Bus306: Consumer vs Business Markets

Meet the requirements of every aspect of the assignment by supporting your explanation with clear and relevant examples using reputable research for all non-commonly known information. Provide in-depth analysis that demonstrates a complete understanding of concepts.

1. Choose a memorable or a recent purchase decision that you made of a product/service for personal use. Based on the various factors that influence consumer behavior (Fig. 5.2) identify and elaborate 2 (two) specific factors that influenced your purchase decision (e.g. social (family) and psychological (motive/self-actualization needs).

5.3: Buying Decision Behavior and the Buyer Decision Process AP FIGURE 5.5 Buyer Decision Process The buying process starts long before the actual purchase and continues long after. In fact, it might result in a decision not to buy. Therefore, marketers must focus on the entire buying process, not just the purchase decision. Need Information Evaluation of Purchase Postpurchase recognition search alternatives decision behavior Figure 5.5 suggests that consumers pass through all five stages with every purchase in a considered way. But buyers may pass quickly or slowly through the buying decision process. And in more routine purchases, consumers often skip or reverse some of the stages. Much depends on the nature of the buyer, the product, and the buying situation. A person buying a regular brand of toothpaste would recognize the need and go right to the purchase decision, skipping information search and evaluation. However, we use the model in Figure 5.5 because it shows all the considerations that arise when a consumer faces a new and complex purchase situation. 1495.2: Characteristics Affecting Consumer Behavior AP FIGURE 5.2 Factors Influencing Consumer Behavior Cultural Social Personal Culture Groups and social Psychological Age and life- networks cycle stage Motivation Many brands now target Occupation Perception Buyer specific subcultures-such as Subculture Economic situation Hispanic American, African Family Learning American, and Asian American Lifestyle Beliefs and consumers-with marketing Personality and attitudes programs tailored to their self-concept specific needs and preferences. Social class Roles and status Our buying decisions People's buying decisions reflect and contribute to their lifestyles- are affected by an their whole pattern of acting and interacting in the world. For example, incredibly complex retailer Title Nine sells much more than just women's apparel. combination of It sells an entire sports participation and activities lifestyle to external and internal "ordinary women capable of extraordinary things.' influences. Cultural Factors Cultural factors exert a broad and deep influence on consumer behavior. Marketers need to understand the role played by the buyer's culture, subculture, and social class. 133