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    Week 4

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    kalig71232

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    Week 4

    Uploaded by

    kalig71232
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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    3 views24 pages

    Week 4

    Uploaded by

    kalig71232

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 24

    Introduction to Consumer

    Behavior & Market Research


    Behavior?
    Introduction to Consumer Behavior
    Definition

    Consumer behavior is the study of how individuals, groups, and


    organizations select, buy, use, and dispose of goods, services, ideas, or
    experiences to satisfy their needs and wants.
    Why Consumer Behavior Matters?
    • Consumer Insights: Helps businesses tailor their products and
    marketing strategies to meet customer needs.
    • Competitive Advantage: Better understanding of consumer behavior
    can lead to a competitive edge in the market.
    • Product Development: Insights into consumer preferences can guide
    product development efforts.
    Factors Influencing Consumer Behavior

    • Psychological Factors
    • Social Factors
    • Cultural Factors
    • Personal Factors
    Market Research?
    Introduction to Market Research

    • Definition: Market research is the process of gathering, analyzing, and


    interpreting information about a market, including consumer
    preferences, behaviors, and trends.
    • Purpose: To make informed business decisions.
    Importance of Market Research

    • Minimizing Risk: Helps businesses make decisions with a reduced level


    of uncertainty.
    • Identifying Opportunities: Uncovers market gaps and new
    opportunities.
    • Customer-Centric Approach: Allows businesses to cater to customer
    needs.
    Conducting Market Research

    • Define Research Objectives


    • Data Collection Methods
    • Data Analysis
    • Interpretation and Reporting
    Consumer Personality &
    Consumer Behavior
    Consumer Personality – Definition
    • An individual's unique set of characteristics, traits, and patterns of
    thought, emotion, and behavior that influence their interactions with
    the marketplace
    The Big Five Personality
    Traits
    Openness to Experience
    • Adventurous
    • Curious
    • Open-minded
    • more likely to try new products, explore unique experiences, and
    value novelty and creativity.
    Conscientiousness
    • Organized
    • Disciplined
    • Responsible
    • more likely to engage in thorough research before making a purchase,
    seek reliability in products, and value durability and quality.
    Extraversion
    • Outgoing
    • Sociable
    • Energetic
    • more likely to make purchases influenced by social factors, seek social
    validation, and value products that enhance their social image.
    Agreeableness
    • Cooperative
    • Empathetic
    • Trusting
    • They value products and brands that align with their ethical values,
    prioritize positive interactions, and seek harmonious relationships.
    Neuroticism
    • Neurotic individuals experience higher levels of negative emotions
    such as anxiety and stress.
    • They may be more inclined to make impulsive purchases as a means
    of alleviating negative emotions or seeking comfort.
    Decision-making process
    Questions?

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