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CONSUMER BEHAVIOUR IN INTERNATIONAL

BUSSINESS MANAGEMENT
BY: SHIVAM BAWA
MBA (3RD SEMESTER)

What is Consumer Behavior?


Consumer behavior essentially refers to
how and why people make the
purchase decisions they do. Marketers
strive to understand this behavior so
they can better formulate appropriate
marketing stimuli that will result in
increased sales and brand loyalty

Nature of Consumer
Behavior

Influenced by various factors such as Market


factors, Social factors, Personal factors, Cultural
factors, Psychological factors & Situational factors.

Undergoes a constant change

Varies from consumer to consumer

Varies from region to region and country to county

Nature of Consumer Behavior


(cont.)

Information on consumer behaviour is important to


the marketers

Leads to purchase decision

Varies from product to product

Improves standard of living

Reflects status

Issues any Firm Need to


Understand about a Consumer

The psychology of how consumers think,


feel, reason, and select between different
alternatives (e.g., brands, products, and
retailers);

The psychology of how the consumer is


influenced by his or her environment (e.g.,
culture, family, signs, media);

The behavior of consumers while shopping


or making other marketing decisions;

Issues any Firm Need to


Understand about a
Consumer(cont.)

Limitations in consumer knowledge or


information processing abilities influence
decisions and marketing outcome;

How consumer motivation and decision


strategies differ between products that differ in
their level of importance or interest that they
entail for the consumer; and

How marketers can adapt and improve their


marketing campaigns and marketing strategies
to more effectively reach the consumer.

4 Main Application of Consumer


Behavior in International Business

The most obvious is for marketing


strategyi.e., for making better
marketing campaigns.
A second application is public policy.
Social marketing involves getting ideas
across to consumers rather than selling
something.
As a final benefit, studying consumer
behavior should make us better
consumers.

Need of Consumer Behavior in


International Business

It helps in understanding the diverse


culture of different countries where any
organization is working.
It help to know the preferences of the
consumers of regions.
It helps to know what influence a
consumers buying decision and why.
To understanding the various segments
of the market of different countries.

What
does this
picture
says?!!!

Factors Influencing Consumer


Behavior in International Business

The psychoanalytical model takes into consideration


the fact that consumer behavior is influenced by both
the conscious and the subconscious mind. A hidden
symbol in a companys name or logo may have an
effect on a persons subconscious mind and may
influence him to buy that product instead of a similar
product from another company.

The sociological model primarily considers the idea that


a consumers buying pattern is based on his role and
influence in the society. A consumer's behavior may also
be influenced by the people she associates with and the
culture that her society exhibits. For instance, a manager
and an employee may have different buying behaviors
given their respective roles in the company they work
for, but if they live in the same community or attend the
same church, they may buy products from the same
company or brand.

Contemporary models
Nicosia model

Engel,blackwell and miniard model

Webster and wind model

Recent Global Trend in


Consumer Behavior

Multiplicity: We are increasingly expecting things to


do more that involves interacting with all our
senses, offers us a range of touch points to play
with, and involves us entirely in new experiences.

Hyper Efficiency: We are seeking and discovering


ever-smarter and more efficient ways to solve age
old issuessuch as keeping fit, lack of space and
limited resources. The results are better, quicker
and use things that have previously been ignored.
With a growing awareness of how limited resources
are, innovations are creating valuable assets out of
the otherwise unused.

Recent Global Trend in


Consumer Behavior(cont.)

The New Industrial Revolution: Digital and


technological advances are enabling us to create in
new waysleading to new creative forms and helping
us see a new appreciation of the digital as a thing of
beauty.

Escape: In a world of austerity and grown up


responsibility, we are seeing the increasing desire to
let go, to let loose and indulge in childlike freedom.
People are demanding more from every type of
experience. Were seeing the desire to indulge in
most people. People are seeking occasions that allow
them to let go of all responsibilities and inhibitions.

Recent Global Trend in


Consumer Behavior(cont.)

Mindfulness: In a world full of buzz and surface


interactions, people are seeking more depth and
meaning. They are craving time away from the
stimulus of the internet, making their leisure
time more about self-development, and taking
their own ethical responsibilities seriously.

Super-personalized: Personalization has been


taken out of the hands and tastes of consumers.
Advances in technology mean that producers are
able to read consumers and give them what they
want sometimes without even being asked.

International Consumer Behavior and


Online Shopping

What is Online Shopping?


Online shopping or e-shopping is a form of electronic
commerce which allows consumers to directly buy
goods or services from a seller over the Internet
using a web browser. Alternative names are: e-webstore, e-shop, e-store, Internet shop, web-shop, webstore, online store, online storefront and virtual
store.

Why do Consumer Shop Online


nowadays?

Lower prices

Privacy

Convenience

Facilitate International Business

The Different Online


Shopper Personality Types:
Way Consumer behaves
online
Recreational Shoppers

Deal Hunters

The Flitter

The Researcher

Impatient Shoppers

The Different Online


Shopper Personality Types:
Way Consumer behaves
online(cont.)
Rewards Shoppers

Hipsters

Day Dreamers

Intrepid Explorers

5 Consumer Behaviors Changing


Online Shopping in Recent Times
1.

Consumers shift to More Sophisticated


Queries

2.

Consumers Embrace A Visual Culture

3.

Consumers Rely on the Opinion of Others

4.

Consumers Want the Facts

5.

Consumers Feel that Price Matters

How Retailers Should Respond


to These Changes
Retailers Should Embrace Product Data Feeds
An optimized data feed is the key to meeting new consumer
expectations and converting a browser into a shopper. Expert
feed management has typically been necessary to make shopping
programs successful. Those managing search advertising had
expertise around keywords and knew little about the feed. Now,
the lines between those two functions are blurring, and the data
feed includes all the informationlong tail keyword, detailed
product information, images and pricethat is required to appeal
to the curious shopper. In 2014, successful search marketers need
to understand data feeds and start thinking about how these
programs can work together to improve brand image and online
sales.

Case Study on Starbucks


Coffee

Case Study on Apple INC