The consumer perception is that products from these stores are cheap and on a subconscious level, the products are therefore lower quality. This psychological factor decides the personality and lifestyle. In the previous article, we have already discussed the five major factors such as environmental factors, societal factors, cultural factors, aspirational groups and personal factors that are influencing consumer behavior. Economic Factors 2. in Speech from Catawba College and a J.D. We catalog each experience we have as either good or bad. Motivation Motivation is defined as the drive to satisfy a need. Here are 5 major factors that influence consumer behavior: 1. Marketing Mix Factors B. Consumer Behaviour – Psychological factors; 4 psychological factors affect consumer behaviour very strongly. An individual and a consumer is led by his culture, his subculture, his social class, his membership groups, his family, his pes his psychological factors, etc.. ABSTRACT Consumer Buying Behaviour refers to the buying behaviour of the ultimate consumer. Due to impact of various factors, consumers react or respond to marketing programme differently. Explain how looking at lifestyle information helps firms understand what consumers want to purchase. Some motives are socially learned (e.g. These are: Psychological Factors : The human psychology plays a crucial role in designing the consumer’s preferences and likes or dislikes for a particular product and services. Age and Life Cycle 3. Explain how Maslow’s hierarchy of needs works. Motivation; Motivation is activating the internal needs and requirements of the consumer. Different people have different perceptions about the same product depending on their individual beliefs and attitudes which give rise to selective distortion. The study of consumer behaviour indicates how individuals, groups and organizations select, buy, use and dispose goods, services, ideas, or experiences to satisfy their needs and […] Human psychology is a major determinant of consumer behavior. I. It’s human nature for consumers to make all kinds of associations, both conscious and subconscious, from their experiences. Why a person acts at all? Answer 4. A number of researchers have identified and analyzed factors affecting the consumers’ buying behaviour which affect consumer behavior individually or collectively. Among the personal factors influencing behavior the most important is a person’s age. Psychological Factors Influencing Consumer Behavior Definition: The Psychological Factors are the factors that talk about the psychology of an individual that drive his actions to seek satisfaction. i.e. What are the four major psychological factors that influence consumer buyer behavior? fulfill a need, achieve a goal, solve a problem. Coca-Cola is one of the most valuable and well-known brand in the word. Perception is essentially the way a person selectively views, processes and interprets the larger world or any part of it. Factors Influencing Consumer Behaviour: Consumer behaviour is affected by a number of factors. Prior experience often outweighs the fact that the competition may be cheaper or even better in some cases. Psychological factors play important role to determine the consumer behaviour. These factors are difficult to measure but are powerful enough to influence a buying decision. To buy both, they have to walk ar… Marketing professionals take physical factors such as a store’s design and layout into account when they are designing their facilities. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Diffusion of Innovation 9. Presumably, the longer you wander around a facility, the more you will spend. Consumer behaviour is a study of how people buy, what they buy, when they buy and why they buy. An individual who is thirsty would definitely not mind spending on soft drinks, packaged water, juice and so on. Consumer motivation is related to the “Hierarchy of Needs" proposed by psychologist Abraham Maslow. To maximize your sales revenue and grow your business, it’s important to leverage the four key psychological factors that influence consumer purchasing: motivations, perceptions, experience and beliefs. The psychological factors that affect consumer behaviour are: 1. All the acts of a person are … No, you aren’t necessarily directionally challenged. Motivation – it has been studied and proved by psychologists that a person under the influence of unconscious changes his consciously made decision.Various psychologists have tried to explain motivation theory differently. Culture: Cultural factors have a deep influence on buyer behaviour. Consumers also have perceptions of themselves that may affect a particular purchase. Culture 6. The above information is explained precisely in a simple manner. It has assumed growing importance under market-oriented or customer oriented marketing planning & management. (a): Motivation is an internal urge to do something. The factors do not affect equally to all the buyers; they have varying effect […] Personal Factors C. Psychological Factors D. Social Factors E. Cultural Factors. In the above example, Hunger was the motivating factor for Nancy to purchase pizza. Social Class 5. Consumer behavior is defined as “all psychological, social & physical behavior of potential customers as they become aware of, evaluate, purchase, consume, & tell others about … eating when Beliefs are the way people think about a particular product or brand, while an attitude is the individual's consistently favorable or unfavorable evaluation, tendency or feeling about a product or brand. Cameron Francis is the co-founder of The eTraffic Group which started as a 2 man start-up from his lounge room, to a 50 person+, multi million dollar company.. For over 10 years Cameron has been providing growth hacking and digital marketing strategies for small businesses, start ups & … In this article, we are going to understand what are the psychological factors that influence consumer buying behavior? Your email address will not be published. In selective attention, the marketer tries to gain the attention of the customer towards his offerings. Learning 4. This theory states that human beings actively seek to satisfy physical needs first, followed by safety, social, esteem and self-actualization needs, in that order. This is the first factors influencing consumer behaviour and it includes various points such as: (i) Culture- Culture is the first factor and it means that these are the shared set of beliefs which an individual acquires from ancestors and it is reflected in their believes customs, and … Thus, these are some of the psychological factors that the marketer must take into the consideration before undertaking the strategic marketing decision. Consumer behavior can be defined as the study of psychological, physical and social actions when individuals buy, use and dispose of products, services, ideas, and practices. Procedia - Social and Behavioral Sciences 62 ( 2012 ) 184 – 188 1877-0428 2012 Published by Elsevier Ltd. They’re inherently personal and connected to the consumer’s sense of self. There are several other factors which motivate individuals to purchase products and services. It can also be described as goals and needs of the consumers. 4) Psychological factors – there are four psychological factors that influence buying behaviour – motivation, perception, learning, and beliefs and attitudes.
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