

We are going to see these steps later on in a separate video.

Now once you go through those different stages, the question arises,

what are the different purchase decisions which a consumer encounters?

First of all, you encounter product choice.

So, what kind of product are you planning to buy?

Is it a product which you buy frequently,

something like a consumer packaged goods, think about milk.

On the other hand, you can think about buying a product which is

less frequently purchased, things like electronics.

So definitely there is a difference between the different types

of products you choose.

Once you decide on the product you choose, you have to think about the brand choice.

Which is, what brand within the product category you're going to purchase.

Once you have decided on the brand, the next question arises is,

where do you going to buy it?

Are you going to buy it through a specific specialized dealer or

are you going to buy it through a mass merchandiser?

That's definitely an important question.

Once you decide on the channel or the place you are going to buy the product,

you have to think about how much money do you want to spend.

Of course different channels have different prices so

this is an important consideration as a consumer.

Then you have to decide when do you want to buy it.

If the product is a more high involvement product, then probably

you will delay the purchase in order for the price of the product to come down.

On the other hand, if it's a low involvement product

which arises out of necessity, you might buy it immediately.

The final decision which you can encounter is the payment method.

That is, are you going to pay by cash or credit, or

take some kind of a loan, and so on.

Now let's go deeper into the different psychological processes which consumers go

through when they make their decision.

There are different theories provided

by psychologists which impact consumer behavior processes.

Under motivation, there's Freud's theory, which looks into a laddering or

projective technique.

Now, what is a laddering technique?

Basically, every consumer, when they purchase a product,

go through different stages of the decision in order to eventually arrive at

the product they want to purchase.

And this is basically a laddering technique.

On the other hand,

Maslow proposed a theory which looks at the needs of the consumers.

Every consumer has certain types of needs.

First of all, every one of us have a physiological need like food,

water, shelter, and most of the cases,

our frequently purchased product falls under this category.

The second type of need is called safety need,

this includes security and protection.

Third need is called social needs, this includes love,

affection, and so on and so forth.

The fourth type of need is called self-esteem need,

this includes recognition, status, and so on.

Finally, at the most highest level, you have self-actualization needs.

This includes self-development, realization, and so on.

Think about the example of purchasing a Apple iPhone.

Now, of course, it has some needs which arise out of necessity.

But none of the needs of purchasing a Apple iPhone

comes from a physiological need.

They are definitely more like esteem needs or self-actualization needs.

Finally, another theory was proposed by Herzberg which looks at satisfiers and

disatisfiers.

So, basically, you're purchase decision is driven by the fact that whether

you are satisfied by a particular product or not satisfied by a particular product.

The second psychological process which you encounter is called learning.

Here you basically, over time, learn about a particular product and

then discriminate between different products based on your learning mechanism.

The third psychological process is called memory.

Here, every consumer have certain ingrained memory in their mind.

Some of these memories are short-term, some of them are long-term.

Finally, we are going to see the different perspectives of consumer behavior

which marketers think about.

The first of all is called the behavioral perspective,

which looks at how consumers respond to different stimulus.

And here we have things like conditioning, and this is a psychology concept,

which you can look at when you take a psychology course,

which gives a detailed understanding of conditioning.

The next perspective of consumer behavior is called

the information processing perspective.

Here, consumers go through a problem solving mechanism and

uses their cognition in order to understand the perspectives.

The third approach is called the emotional perspective, which is basically driven by

how you are emotionally active when you are purchasing a particular product.

There are certain other perspectives which consumers go through,

like cultural perspectives.

Or even consumers can combine these emotional perspectives,

behavioral perspectives, or

cultural perspectives together in order to arrive at their final purchase decision.

And that's all about the consumer behavior processes.

In the next video, we'll look into the different stages of consumers behavior.

[MUSIC]

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