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PSYCHOLOGICAL
INTRODUCTION
Consumer Buying Behavior refers to the buying behavior of the ultimate consumer. Consumer Behavior helps us understand the buying tendencies and spending patterns of consumers The determinants of Customer Buying Behavior are Cultural Social Personal psychological
PERSONAL FACTORS
Personal factors may also affect consumer behavior. Some of the important factors that influence personal buying behavior are:
Age and stage in the life cycle Occupation Economic circumstances Lifestyle Personality and self concept
2)Occupation
An individuals nature of job has a direct influence on the products and brands he picks for himself/herself. Eg: a marketing manager of an organization will try to purchase business suits, whereas a low level worker in the same organization will purchase lower cost clothes A company can specialize its products for certain occupational groups Eg: computer software
3)Economic circumstances
Product choice is greatly affected by ones economic circumstances. Economic circumstances-spendable income, savings and assets, debts, borrowing power, attitudes towards spending versus savings. Individuals with high income would buy expensive and premium products as compared to individuals from middle and lower income group who would spend mostly on necessary items.
4) Lifestyle
Lifestyle refers to the way a person lives in a society and is expressed by the things in his/her surroundings. It is determined by customer interests, opinions, activities. some people to wear branded clothes whereas some individuals are really not brand conscious. An individual staying in a posh locality needs to maintain his status and image.
A fitness freak would always look for fitness equipments whereas a music lover would happily spend on musical instruments, CDs, concerts, musical shows etc.
PSYCHOLOGICAL FACTORS
A persons buying choice are influenced by four major psychological factors
Motivation Perception Learning , and Belief and Attitudes
1) MOTIVATON
Motivation is defined as the drive to satisfy a need. a need becomes a motive when it is most urgent to lead the individual to seek satisfaction.
Eg: buying a laptop the reason said may be to work while travelling but deeper level it is to impress others still in deeper it helps to feel smarter.
Perception
What an individual thinks about a particular product or service is his/her perception towards the same There are three different processes which lead to difference in perception:
Selective Attention - Selective attention refers to the process where individuals pay attention to information that is of use to them or their immediate family members. Selective Distortion - Consumers tend to perceive information in a way which would be in line to their existing thoughts and beliefs. Selective Retention - Consumers remember information which would be useful to them, rest all they forget in due course of time.
Learning
Learning is defined as changes in an individuals behaviour arising from experience. If the experience with the product is generally positive, the likelihood of repeat purchase is increased. a negative experience will not result in repeat purchase but in a negative attitude. Advertising and sales promotions can aid consumer learning
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