Part 3 Marketplace Dynamics Chapter 17 Understanding Consumer

Part 3 Marketplace Dynamics Chapter 17 Understanding Consumer Behavior 1

Chapter Objectives ¾ List the three categories of influences on consumers. ¾ Explain how a need leads to an action. ¾ List Maslow’s hierarchy of needs in order. 2

Understanding Consumer Behavior ¾ Influences on consumer buying behavior ¤ psychological ¤ social ¤ situational What might influence these people to buy the products they see? 3

Psychological Influences ¾ Psychological influences are the influences that come from within a person ¤ needs such as hunger and thirst ¤ wants such as a hamburger or coffee Describe a situation in which a psychological factor influenced what you purchased. (Continued) 4

Psychological Influences ¾ A need is a lack within a person that must be filled ¤ examples shelter include lack of food, water, or ¾ If the need is not satisfied, it leads to a drive ¾ A drive is an internal force that leads to action ¤ the purpose of the action is to fulfill the need 5

Hierarchy of Needs ¾ Motive ¤ an internal drive that causes people to act – based on needs ¾ Motivate ¤ to prompt a person to take action – something marketers try to do ¾ Maslow’s hierarchy of needs ¤ states that basic physical needs must be satisfied first (Continued) 6

Maslow’s Hierarchy of Needs Self-Actualization (to realize your potential) Esteem (respect and recognition) Social (friends, love, belonging) Security (physical safety and economic security) Physiological (food, sleep, water, shelter, air) (Continued) 7

Needs into Wants ¾ The human mind usually turns needs into wants ¾ Marketers try to turn those wants into buying motives ¾ Buying motive ¤ the reason that a customer seeks a product (Continued) 8

Types of Buying Motives 9