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Chap-5 Lecture Note2

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22 views2 pages

Chap-5 Lecture Note2

Uploaded by

samiul haque
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The following things have been covered in lecture 4 from chapter 5:

Characteristic affecting consumer behavior (personal factors)

Personality affects unique psychological characteristics.

Occupation affects the goods and services bought by consumers. For example- as a teacher
one can have specific preference of clothes, a sports person prefers different items etc.

Age and life cycle also can make a difference. Like taste in food often differs depending on
which age group you belong to. Similarly, depending on life stage- young person has one
choice of clothes, middle age person has different choice, and then again an elderly person
would like something else. Marketers often determine their target market in terms of life
cycle stage and develop appropriate product accordingly.

Economic situation affect a person’s choice of store and product choices. Marketers keep a
track of customers’ personal income, spending and interest rates and offer various products
in different price range accordingly. For example- there are cars of various price range and
buyers go for a particular model of car depending on their economic situation.

Lifestyle is a person’s pattern of living as expressed in his or her psychographics and


lifestyle can also make a difference in the buying behavior of customers. People who are in
the same age group or occupation or even income level, not necessarily have same buying
behavior. Lifestyle is one of the most important determinant of human buying behavior. So,
this means that as marketers we should always keep the lifestyle difference in mind.

Personality and self-concept also differs from person to person and people have different
choices depending on their personality. Like places you like to visit varies depending on a
person’s personality. Personality is determined in terms of traits such as self-confidence,
dominance, sociability, autonomy, defensiveness, adaptability, and aggressiveness.
Understanding these differences in traits can help marketers to offer the right product to
their customers.

Characteristic affecting consumer behavior (psychological factors)

A motive is a need that is sufficiently pressing to direct the person to seek satisfaction.

A person’s buying choice are determined by four major psychological factors- motivation,
perception, learning, beliefs and attitudes.

Marketers need to understand the motive of the customer in order to satisfy them.
Psychologists have developed some theories of motivation and two of the most popular
theories are from – Sigmund Freud and Abraham Maslow.

Freud’s theory suggest that a person’s buying decision are influenced by subconscious
motives that even the buyers do not fully understand. So if marketers can understand the
conscious and subconscious motives then it will help them to do affective business.

Maslow’s hierarchy of needs can help understand psychological perspective of the


customers too and it is widely used by marketers. It says that in order to reach up the
pyramid, you need to achieve each level and these levels are –physiological needs, safety
needs, social needs, esteem needs and lastly self-actualization needs. For example- a
starving person who is in his physiological need will go for food and not for a perfume
because need for perfume would come once his physiological needs and safety needs are
fulfilled.

So when we are targeting customers, marketers need to identify where in the pyramid the
customers fall and offer the right product for them.

Perception is the process by which people select, organize, and interpret information to form
a meaningful picture of the world from three perceptual processes - Selective attention,
Selective distortion and Selective retention. Marketers need to have idea of different
perceptions while designing their products or services.

Learning describes changes in an individual’s behavior arising from experience and this
occurs through the interplay of – drive, stimuli, cues, responses and reinforcement. The
more we learn, the more we understand and the more we can differentiate from right to
wrong. So, marketers can study the learning pattern of customers too. It is important to
ensure that customers’ expectation is always met and only then marketers can retain their
existing customers and target for the new ones.

Belief comes from customers’ knowledge, opinion and faith. If a customer develops some
wrong belief or negative belief about a brand for example, marketers need to find ways to
make the customer belief otherwise.

Attitudes describe a person’s relatively, consistent evaluations, feelings, and tendencies


toward an object or idea. For example- a consumer may have the attitude to always go for
the most expensive restaurant.

Types of Buying Behavior:

There are four types of buying behavior depending on the level of involvement and brand
difference of a product. These buying behaviors are – complex buying, dissonance-reducing,
variety seeking and habitual buying behavior. So once marketers have idea about the buying
behavior of customers, they can try to make strategies to overcome obstacles and ensure
that buyers stick to their product or choose their product.

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