HKSTP DIY Marketing Workshop 3 – Buyer Behavior

The DIY Marketing Workshops Series aims to help technology companies to know the basic concept of marketing and apply in their businesses and there are 5 workshops series organized by Hong Kong Science & Technology Parks Corporation (HKSTP) from 12 May to 12 July 2016.  The third workshop named “Buyer Behavior” which held on 6 June 2016.  My colleague Mr. Antony Kwong introduced Prof. Samart Powpaka (Associate Professor, Marketing Department; and Director of MSc Program in Marketing, CUHK Business School of The Chinese University of Hong Kong (CUHK)) who was our guest speaker. 

In the beginning, Prof. Powpaka reviewed the last 2 session’s content.  He said marketing was separated into Management Philosophy and Process.  

Session 1 includes Management Philosophy (Company Orientation / Corporate Culture).  Session 2 is Marketing Management. Session 3 is Buyer Behavior and Session 4 is Marketing Research.  

Then Prof. Powpaka reviewed Marketing Plan and told us the TREND was most important.

He also explained the different between Financial Objectives and Marketing Objectives.

And then he introduced “Hierarchy of Effects Model” in which started from Awareness → Knowledge → Liking → Preference → Conviction → Trial →Purchase → Repeat Purchase → Loyalty.  The last 3 stages are Buying Behavior.  

After that Prof. Powpaka reviewed Target Market Strategy and its positioning to 4P and new 4P which depended on the product to be Market Leader “No. 1” or not.

Prof. Powpaka stated the Buyer Behavior in which separated into Consumer Behavior and Business/Organizational Buyer Behavior.  Consumer behavior is more depended on psychological processes.

He explained consumer making decision depended on i) Decision process, ii) Memory and iii) Information processing, as well as iv) Learning.  Apart from personality, consumer behavior depended on Micro-Environmental Influences such as family and Macro-Environmental Influences such as culture.  He also mentioned confirmation / disconfirmation paradigm as follows:

i)                    Simple Confirmation if expectation = performance

ii)                  Positive Disconfirmation if expectation < performance

iii)                Negative Disconfirmation if expectation > performance

Reference:

HKSTP - http://www.hkstp.org

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20160526: HKSTP DIY Marketing Workshop 2 – Marketing Management - http://qualityalchemist.blogspot.hk/2016/05/hkstp-diy-marketing-workshop-2.html