consumer market and consumer buyer behavior chapter: 5
TRANSCRIPT
Consumer Market and Consumer Buyer Behavior
Chapter: 5
Personal factors
• Age and Life- Cycle Stage
- goods and services change over life time
- young singles, married people
- different stages in life cycle
• Occupation - Blue collar job, white
collar job
Personal factors
• Economic Situation
- personal income, savings etc.
- economic recession ( re-modify the product)
- e.g. Rolex only for elite class
- e.g. Timex has moderate prices
Personal factors
• Lifestyle A person’s pattern of living as expressed in his
or her activities, interests, and opinions - people form the same subculture, social class
-AIO Framework Activities (work, hobbies, shopping, sports,
social events) Interests (food, fashion, family, recreation) Opinion (about themselves, social issues,
business)
Personal factors
• Personality and self-concept
The unique psychological characteristics that lead to relatively consistent and lasting responses to one’s own environment
- self-confidence, dominance, aggressiveness
• Brand Personality
The specific mix of human traits that may be attributed to a particular brand
Personal factors• 5 brand personality traits
1) Sincerity (down to earth, honest, wholesome, and cheerful) e.g. Nestle Cerelac, Dove
2) Excitement (daring, spirited, imaginative and up to date) e.g. Mountain dew, Gold Leaf, Apple
3) Competence (reliable, intelligent and successful) e.g. BMW, CNN
4)Sophistication (upper class and charming) e.g. LV products, Rolex
5) Ruggedness ( tough) e.g. Mortein, Saddel Ranch,
Psychological Factors
• Motivation A need that is sufficiently pressing to direct the
person to seek satisfaction of the need
- recognition, esteem and belongings
- Freud’s theory suggests that a person’s buying decisions are affected by subconscious motives that even the buyer may not fully understand
e.g. Olwell milk
Maslow’s Hierarchy of Needs
Physiological needs
Hunger, Thirst
Safety needs
Security, protection
Social needs
Sense of belonging , love
Esteem Needs
Self-Esteem, recognition, status
Self actualization
Self- development
Psychological Factors
• Perception The process by which
people select, organize, and interpret information to form a meaningful picture of the world
- People can form different perception of the same situation
- People come across different messages in one day
Psychological Factors
• Learning Changes in an individual’s behavior arising from
experience
- A drive is a strong internal stimulus that calls for action
- A drive becomes motive when it is directed towards a particular stimulus
- Cues are minor stimuli that determine, when, where, and how a person responds
Psychological Factors
• Belief A descriptive thought that
person holds about something
• Attitude A person’s consistently
favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
e.g. McDonalds- Family restaurant/ Fast Food Resturant