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What are Consumers?What are Consumers?
• A person who uses a product or service.
• If you use products regularly, you are a consumer.
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The Buying DecisionThe Buying Decision• What are consumers
thinking when making purchases?
• Depends on the product or service– TV vs. candy
• Planned and researched or impulse?
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Think / Pair / ShareThink / Pair / Share• What is the last MAJOR purchase that you
had a say in making?
• Think it over by yourself and, when you are ready, discuss the purchase with the person next to you.
• What was the process involved in your purchase?
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MOTIVATIONMOTIVATION
• Need or want
• Biological – basic, physical needs
• Emotional – love, joy, fear
• Rational – thinking part of us
• Social – peer pressure
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Need Motivation?Need Motivation?
http://youtube.com/watch?v=UfWTQA6QPk4http://youtube.com/watch?v=UfWTQA6QPk4
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Needs Vs. WantsNeeds Vs. Wants• What is a need?
– Essential to survival– Examples
• Food• Protection• Sense of belonging
• What is a want?– Not necessary to
survival but add pleasure and comfort to our lives
– Examples• Cable television• XBox
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Motivational Theory –Maslow’s Hierarchy of NeedsMotivational Theory –Maslow’s Hierarchy of Needs
• Why do consumers make the purchases they do?
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Mazlow ContinuedMazlow Continued• Physiological Needs
The most basic needs that are vital to survival, such as the need for water, air, food, and sleep
• Security NeedsThese include needs for safety and security. Examples: steady employment, health insurance, safe neighbourhoods, and shelter from the environment.
• Social NeedsBelonging, love, acceptance and affection. Example: friendships, romantic companionship, involvement in social, community, or religious groups.
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Mazlow ContinuedMazlow Continued
• Esteem NeedsThe need for things that reflect on self-esteem, personal worth, social recognition, and accomplishment.
• Self-actualizing NeedsThese people are self-aware, concerned with personal growth, less concerned with the opinions of others, and interested fulfilling their potential.
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Fad Fad A fad is a product, service, or idea that is extremely popular for a very brief period of time, then it becomes unpopular just as quickly
Examples include: • Movies• Books• Songs
Who Let the Dogs Out?
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FadsFads
• Many were sold when it came out
• After a while no one wanted one
•Were very popular•A lot of kids had one•After a while they declined
Furby
Tamagotchi
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What does the Fad graph look What does the Fad graph look like?like?
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TrendsTrends
• A trend is different than a fad in that it has a more lasting effect on the marketplace
Example:
Based on population forecasts/trends, RBC just announced they plan to open another 1000 branches before 2010 to service an ageing cliental and increasing immigrant group that prefers to do their banking at a branch.
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TrendsTrends
• Many people were wearing them
• Happened in the 70’s• Influenced by disco
•Lots of people wearing them•People started wearing these all of a sudden •They are popular.
Disco Clothes
Leggings and Flats