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ENT4310 Business Economics and Marketing. Consumer Behavior Arild Aspelund IØT, NTNU. Outline. A model for consumer behavior Factors influencing consumer behavior Theories of motivation The buying decision process A five-step model. A Model for Consumer Behavior. Cultural Factors.

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Ent4310 business economics and marketing

ENT4310Business Economics and Marketing

Consumer Behavior

Arild Aspelund

IØT, NTNU


Outline
Outline

  • A model for consumer behavior

  • Factors influencing consumer behavior

  • Theories of motivation

  • The buying decision process

    • A five-step model



Key factors influencing consumer behavior

Cultural Factors

Social Factors

Personal Factors

Key Factors Influencing Consumer Behavior


Culture

The fundamental determinant of

a person’s wants and behaviors

acquired through socialization

processes with family

and other key institutions

Culture


Subculture influence

Nationalities

Religions

Racial groups

Geographic regions

Special interests

Subculture influence


Social factors
Social Factors

  • Reference groups

    • A reference group is all individuals or institutions that have direct or indirect influence on a person’s attitudes or behavior

  • Family

    • The most influential reference group

    • Influence varies over a person’s life time

  • Social roles and statuses

    • Individuals belong to several groups

    • To each group one is associated with a certain social role and status


Reference groups

Membership groups

Primary groups

Secondary groups

Aspirational groups

Dissociative groups

Reference Groups


Personal factors

Age

Self-

concept

Life cycle

stage

Occupation

Lifestyle

Wealth

Values

Personality

Personal Factors


Key psychological processes

Motivation

Perception

Learning

Memory

Key Psychological Processes


Motivation

Freud’s

Theory

Behavior

is guided by

subconscious

motivations

Maslow’s

Hierarchy

of Needs

Behavior

is driven by

lowest,

unmet need

Herzberg’s

Two-Factor

Theory

Behavior is

guided by

motivating

and hygiene

factors

Motivation




Perceptions
Perceptions

  • Selective attention

    • A cognitive screening process to save your brain from information overload

  • Selective distortion

    • Tendency to interpret information to fit with your preconceptions

  • Selective retention

    • Tendency to remember the good about the things you like, and forget the good about those you don’t

  • Subliminal perception

    • Messages to your subconscious


Buying decision processes a five stage model

Problem

recognition

Information

search

Evaluation of

alternatives

Purchase

decision

Postpurchase

behavior

Buying Decision Processes- A Five-Stage Model



Buying decision processes conversion rates

Awareness

Familiarity

Consideration

Purchase

Loyalty

Ambassador

84

50

50

60

41

95

80

40

20

12

5

73

15

11

Buying Decision Processes- Conversion Rates


Summary and continuation
Summary and Continuation

  • Summary

    • In this lecture we have presented some factors that influence consumer behavior

      • Culture

      • Social

      • Personal

    • We have also presented some fundamental theories of motivation

      • Freud

      • Maslow

      • Herzberg

    • Finally, we have presented a five-step model to the purchase decision process

  • Continuation

    • Segmentation and targeting


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