Analyzing the consumer market-Q1

Analyzing the Consumer Market

How consumer characteristics influence buying behaviour?

Assessing the value of the product as perceived by the customer by analyzing customers behaviour.

Cultural factor Social factor Personal factor

What influences consumer behavior?

Culture

The fundamental determinant of a person’s wants and behavious aquired through socialization processes with family and other key institutions.

Nationality Religion Racial group Special interests Geographic regions

Subcultures

Reference group Status Family Social roles

Social Factors

These groups have direct influence. Types - Primary groups – usually with the Person interacts. Secondary groups- Such as religions, trade-union groups, professional etc.

Reference group

Family of orientation--‐Parents influence on buying behaviour

Family of procreation---Person’s family has influence on buying behaviour

Family

Age Personality Values Lifestyle Wealth Occupation Life cycle stage

Personal factors

o Family life cycleo Psychological life cycleo Life events or transitions-marriage, child birth etc.o Marketers should take these personal aspects into consideration in the process of influencing buyers behaviour.

Sincerity Excitement Competence Sophistication Ruggedness

6-10

Brand Personality

Consumers are likely to choose brands whosepersonalities match their own. (Brand personality)

Researched brand personalities and identified traits-

I. SincerityII. ExcitementIII. CompetenceIV. SophisticationV. Ruggedness

Stanford’s Jennifer Aaker

Created by,Divya Agarwal, during an internshipunder Mr, Sameer Mathur, IIM Lucknow.www.IIMinternship.com

THANK YOU!