consumer buying behavior 2
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Consumer Buying
BehaviorCont.
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Types of Buying Decisions
Extended Problem SolvingHigh financial or social risk
Limited Problem SolvingSome prior Buying Experience
Habitual Decision MakingStore Brand, Loyalty
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Extended Problem Solving
In this process customers spend a lot of time and effort evaluating
alternatives and researching the desired product
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Customers tend to engage in extended problem solving when a purchase involves a lot of risk or uncertainty.
Types of Risks Include:• Financial Risks• Physical Risks
• Social Risks
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Retailers can assist consumers in Extended Problem solving by:
• Providing a lot of information• Having helpful and informative salespeople• Having informational in-store displays• Having salespeople demonstrate features and answer questions
Retailers can also reduce risks by:
• Offering a money back guarantee• Offering easy return of merchandise
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Limited Problem Solving
In this process consumers spend a moderate amount of time and effort analyzing alternatives, but also rely on their prior experience with the product or service
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Retailers can assist consumers in Limited Problem Solving by:
Providing a positive experience
– Make sure customer is satisfied– Provide good service– Have a large selection of quality items– Offer rewards for loyal customers– Have convenient locations
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Habitual Decision Making
When the product is not important to the customer and they make the
purchase with little or no effort the customer is performing Habitual
Decision Making
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Habitual Decision Making usually involves customer loyalty to a Store or Brand.
Brand Loyalty• Customer is committed to a specific brand
• Will shop at a different retailer to get specific brand• Reluctant to try a different brand
Store LoyaltyCustomer habitually visits the same store
Reluctant to try a different store
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Social Factors Influencing the Buying Process
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How Family Influences the Buying Decision
• Purchases are for the entire family• All family members have opinions about products• Retailers try to satisfy needs of all family
members– Example: playrooms at IKEA, books and games provided
at Hyatt Hotels, Seating areas with TV's in malls
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Reference Groups
A reference group is one or more people whom a person uses as a basis of comparison for beliefs,
feelings, and behaviors
A reference group can affect the buying process by:• Offering information (directly and indirectly)
• Enhancing a consumers self-image
Retailers often try to reach store advocates that are part of reference groups to encourage consumers to frequent their store.
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Culture
Culture is the meaning, beliefs, morals, and values shared by most members of a society.
Two commons types of cultures are:
Individualism – consumers tend to rely on their own inner standards and beliefs
Collectivism – consumers tend to shop in groups and put more value on products used in a public manner