Overview of Kotler & Keller's Marketing Management, Chapter 6, Analyzing Consumer Markets for Presidio Graduate School Managerial Marketing course. (In "Ignite" format - 20 slides, 15 second automatic slide advance)

1. Analyzing Consumer MarketsKotler & Keller Chapter 6 Understanding what happens between stimulus and response1 Consumer psychology Marketing stimuli Other stimuli Buying Decision Process Purchase Decision Consumer characteristics

2. The Buying Decision Process: 5 Stage Model Problem Recognition Information Search Evaluation of Alternatives Purchase Decision Post Purchase Behavior Influencers of Consumer Behavior Cultural Social Personal Marketing aims to meet needs and wants better than competitors Human Psychological Processes Motivation Perception Learning Memory Other Theories of Consumer Decision Making Level of Consumer Involvement Decision Heuristics and Biases Mental Accounting

4. Religion

5. Ethnicity/race

6. Socio-economic class

7. Geographic Region

9. Who do you hang out with every day?

10. Who do you see occasionally?

11. Who do you aspire to be like?

12. Who do you want nothing to do with?

13. Family

15. Occupation

16. Economic Status

17. Personality

18. Self Concept

20. Key Psychological Processes Motivation We all need food. When we are hungry enough to do something about it, that is motivation. We may or may not be fully aware of all our own motives.

21. Key Psychological Processes Perception Motivation gets us to act. Our perceptions determine how we will act. Perception influenced by selective attention, distortion and retention. Perceptions are more important than reality!

22. Key Psychological Processes Learning Most human behavior is learned and we learn something every time we do anything Buy product X, have a good experience, learn to buy product X.

23. Key Psychological Processes Memory We don’t remember things completely and accurately Fragments of experience get associated with other fragments, emotions, images Make sure associations with our product or brand are good ones

24. The Buying Decision Process: 5 Stage Model Problem Recognition Information Search Evaluation of Alternatives Purchase Decision Post Purchase Behavior Influencers of Consumer Behavior Cultural Social Personal Marketing aims to meet needs and wants better than competitors, to get to that decision to purchase Human Psychological Processes Motivation Perception Learning Memory Other Theories of Consumer Decision Making Level of Consumer Involvement Decision Heuristics and Biases Mental Accounting

25. The Buying Decision ProcessA 5 Stage Model Stage 1: Problem Recognition I’m hungry. And my neighbor’s new car is pretty cool; I want one. But I’m really hungry right now. Maybe I should buy something to eat.

26. The Buying Decision ProcessA 5 Stage Model Stage 2: Information Search Talk to family and friends and chefs about food I could eat. Visit the farmers market to see what’s in season Check out Yelp and Zagats for reviews of restaurants where I could eat

27. The Buying Decision ProcessA 5 Stage Model Stage 3: Evaluation of Alternatives I want something to assuage my hunger And a bundle of other wants Want delicious, not too expensive Feeling more like sweet rather than savory today Not too concerned about nutrition

28. The Buying Decision ProcessA 5 Stage Model Stage 4: Purchase Decision A purchase is made. This is the moment we’ve been waiting for! At least five subdecisions involved in this simple purchase: Brand / flavor Dealer / vendor Quantity Timing Payment method

29. The Buying Decision ProcessA 5 Stage Model Marketer is still not done I want to believe that I made a good choice buying your product Help me by providing stream of positive things to associate with your product Stage 5: Post Purchase Behavior

30. The Buying Decision Process: 5 Stage Model Problem Recognition Information Search Evaluation of Alternatives Purchase Decision Post Purchase Behavior Influencers of Consumer Behavior Cultural Social Personal Marketing aims to meet needs and wants better than competitors, to get to that decision to purchase Human Psychological Processes Motivation Perception Learning Memory Other Theories of Consumer Decision Making Level of Consumer Involvement Decision Heuristics and Biases Mental Accounting

31. (Low) Level of Consumer Involvement Many purchases are for low-engagement, low-involvement items Find a hook – like a celebrity spokesperson Dominate shelf space in retail outlets Grab the variety-seeking customer with varied packaging

32. Decision Heuristics and Biases Rules of thumb, habit, and historical bias good enough for most purchases of most products. Can I get it quickly and easily? Is it close enough to the others of its type that I can assume it’s good enough? Good enough is good enough.

33. Profiling Profile your customers’ decision making processes all the time. To figure out how your customer will decide about buying your product, just ask: Yourself how you would decide Recent customers how they did decide Future customers how they will decide And we’re done. Thank you.