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Assignment 04 Group 2 Marketing Management

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8 views3 pages

Assignment 04 Group 2 Marketing Management

Uploaded by

paboyoc856
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Assignment - 04

Marketing Management
Chapter – 6 Analyzing Consumer Markets
Group -2
Members - Abhinandan Darbe (2024-2805-0001-0061)
Priyamvada Yadav (2024-2805-0001-0062)
Gurvinder Singh (2024-2808-0001-0001)
Jatin Verma (2024-1709-0001-0002)
Mansheel Sawhney (2024-1009-0001-0005)
Q1. How do consumer characteristics influence buying behavior?
 Cultural Factors: Culture decides values, perceptions and practices. Subcultures and social classes
sharpen the decisions of consumers-brand choice to product features.
 Social Factors: Social influences arise with the family, friends as well as social networks.
Reference groups influence the consumers' attitudes, meaning that their behavior may change, as
does the social status affecting brand perceptions.
 Personal Factors: The age, gender, income level, occupation, and lifestyle are all very crucial. For
example, younger consumers will find trends more important, while older consumers will find
quality and reliability more vital.
 Psychological Factors: The motivations, perceptions, learning, beliefs, and attitudes of the
consumer represent what maneuvers in processing the information they gather and how they take
decisions. These factors may characterize brand loyalty and propensity to switch brands.
 Situational Factors: Time, place, or physical environment can provide the context in which to
analyze consumer behavior. For example, holidays tend to feature unique purchase behavior.

Q2. What major psychological processes influence consumer responses to the marketing
program?
 Perception: With which meanings consumers see and interpret marketing stimuli, for example,
features of a product and its brand. That essentially means selective attention, distortion, and
retention.
 Motivation: The drives underlying consumer buying behavior that lies beneath action and can
arise from wants and needs or desires. To apply Maslow's hierarchy of needs, this can be very
effective.
 Learning: The process through which consumers acquire information and experiences that can
influence subsequent behavior. This can be through direct experience or other forms of
observational learning.
 Attitudes: Customer judgments about products or brands derived from beliefs and experience.
Attitudes influence buying decisions and are often a prime target for marketing efforts.
 Personality: Individual personality characteristics that determine how consumers respond to
promotional communications. Brands often associate their message with specific kinds of
personalities that they believe will resonate with the desired target audience.
 Social Influence: The impact of social groups, family, and cultural norms on behavior of the
consumer. Social proof, peer pressure, and reference groups can play a big role in making a
consumer decide.
 Emotions: Feelings that may drive consumers to purchase a product, thus often leading to impulse
purchases or brand loyalty. Emotional branding, is one of the marketing strategies.

Q3. How do consumers make purchasing decisions?


The five basic phases of consumer purchase decisions involve:
 Problem recognition is when consumers realize they need or want something. This might be an
internal trigger, like hunger, or as an external trigger, such as an ad or recommendation from a
friend.
 Information search: After recognizing a need, consumers search for information that would
provide them with possible solutions. They may adopt diverse guidance, such as relying on
personal experience, looking groups for a product on the basis of reviews, and obtaining
suggestions from friends.
 Evaluation of alternatives: After information has been collected, consumers compare various
products or brands against each other. During that evaluation, consumers will evaluate the
alternative, based on functionality, price, quality, and reviews, to figure out which alternative will
best serve their needs.
 The purchase decision: Upon evaluating, they select a product to purchase. However, this choice
can be influenced by last-minute factors such as marketing promotions, a reference group, or
product availability.
 Post-purchase behavior: After purchasing, consumers evaluate their satisfaction with the
purchase. Satisfaction can lead to some product-related behaviors like becoming loyal customers
to the brand, or recommending it to others. On the other hand, dissatisfaction can bring about the
return of the product or an outright avoidance of the brand in the future.

Understanding the five stages in this way allows marketers to see how to connect with consumers and
their decision-making processes at each stage.

Q4. In what ways do consumers stray from a deliberative, rational decision process?
For various psychological and contextual reasons, consumers are very prone to stray away from rational
decision-making. Key influences include:

 Heuristics: Consumers use mental shortcuts to simplify choices. For example, the availability
heuristic is one of those mental shortcuts in which individuals make decisions based on
information that is readily available in memory rather than on all relevant details.
 Framing: This refers to the presentation of choices, which can have a strong influence on the
decision. Higher price comparisons of a product can evoke more consideration of a bargain.
 Mental Accounting: Consumers treat money differently depending on the context. For instance,
most people feel they have lost more if they lose cash valued at $50 than if they lose another $50
ticket; nonetheless, both instances include an equal amount of loss financially.
 Loss Aversion: It means that people are more sensitive to losses than equivalent gains. This can
lead to decisions to buy warranties, which are a safeguard against the likelihood of loss when a
product becomes defective.
 Emotional factors: Such emotional factors as regret or optimism may likewise be at work in
decisions. For instance, people may decide on the familiar brand to avoid possible regret, or they
may exaggerate their aviation good fortune because of their optimism.
 Such consumer behavior has been exploited by marketers to frame their offerings along the lines
and to draw on emotional appeals that manage to steer decisions away from purely rational
choices.

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