Welcome to MBA Marketing Management BUYING BEHAVIOR

[Audio] Welcome to MBA – MARKETING MANAGEMENT BUYING BEHAVIOR.

[Audio] CONSUMER ATTITUDES & DECISION MAKING  Formation of Consumer Attitudes  Components of Attitude: Affective, Cognitive, & Behavioral  Attitude Change Strategies in Marketing  The Role of Emotions in Decision Making  Cognitive Dissonance and its Resolution.

[Audio] FORMATION OF CONSUMER ATTITUDES IN BUYING BEHAVIOR Introduction to Consumer Attitudes:  Consumer attitudes play a pivotal role in shaping buying behavior as they influence individuals' preferences, perceptions, and decisionmaking processes. Understanding how consumer attitudes are formed is crucial for marketers to develop effective strategies that resonate with target audiences and drive purchase intentions. Definition of Consumer Attitudes:  Consumer attitudes refer to individuals' overall evaluations, beliefs, and feelings towards products, brands, or companies. These attitudes are formed through a combination of cognitive, affective, and behavioral components, and they influence consumers' responses and behaviors in the marketplace..

[Audio] FORMATION OF CONSUMER ATTITUDES IN BUYING BEHAVIOR Components of Consumer Attitudes:  Cognitive Component: This component represents consumers' beliefs and perceptions about a product or brand. It includes attributes such as quality, features, and value proposition.  Affective Component: The affective component reflects consumers' emotional responses and feelings towards a product or brand. Positive emotions such as joy, excitement, or trust can enhance attitudes, while negative emotions may lead to unfavorable attitudes.  Behavioral Component: The behavioral component pertains to consumers' past actions or intentions towards a product or brand. It includes purchase behavior, brand loyalty, and advocacy..

[Audio] FORMATION OF CONSUMER ATTITUDES IN BUYING BEHAVIOR Formation of Consumer Attitudes:  Direct Experience: Consumers' direct experiences with a product or brand significantly influence their attitudes. Positive experiences, such as satisfactory product performance or excellent customer service, can lead to favorable attitudes, while negative experiences may result in unfavorable attitudes.  Social Influences: Social factors, including family, friends, peers, and media, shape consumers' attitudes through socialization processes. Social approval, peer pressure, and media endorsements can impact individuals' perceptions and evaluations of products and brands.  Marketing Communications: Marketers use various communication channels, including advertising, branding, and promotional activities, to shape consumer attitudes. Effective marketing messages that align with consumers' needs, values, and aspirations can positively influence attitudes towards a brand or product.  Cognitive Dissonance: When consumers experience inconsistency between their beliefs or attitudes and their behavior, cognitive dissonance arises. Marketers can address cognitive dissonance by providing reassurance, additional information, or post-purchase support to align consumers' attitudes with their behavior..

[Audio] FORMATION OF CONSUMER ATTITUDES IN BUYING BEHAVIOR Impact of Consumer Attitudes on Buying Behavior:  Purchase Intentions: Favorable attitudes towards a product or brand are positively associated with purchase intentions. Consumers are more likely to buy products or brands they perceive positively and have favorable attitudes towards.  Brand Loyalty: Positive attitudes foster brand loyalty and repeat purchases. Consumers with strong positive attitudes towards a brand are more inclined to remain loyal and advocate for the brand, even in the face of competitive alternatives.  Decision-Making Processes: Consumer attitudes influence decision-making processes, including information processing, evaluation of alternatives, and final purchase decisions. Marketers can leverage consumer attitudes to influence these processes and guide consumers towards desired outcomes..

[Audio] FORMATION OF CONSUMER ATTITUDES IN BUYING BEHAVIOR Implications for Marketers:  Understanding Consumer Psychology: Marketers must understand the psychological processes underlying attitude formation to develop effective marketing strategies that resonate with consumers' beliefs, emotions, and behaviors.  Segmentation and Targeting: Segmentation based on consumer attitudes allows marketers to identify and target specific consumer segments with tailored messages and offers that align with their attitudes and preferences.  Brand Management: Building and managing positive brand attitudes is essential for long-term success. Marketers should focus on delivering consistent brand experiences and communications that reinforce favorable attitudes and perceptions.  Communication Strategies: Marketers should craft persuasive communication messages that appeal to consumers' cognitive, affective, and behavioral components of attitudes. Clear, credible, and emotionally resonant messages can effectively influence consumer attitudes and drive desired behaviors..

[Audio] COMPONENTS OF ATTITUDE: AFFECTIVE, COGNITIVE, AND BEHAVIORAL IN BUYING BEHAVIOR Introduction to Attitude Components:  Understanding the components of attitude is essential in the study of buying behavior as attitudes significantly influence consumers' purchasing decisions. Attitudes comprise affective, cognitive, and behavioral components, each playing a distinct role in shaping consumers' perceptions and actions in the marketplace. Affective Component:  The affective component of attitude pertains to consumers' emotional responses and feelings towards a product, brand, or company. Emotions such as joy, excitement, trust, or disgust influence consumers' overall evaluations and preferences. In buying behavior, positive affective attitudes towards a product or brand can lead to increased purchase intentions and brand loyalty. For example, consumers may develop a strong emotional attachment to a brand based on positive experiences or emotional appeals in marketing communications..

[Audio] COMPONENTS OF ATTITUDE: AFFECTIVE, COGNITIVE, AND BEHAVIORAL IN BUYING BEHAVIOR Cognitive Component:  The cognitive component of attitude involves consumers' beliefs, thoughts, and perceptions about a product, brand, or company. It encompasses attributes such as quality, performance, features, and value proposition. Cognitive attitudes are formed through information processing and evaluation of product attributes and benefits. In buying behavior, cognitive attitudes guide consumers' decision-making processes by providing a basis for comparing alternatives and making rational choices. Marketers can influence cognitive attitudes through factual information, product specifications, and comparative advertising that highlight the superiority of their offerings. Behavioral Component:  The behavioral component of attitude reflects consumers' past actions, intentions, or observable behaviors towards a product, brand, or company. It includes purchase behavior, brand loyalty, advocacy, and other actions that demonstrate consumers' commitment to a brand. Behavioral attitudes are manifested through consumers' actual purchase decisions and post-purchase behaviors. In buying behavior, favorable behavioral attitudes, such as repeat purchases and brand advocacy, indicate strong brand loyalty and positive overall attitudes towards the brand. Marketers can encourage favorable behavioral attitudes through loyalty programs, rewards, and incentives that reinforce desired consumer actions..

[Audio] COMPONENTS OF ATTITUDE: AFFECTIVE, COGNITIVE, AND BEHAVIORAL IN BUYING BEHAVIOR Interplay of Attitude Components in Buying Behavior:  The affective, cognitive, and behavioral components of attitude interact dynamically to influence consumers' buying behavior. Affective attitudes may initially capture consumers' attention and create emotional connections with a brand, followed by cognitive evaluations of product attributes and benefits. Positive affective and cognitive attitudes then lead to favorable behavioral attitudes, such as purchase intentions and brand loyalty. Conversely, negative affective or cognitive attitudes may deter consumers from purchasing or lead to brand switching behavior. Implications for Marketers:  Holistic Approach: Marketers should adopt a holistic approach to address all components of attitude in their marketing strategies. Integrating affective, cognitive, and behavioral appeals in communications and experiences can create a comprehensive and compelling brand narrative that resonates with consumers.  Emotional Branding: Leveraging emotional appeals and storytelling in marketing communications can evoke positive affective attitudes and foster emotional connections with consumers, driving brand loyalty and advocacy.  Information Provision: Providing transparent and factual information about product features, benefits, and performance can shape cognitive attitudes and influence consumers' perceptions of value and quality.  Creating Positive Experiences: Delivering exceptional customer experiences and post-purchase support can reinforce favorable behavioral attitudes, encouraging repeat purchases and brand advocacy..

[Audio] ATTITUDE CHANGE STRATEGIES IN MARKETING: INFLUENCING BUYING BEHAVIOR Introduction to Attitude Change Strategies:  In the realm of buying behavior, understanding how to influence consumer attitudes is essential for marketers seeking to drive purchasing decisions. Attitude change strategies are employed to shape consumers' perceptions, beliefs, and emotions towards products, brands, or companies, ultimately influencing their buying behavior. By leveraging effective attitude change strategies, marketers can persuade consumers to adopt favorable attitudes that align with their marketing objectives. Cognitive Dissonance Theory:  Cognitive dissonance theory suggests that individuals experience psychological discomfort when faced with conflicting beliefs or behaviors. Marketers can address cognitive dissonance by providing additional information, reassurance, or post-purchase support to align consumers' attitudes with their behavior. For example, offering warranties or guarantees can alleviate concerns and reinforce positive attitudes towards a brand or product, reducing the likelihood of post-purchase regret..

[Audio] ATTITUDE CHANGE STRATEGIES IN MARKETING: INFLUENCING BUYING BEHAVIOR Elaboration Likelihood Model (ELM):  The Elaboration Likelihood Model proposes two routes to attitude change: the central route and the peripheral route. In the central route, consumers engage in extensive cognitive processing of persuasive messages, carefully evaluating arguments and evidence. Marketers can leverage this route by providing compelling, fact-based information and persuasive arguments to influence consumers' attitudes. In contrast, the peripheral route relies on peripheral cues such as attractiveness, credibility, or emotional appeal. Marketers can use peripheral cues to influence attitudes when consumers are less motivated or able to engage in cognitive processing. Social Influence and Social Proof:  Social influence strategies leverage social norms, peer pressure, and social proof to influence consumer attitudes and behavior. Marketers can highlight social proof through testimonials, user-generated content, and influencer endorsements to demonstrate the popularity or acceptance of a product or brand among peers. Additionally, creating a sense of scarcity or social exclusivity can leverage the principle of social influence to enhance brand desirability and influence consumer attitudes positively..

[Audio] ATTITUDE CHANGE STRATEGIES IN MARKETING: INFLUENCING BUYING BEHAVIOR Fear Appeals:  Fear appeals leverage consumers' emotions of fear or anxiety to motivate attitude change and behavior. Marketers use fear-inducing messages to highlight potential risks or negative consequences associated with not adopting a particular behavior or purchasing a product. By emphasizing the severity and likelihood of negative outcomes and providing actionable solutions or recommendations, fear appeals can prompt consumers to adopt attitudes that prioritize risk avoidance and safety, influencing their buying decisions accordingly. Emotional Branding and Storytelling:  Emotional branding strategies evoke consumers' emotions to create meaningful connections with a brand or product. Marketers use storytelling, compelling narratives, and emotional appeals to elicit specific emotions such as joy, nostalgia, or empathy, thereby shaping consumers' affective attitudes towards the brand. By associating positive emotions with the brand, emotional branding strategies can foster strong emotional bonds, enhance brand loyalty, and influence purchasing decisions..