Week 6.2 - Consumer Behavior & Segmentation

Week 6.2 - Consumer Behavior & Segmentation

1. Shopping patterns

   • Men are "hunting" fauna
   • Women are "collecting" flora

2. Buying Process

   • Need recognition
   • Information search
   • Evaluation + alternatives
   • Purchase
   • Post-purchase evaluation

3. Types of needs/shopping motives

   • Utilitarian needs
     • Efficiency
     • Achievement
   • Hedonic needs
     • Social shopping
     • Value shopping
     • Pleasure/gratification
     • Idea shopping
     • Role shopping

4. Multi Attribute Model (MAM)

   • Retail is a "colelction" of attributes
   • Consumer have a "rank" of their desired attributes
   • Retail must match firm and consumer attrbutues

5. Mean-End-Model

   • A) Attributes: Product features
   • B) Functional Consequence: Used for?
   • C) Psychosocial Consequences
   • D) Value: Statement of mind

6. Market Segmentation Criteria's

   • 1) Actionable: Needs similar in and unique across segments
   • 2) Identifiable: Who, size etc.
   • 3) Substantial economically
   • 4) Reachable