Marketing - Lesson 4

Major Factors influencing Buying Behaviour:-

Cultural Factors

Culture: values, perceptions, preferences and behaviours.

Subculture: nationalities, religions, racial groups & geographic regions.

Social Class: homogeneous & enduring divisions, hierarchically ordered, members share common values indicated by occupation, income, education, etc.

Social Factors

Reference Groups: All groups that have a direct (membership groups) or indirect influence on attitudes or behaviour. These groups expose us to new behaviours & lifestyles that influence attitudes & self concept create pressures for conformity that influence brand choice.

Family: Most important & influential primary reference group

Family of orientation – parents & siblings

Family of procreation – spouse & children

Roles and Statuses:

A person participates in many groups – family, clubs, and organizations. The person’s position in each group can be defined in terms of role and status. A role consists of the activities that a person is expected to perform. Each role carries a status. People choose products that communicate their role and status in society.

PERSONAL FACTORS

A buyer’s decisions are also influenced by personal characteristics. These include the buyer’s age and stage in the life cycle, occupation, economic circumstances, lifestyle and personality and self-concept.

Psychological Factors

Maslow’s Hierarchy of Needs

7 O's Framework

·         WHO BUYS - OCCUPANT

·         WHAT DOES HE BUY - OBJECT

·         WHY DOES HE BUY - OBJECTIVE

·         WHEN DOES HE BUY - OCCASION

·         WHERE DOES HE BUY - OUTLET

·         HOW DOES HE BUY - OPERATIONS

·         WHO ARE INVOLVED - ORGANISATION

Buying Roles

•          INITIATOR

•          INFLUENCER

•          DECIDER

•          PURCHASER

•          USER

STAGES OF BUYING DECISION PROCESS

•          PROBLEM RECOGNITION

•          INFORMATION SEARCH – Criteria, Alternatives

•          EVALUATION OF ALTERNATIVES

•          PURCHASE DECISION

•          POSTPURCHASE BEHAVIOUR

INFORMATION SEARCH SOURCES

•          PERSONAL SOURCES

•          COMMERCIAL SOURCES

•          PUBLIC SOURCES

•          EXPERIENTIAL SOURCES

FCB Model