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