MKT 327 introduction to marketing 1st Edition Lecture 9 Understanding buyer behavior part 1Outline of Last Lecture A. Situation analysis continued II. Steps in environmental scanningIII. Measure elements of micro-environmentIV. Attractiveness-strengthV. Market attractiveness componentsVI. Competitor analysisVII. Summary of competitor analysis components VIII. Porter’s five forces continuedIX. Business (competitive) strength componentsX. Battle of the centuryXI. Steps in S.W.O.T. analysis Outline of Current Lecture B. Marketing planning processXII. Target market analysisXIII. Being on codeXIV.Buyer customer behaviorXV. Consumer buyer decision processXVI. Choice frame work for how consumers make decisionsXVII. Steps between evaluation of alternatives and a purchase decisionCurrent LectureI) Marketing planning processa. Situation and competitor analysisb. S.W.O.T. analysisc. Target market analysisi. Situation and SWOT on course?ii. Competitor and SWOT- can we compete?These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.iii. Target market analysis- on code?II) Target market analysis (4 steps total on the agenda)a. Targetingi. Customer analysis1. Segmentation analysisb. The purpose of a target market analysis is to either establish that the organization’s marketing strategy is on ‘code’ or to discover what the right ‘code’ should be. III) Being on codea. Being on ‘code’ refers to whether the product or service lines up with some deep rooted social (tribal) and/or psychological factor that drives consumption.i. Social component- community (tribal)- impacts market creationii. Psychological component-Consciousness – drives consumptionb. “Finding the code” “to unlock behavior”c. Clicker question: what is ‘luxury ‘ code?i. Creation authorityIV) Buyer customer behaviora. The action and decision processes of individuals and households (or a business) in discovering, evaluating, acquiring, consuming, and disposing of products or services b. What info is neededi. Where in processii. Who iii. Whativ. When v. Whyvi. Wherevii. Howc. Buyer behavior model i. Who buys1. Types of customera. Demographic profileb. Psychographic profile2. Types of buyera. Heavy vs. lightb. Frequent vs. infrequentc. Loyal vs. deal proneii. What is bought1. Features/attributes2. Benefits/contributionsiii. Why they buy & how1. Influences- psychological factorsa. Motivationb. Perceptionc. Attitudesd. Learninge. Information processing2. Decision models- processinga. Consumer involvementi. Low, highb. Consumer decision makingi. Passive, active3. Societal factors-influencesa. Culture b. Subculturec. Social classd. Preference groupse. FamilyV) Consumer buyer decision processa. Problem recognitioni. Information search1. Evaluation of alternatives- choice frameworka. Purchase decisionsi. Post-purchase behaviorVI) Choice frame work for how consumers make decisionsa. Physical product characteristics b. Psychological product characteristicsi. These make choice attributes 1. Leads to formation of attitudes and perceptionsVII)Steps between evaluation of alternatives and a purchase decisiona. Evaluation of alternativesi. Purchase intention1. Attitudes of others and/or2. Unanticipated situational factors a. Level of involvementi. Purchase decision