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Buyer Behavior
Session 4: Psychological and Social Factors
Zeeshan Kingshuk Huq
Guest Faculty
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Questions that we shall look answers for
§ Why consumers make the purchases they make
§ What factors influence consumer purchase? What are their choice criteria?
§ Why people behave as they do
§ What are the mental processes involved
§ Who buys
§ When do they buy
§ Where do they buy from
§ How does a buyer react to a marketing strategy / campaign
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PSYCHOLOGICAL ASPECTS
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Four Key Psychological Influencers
§ Motivation
§ Perception
§ Learning, attitudes and beliefs
§ Buying situation
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Motivation
§ We are human, and motives are complex Your daughter and you will have two different motives in
going to Bashundhora shopping mall § Underlying motive vis-à-vis stated motives à often
different Why do people buy Cartier watch?
- Accurate Time? - Status? - Investment?
§ How can we explain the ‘need’s behind our motivations Maslow’s Hierarchy of Needs theory
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Maslow’s Hierarchy of Needs
§ Applies to all – purchaser, non purchaser, any human
§ Humans are motivated to satisfy our needs
§ There is an arranged hierarchy by which we seek to satisfy our needs
§ Once one level of satisfied, we move to the next level
§ Human beings will usually never end of any ‘need’ Explains affluent markets having consumer / retail growth
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Maslow’s Hierarchy of Needs
Self actualization
Esteem
Social
Security
Physiological
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Perception
§ The way an individual perceives an external stimuli will influence his/her reaction
§ Causes for difference in perception Selective Attention à only filter a few from the thousands
of stimuli we encounter with Selective Distortion à we adjust perception to match
current mind set Selective Retention à we do not remember everything,
and we remember things confirming to our beliefs and/or attitude (and also things which starkly contradicts!)
§ Marketers need to know the way people receive and perceive stimuli
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Learning, attitudes and beliefs
§ Learning causes changes in long term and changes in how information is processed
§ 3 types of Learning: Conditional Learning à reinforcement is necessary for
individuals to develop attitudes and beliefs Social Learning à learning from behavior of others Cognitive Learning à use of power of reasoning to
develop attitudes and/or beliefs (important for high involvement purchase)
§ We need to understand how buyer will ‘learn’ à helps us design marketing strategy accordingly
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Addressing various psychological needs of buyers
§ Case: PVH
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SOCIAL FACTORS
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Social Factors that influence Buyer Behavior
§ Culture
§ Social class Not necessarily
relevant to income Can vary from country
to country § Reference groups
Formal as well as informal
Own as well as non-relevant
§ Family Nuclear Extended Alternative
§ Personal influence Age Occupation Family Life Cycle Lifestyle
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GROUP ASSIGNMENT
Retail / Consumer local brand
- Choose a brand that is currently at a lower level of ‘need’
- Choose a marketing / positioning based on higher-need