Consumer market
- 1. Consumer market Definition: A consumer market is a marketplace consisting of household consumers who buy goods for individual or family consumption. Characteristics of Consumer Markets 1. Demographic Characteristics Characteristics of consumer markets based on demographics include differences in gender, age, ethnic background, income, occupation, education, household size, religion, generation, nationality and even social class. 2. Psychographic Characteristics Consumer market characteristics can also be psychographic in nature. Psychographic characteristics of consumers include interests, activities, opinions, values and attitudes. Obviously, many magazines are geared toward a consumer's interest. 3. Behavioralistic Characteristics Behavioralistic characteristics can also be garnered through marketing research. Behavioralistic characteristics of consumer markets include product usage rates, brand loyalty, user status or how long they have been a customer, and even benefits that consumers seek. Companies like to know how often their consumers visit their restaurants, stores or use their products 4. Geographic Characteristics Consumer markets also have different geographic characteristics. These geographic characteristics are often based on market size, region, population density and even climate, Types of Consumer Market: 1. Consumer Products Market This market comprises of the markets for different consumer products. This includes market for consumer durables, FMCG (Fast Moving Consumer Goods), consumer electronic goods, domestic electrical appliances, cosmetics, jewelry, furniture, air conditioners, bicycles and apparels. 2. Food and Beverages Market This market consists of the sub-markets like markets for dairy products, bakery products, packaged food products, Beverages, Confectionary, Beer, Alcohol, meat and poultry products. 3. Retail Market The Retail Market comprises of the Supermarkets, Departmental Stores, Food Chain Outlets, Specialty Stores and Franchise Sores. Did U know: America have 26.69% consumer market in the world and spend 11,484,340 us $ Pakistan have 0.42% consumer market and spend 182696 us $
- 2. Consumer buying behavior Definition: Buying Behavior is the decision processes and acts of people involved in buying and using products. Stages of the Consumer Buying Process 1. Problem Recognition(awareness of need): Difference between the desired state and the actual condition. Deficit in assortment of products.Hunger-- Food. Hunger stimulates your need to eat. 2. Information search: Personal. Family:friends, neighbors, acquaintances Commercial.:Advertising, Web sites, salespersons, dealers, packaging, displays Public. :Mass media, consumer-rating organizations 3. Evaluation of Alternatives: Some basic concepts will help us understand consumer evaluation processes: First, the consumer is trying to satisfy a need. Second, the consumer is looking for certain benefits from the product solution. Third, the consumer sees each product as a bundle of attributes with varying abilities to deliver the benefits. 4. Purchase decision: Choose buying alternative, includes product, package, store, method of purchase etc. 5. Postpurchase behavior Satisfaction is important: 1. Delighted consumers engage in positive word-of-mouth. 2. Unhappy customers tell on average 11 other people.
- 3. Categories that Effect the Consumer Buying Decision Process: 1. Personal: Demographic Factors. Sex, Race, Age etc. Young people purchase things for different reasons than older people. 2. Psychological factors: A motive is an internal energizing force that orients a person's activities toward satisfying a need or achieving a goal. 3. Social Factors: Consumer wants, learning, motives etc. are influenced by opinion leaders, person's family, reference groups, social class and culture