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    Consumer Judgment (Factors and Process)

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    Pragati Bindal
    This document summarizes factors that influence consumer judgment and the consumer decision-making process. It discusses how consumers seek tangible and intangible benefits when making purchases. Models of consumer judgment include prospect theory and expected utility. The consumer decision process involves problem recognition, information search, alternative evaluation, and choice. Judgment is affected by involvement level, decision strategies, and various contextual and individual factors. Understanding consumer behavior can help with marketing strategies like product positioning, market segmentation, and new product development.

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    Consumer Judgment (Factors and Process)

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    Pragati Bindal
    85 views19 pages
    This document summarizes factors that influence consumer judgment and the consumer decision-making process. It discusses how consumers seek tangible and intangible benefits when making purchases. Models of consumer judgment include prospect theory and expected utility. The consumer decision process involves problem recognition, information search, alternative evaluation, and choice. Judgment is affected by involvement level, decision strategies, and various contextual and individual factors. Understanding consumer behavior can help with marketing strategies like product positioning, market segmentation, and new product development.

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    Consumer Judgments Dn

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    This document summarizes factors that influence consumer judgment and the consumer decision-making process. It discusses how consumers seek tangible and intangible benefits when making purchases. Models of consumer judgment include prospect theory and expected utility. The consumer decision process involves problem recognition, information search, alternative evaluation, and choice. Judgment is affected by involvement level, decision strategies, and various contextual and individual factors. Understanding consumer behavior can help with marketing strategies like product positioning, market segmentation, and new product development.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    85 views19 pages

    Consumer Judgment (Factors and Process)

    Uploaded by

    Pragati Bindal
    This document summarizes factors that influence consumer judgment and the consumer decision-making process. It discusses how consumers seek tangible and intangible benefits when making purchases. Models of consumer judgment include prospect theory and expected utility. The consumer decision process involves problem recognition, information search, alternative evaluation, and choice. Judgment is affected by involvement level, decision strategies, and various contextual and individual factors. Understanding consumer behavior can help with marketing strategies like product positioning, market segmentation, and new product development.

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    CONSUMER JUDGMENT

    (FACTORS AND PROCESS )

    CONSUMER JUDGEMENT
    People do not buy products or services, they buy benefits offered by a product, service, outlet, etc.
    Hence we make purchases not for the products themselves, but for the benefits of the problems they solve or the opportunities they offer. Consumers seek bundles of types of benefits: 1.Tangible benefits 2. Intangible benefits

    MODELS OF CONSUMER JUDGEMENT


    A consumer decision model is a means of describing the processes that consumers go through before, during, and after making a purchase (choice).

    Prospect Theory

    Expected utility

    Asymmetry for gains and losses Framing

    Utility functions

    THE CONSUMER DECISION-MAKING PROCESS


    The EKB model

    Input

    Information processing Exposure Attention Comprehension Yielding Retention


    Problem recognition Search Alternative evaluation Choice Outcomes

    A decision process

    Decision process variables External influences

    Overall model of consumer behaviour

    Consumer Judgment - Factors

    The decision process

    Effects of involvement

    Presence Types of decision strategies


    Active Inactive

    Some other Factors

    Compensatory vs. noncompensatory

    Brand vs. attribute based processing

    Task definition and expectations

    Mood

    Consumer Judgement & Marketing Strategy


    Successful

    marketing strategies require a thorough understanding of consumer behaviour Basis for many marketing strategies:

    Product positioning Market segmentation New product development New market applications

    Some more Strategies


    Global marketing Marketing mix decisions Marketing regulation

    Acceptance

    Maintenance

    Preference

    Disrupt

    Intercept

    Capture

    Customer-based brand equity pyramid


    Intense, active loyalty

    Consumer Brand resonance Positive, accessible reactions Consumer judgements Consumer feelings Strong, favourable and unique brand associations

    Brand Performance

    Brand imagery

    Brand Salience

    Deep, broad brand awareness

    Unique Factors Affecting Consumer


    Judgment

    Quality

    Style consistency

    Evocativeness continuous exposure

    Experience continuous

    CONTEXTUAL FACTORS

    All JUDGEMENTS takes place within the context of a certain situation. Therefore, behaviour will not only vary between consumers but the same consumer will exhibit different behaviours from one situation to the next.

    Communication situation Purchase situation Usage situation Disposal situation

    Variety Seeking and Impulse Buying


    Variety seeking
    need varies among consumers by

    Impulse purchases
    Motivation

    Dont give me that same old cola, that same old cola-I want a rocknroller!

    stimulation level (Osl)

    optimal

    Use innovativeness

    Consequences

    APPROACHES TO SEARCH FOR PROBLEM SOLUTIONS

    INTERNAL

    Memory Thinking

    EXTERNAL

    Compensatory vs. noncompensatory--can an exceptionally good rating on one attribute outweigh a bad one elsewhere?

    Word of mouth, media, store visits, trial

    Household Decision Making


    Roles/influence

    Information gatherers/holders Influencers Decision makers Purchasers Users

    Types

    of households (family/non family) Household life cycle Household decision making:

    Information gatherer, influencer, decision maker, purchaser, user

    Current

    and future trends in household consumption


    Computers & video games, purchase of services, pets

    Household Decision Making


    Roles/influence
    Information gatherers/holders Influencers Decision makers Purchasers Users
    Constructive Strategies of Influence

    Manipulative

    Borderline

    Bargaining

    Impression management

    Information gathering

    Reasoning (sincere)

    Authority

    Values--desired end states

    Emotion

    Types of Problems in Consumer Judgment

    Presence

    Active Inactive

    Specificity Generic Selective

    Acceptance Acknowledged Unacknowledg ed/ denied

    THANK YOU

    Presented By: Ashish Nagar Pragati Bindal

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