Psychological Influences: |
Maslow's Hierarchy of Needs- applies to all aspects of human motivation
- humans are motivated to satisfy their needs - we satisfy our needs in the order of the pyramid: starts out with basic needs, and after those are met, we move up the pyramid - explains why affluent societies have growing demands for higher up needs (self-actualization + esteem needs) |
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Physiological needs: www.youtube.com/watch?v=MeF134YMoS0 (Fiji Water)
Safety needs:www.youtube.com/watch?v=0q7-KyHA88Q (ADT Home Security)
Belongingness and love needs: www.youtube.com/watch?v=ke5QHQjMiUY (Mrs. Fields valentine gifts)
Esteem needs: www.youtube.com/watch?v=ToC_TliTyA8 (lululemon)
Self-actualization: www.youtube.com/watch?v=oC8H2LMuG8g (FedEx Cup)
Safety needs:www.youtube.com/watch?v=0q7-KyHA88Q (ADT Home Security)
Belongingness and love needs: www.youtube.com/watch?v=ke5QHQjMiUY (Mrs. Fields valentine gifts)
Esteem needs: www.youtube.com/watch?v=ToC_TliTyA8 (lululemon)
Self-actualization: www.youtube.com/watch?v=oC8H2LMuG8g (FedEx Cup)
Social InfluencesCulture: learned behavior will influence buying (traditions, values, attitudes towards society)
Social Class: social class is an important influence on consumer behavior Reference Groups: formal and informal groups that influence behavior (everyone is a member of a group) Family: family is a key group regarding attitudes, beliefs and learned behavior Personal Influences: personal characteristics - age, occupation, family life cycle, lifestyle |
Economic Influence
![Picture](/uploads/1/1/7/6/117610826/published/economic-factors.jpg?1527868468)
Demand is a function of:
price
income
preference
price of other goods
expectations about future
Factors affecting demand:
PRICE: price of product, substitute & complementary products
USE OF CREDIT: availability, interest rates, credit terms
DISPOSABLE INCOME: state of economy, employment status, wage & interest/mortgage rates, inflation
WILLINGNESS TO SPEND: consumer confidence, future expectations, existing purchases, competition for purchases
price
income
preference
price of other goods
expectations about future
Factors affecting demand:
PRICE: price of product, substitute & complementary products
USE OF CREDIT: availability, interest rates, credit terms
DISPOSABLE INCOME: state of economy, employment status, wage & interest/mortgage rates, inflation
WILLINGNESS TO SPEND: consumer confidence, future expectations, existing purchases, competition for purchases
Stimulus Influence
- Stimulus response model: well developed and tested model of buyer behavior
- In these models, behavior is learned experience through exposure to set of stimuli: association
- The models focus on 2 types of human drives:
1. secondary drives: learned drives (pride, fear). secondary drive acquired in order to satisfy primary drives
2. primary drives: safety, status
- Stimuli created by marketers activates primary and secondary drives: consumers respond to these stimuli
- In these models, behavior is learned experience through exposure to set of stimuli: association
- The models focus on 2 types of human drives:
1. secondary drives: learned drives (pride, fear). secondary drive acquired in order to satisfy primary drives
2. primary drives: safety, status
- Stimuli created by marketers activates primary and secondary drives: consumers respond to these stimuli
Role of Marketing
"Marketing is the process by which a firm profitably translates customer needs into revenue."
Mark Burgess – Managing Partner, Blue Focus Marketing
Marketers all over the world use consumer behavior in order to sell their product or service, which in turn, makes them money. Consumers have defined sets of characteristics that make it easy for marketers to brand their product towards their needs, habits, and values. By understanding the different types and sections of consumer behavior, companies can easily make their products and services appealing to certain types of people, which help them make more sales in their targeted part of the market.
Mark Burgess – Managing Partner, Blue Focus Marketing
Marketers all over the world use consumer behavior in order to sell their product or service, which in turn, makes them money. Consumers have defined sets of characteristics that make it easy for marketers to brand their product towards their needs, habits, and values. By understanding the different types and sections of consumer behavior, companies can easily make their products and services appealing to certain types of people, which help them make more sales in their targeted part of the market.