Consumer Behavior

Buyer’s needs, characteristics and decision making process interact with the stimuli created by the environment and marketers and buying decisions are made by the buyers.

Hence marketers have to understand what happens in the buyer’s consciousness between the arrival of outside stimuli and the buyer’s purchase decision. They must answer two questions:

• How do the buyer’s characteristics – socio-cultural (sociological), personal, and psychological influence buying behavior?
• How does the buyer make purchasing decisions?

Socio-cultural (sociological), Personal, and Psychological Characteristics

Various sociological factors of importance

Culture

Subculture

Social class

Reference groups

Family

Statuses and roles

Personal factors of importance

Age and stage in the life cycle

Occupation

Economic circumstances

Life style

Psychological factors of importance

Personality and self concept

Motivation

Perception

Learning

Beliefs and attitudes

The Buying Process

Roles people play in buying process

Initiator

Influencer

Decider

Buyer

User

Buying behavior

Habitual buying behavior

Complex buying behavior

Variety seeking buying behavior

The stages of buying decision process

Problem recognition

Information search

Evaluation of alternatives

Purchase decision

Post purchase behavior

Post purchase satisfaction

Post purchase actions

Post purchase use and disposal


For Further Reading

Philip Kotler, Marketing Management

I had recently read Kotler and prepared revision articles. Subsequetly I looked at a book on marketing financial services. The contents of the book follow chapters of Kotler's book and concentrate on financial services domain. I plan to take up that book and write concepts, theories and ideas relevant marketing securities in future posts. But first I shall post the general marketing related posts. Then I can link these posts of marketing articles related to securities market domain and that should make understanding of issues easy and better.

I look forward to comments, suggestions and anecdotes of personal experience in marketing securities from my readers.



Orkut Community

I opened an orkut community yesterday to discuss the issues related to management theory and practice in various subjects of management. Such a forum could help us to find out the concerns of practioners that require some ideas from theorists and fellow professionals.

I request readers to consider joining the community and participate in discussions at their convenience.

Management Theory and Practice

http://www.orkut.co.in/Community.aspx?cmm=54603526