By

Pranay Chandra Reddy &

Abhilash Manikanta Yadav

Marketing Essentials - A Presentation On Product &

Consumer Buying Decisions

CONTENTS

I. Different Levels Of Product

II. Classification Of Products

III. Consumer Buying Decisions

Definition Of A Product

A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase.

I. Different Levels Of Product

Three levels of

product

Core benefit Actual product Augmented product

Different Levels Of Product

Core benefit

Actual product

Augmented product

Core benefit

Generic product

Expected product

Augmented product

Potential product

Different Levels Of Product

Five levels of product

Core benefit Generic product Expected product Augmented product Potential product

PLC

Classifications/Types Of Products

Products are classified into two types

Consumer products Industrial products

Classifications Of Product

Def. of Consumer products : Those are the

products and services bought by final consumers for personal consumption.

ζ They are sub-classified asζ Convenience productsζ Shopping productsζ Specialty productsζ Unsought products

Consumer Products

Convenience

products

Shopping products

Unsought products

Specialty products

Def. of Industrial products : Those are

products purchased for further processing or for use in conducting a business.

ζ They are sub-classified on basis of purpose 4r which de product is purchased

ζ Materials and partsζ Capital itemsζ Supplies and services

Industrial Products

Mark Envi

Consumer Buyer Behavior

&Consumer Markets

Def. of Consumer buyer behavior : It refers to

the buying behavior of final consumers – individuals and households who buy goods and services for personal consumption

Consumer Buyer Behavior

• 4P’s• Economic• Political• Cultural• Technological

Marketing & Other Stimuli

• Buyer’s Characteristics

• Buyer’s Decision Process

Buyer’s Black Box • Product Choice

• Brand Choice• Dealer Choice• Purchase Timing• Purchase Amount

Buyer Response

Buyer Behavior Model

Cultura

l

Social

Personal

Psychological

Purchasing Of

Product

Factors Influencing Consumer Behaviour

Need

recognition

• Can be triggered by internal or external stimuli. Needs become wants, which lead to behavior

Information search

• Sources of information: Internal Sources, Personal Sources, External Sources• Time, effort and expense dedicated to information search depends on: Degree of risk involved in the purchase, Amount of expertise with the product category, Actual cost of the search.

Evaluation of

alternatives

• Customers evaluate products as bundles of attributes, Customers place different levels of importance on attributes.

Purchase

decision

• Purchase intention and the act of buying are distinct concepts, Potential intervening factors between intention and buying, Key issues in the purchase decision stage.

Post-

purchase

behavio

r

• Four possible outcomes in the post-purchase stage

Consumer Buying Decision Process

Thank You 4r Your Patience