buyer behavior in marketing strategy
DESCRIPTION
Presentation for doctoral course at Turku School of Economics.TRANSCRIPT
![Page 1: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/1.jpg)
BUYER BEHAVIOR IN MARKETING STRATEGY
(John A. Howard, 2nd ed.)
![Page 2: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/2.jpg)
Consumer behavior
”Consumer behavior is the study of
how consumers differentiate
among products, why people buy
and consume products, and the
way they think and act when
buying and consuming.”
![Page 3: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/3.jpg)
Key concepts
• product categories
• product life cycle (PLC)
• customer decision model (CDM)
![Page 4: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/4.jpg)
Key concepts (cont’d)
• product categories
”group of brands that serve the same
generic needs and are perceived
similar.” (simplifying)
• product life cycle (PLC)
• customer decision model (CDM)
![Page 5: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/5.jpg)
Key concepts
• product categories
”group of brands that serve the same generic needs and are perceived similar.” (simplifying)
• product life cycle (PLC)
1. introduction
2. growth
3. maturity
• customer decision model (CDM)
![Page 6: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/6.jpg)
Consumer Decision Model
![Page 7: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/7.jpg)
Problem solving
• Extensive (EPS)
• Limited (LPS)
• Routine (RPS)
connected to Stage of PLC, Amount
of Information, Speed of Decision
![Page 8: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/8.jpg)
Complex factors
• evoked set (or consideration set)
• brand loyalty (repeat purchases,
nonrecursivity)
• habitual purchasing (routine
problem solving) vs. variety
seeking (heterogeneity)
![Page 9: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/9.jpg)
Critique
• explicit focus on corporate USA – big corporations
– consumer power
• lack of service focus
• hasty generalizations – ”all judgments about the quality of each [instant
coffee] brand had largely been made: consumers already had formed an image of each brand.” (impossible?)
– compare: ”Consequently, the product sat on shelves unsold. The company had not provided the amount of information – through advertising – that the consumer required.”
• outdated examples (GM)
![Page 10: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/10.jpg)
More critique
”Not all new products conform to
this theoretical life cycle [PLC], but
most do, so (...) it is a highly useful
description.”
– NO! Most new products DIE.
– Hence, it is useful if you have tons
of products and tons of money; if
not, it gives you ZERO help.
![Page 11: Buyer Behavior in Marketing Strategy](https://reader033.vdocuments.site/reader033/viewer/2022051816/547255acb4af9fa90a8b4e3b/html5/thumbnails/11.jpg)
However… (the positive)
• very good methodological
implications; practical
walkthrough of measurements
• involvement of psychology
• not only praising quantitative
approach, but actually
recommending a synthesis