Lec 11-Understanding Consumer Behavior-2

Summary

This video script delves into the understanding of consumer behavior and the factors influencing the purchase decision process. It covers situational influences such as purchase tasks, social and physical surroundings, temporal effects, and antecedent states. The script also explores psychological influences including motivation, personality, self-concept, perception, and perceived risk. The discussion highlights the importance of these elements for marketers to effectively engage consumers and influence their buying behaviors.

Takeaways

• 🛍️ Consumer purchase decisions are influenced by situational factors such as the purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states.
• 🎁 The reason for the purchase (purchase task) can significantly alter the decision-making process, especially when buying for oneself versus buying a gift.
• 👥 Social surroundings, including the presence of others, can impact purchasing behavior, with some consumers buying more when influenced by others.
• 🏢 Physical surroundings like store decor, music, and crowding can also alter consumer purchase decisions, affecting the overall shopping experience.
• ⏰ Temporal effects, such as the time of day or the amount of time available, influence consumer choices, especially in daily routines like breakfast and lunch.
• 💰 Antecedent states, including a consumer's mood and financial situation, can sway purchasing behavior and the choice of products or services.
• 🧐 Psychological influences play a crucial role in consumer behavior, with motivation, personality, perception, learning, values, beliefs, attitudes, and lifestyle being key factors.
• 🌟 Motivation is the driving force behind consumer behavior, stemming from the need to satisfy various levels of needs, from basic physiological needs to self-actualization.
• 💡 Personality traits guide consumer behavior, with different traits like assertiveness or aggression influencing the types of products or brands a consumer prefers.
• 🤔 Perception involves the process of selecting, organizing, and interpreting information, which can differ greatly among individuals, affecting how they view products or services.
• 🛡️ Perceived risk represents the anxiety consumers feel when uncertain about the outcome of a purchase, which can be mitigated by strategies like warranties and endorsements.

Q & A

What are the five situational influences that affect the consumer purchase decision process?

The five situational influences are the purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states.

How does the purchase task influence consumer decision-making?

The purchase task is the reason for engaging in decision-making, and it affects the search for information and the evaluation of alternatives, which may differ depending on whether the purchase is for a gift or for the consumer's own use.

What is the impact of social surroundings on consumer purchases?

Social surroundings, including other people present during a purchase decision, can influence what is purchased. For example, consumers shopping with children may buy 40 percent more items than those shopping alone.

Can you explain the role of physical surroundings in altering purchase decisions?

Physical surroundings such as decor, music, and crowding in retail stores can change how purchase decisions are made, affecting the overall shopping experience and consumer choices.

What are the effects of temporal factors on consumer behavior?

Temporal effects, such as the time of day or the amount of time available, can influence consumer behavior, including decisions about where to have breakfast or lunch and what to order.

How do antecedent states affect consumer purchase behavior?

Antecedent states, which include the consumer's mood or the amount of cash on hand, can influence purchase behavior and the choice of purchase, reflecting the consumer's current emotional and financial state.

What is motivation in the context of consumer behavior?

Motivation is the energizing force that stimulates behavior to satisfy a need. It is a key psychological concept that marketers use to understand and influence consumer actions.

Can you describe the hierarchy of needs as per the script?

The hierarchy of needs consists of five levels: physiological needs (e.g., food, water, shelter), safety needs (e.g., freedom from harm, financial security), social needs (e.g., friendship, belongingness, love), esteem needs (e.g., status, respect, prestige), and self-actualization needs (e.g., self-fulfillment).

How does personality guide consumer behavior?

Personality refers to a person's consistent behavior or responses to recurring situations. Traits such as assertiveness, extroversion, compliance, dominance, and aggression guide and direct consumer behavior, influencing their choices and preferences.

What is the concept of self-concept and its relevance to consumer behavior?

Self-concept is the way people see themselves and how they believe others see them. It consists of the actual self-concept, which is how people view themselves, and the ideal self-concept, which is how people would like to be seen. This concept influences consumer choices, as it reflects their identity and aspirations.

What is selective perception and how does it affect the consumer decision process?

Selective perception is the process by which consumers filter information based on exposure, comprehension, and retention. It affects the consumer decision process by influencing which information is attended to, interpreted, and remembered, impacting the search for and evaluation of information.

What is perceived risk and how does it influence consumer behavior?

Perceived risk represents the anxiety felt when a consumer cannot anticipate the outcome of a purchase and believes there may be negative consequences. It influences consumer behavior by affecting the extent of the information search process, with higher perceived risk leading to more extensive external searches.

What strategies can companies use to reduce perceived risk and encourage purchases?

Companies can reduce perceived risk by obtaining seals of approval, securing endorsements from influential people, providing free trials of the product, giving extensive usage instructions, and offering warranties and guarantees.