Chapter 5.docx - Chapter 5 FINAL CONSUMERS AND THEIR BUYING BEHAVIOR CONSUMER BEHAVIOR-WHY THEY BUY WHAT THEY BUY SPENDING PATTERNS ARE MOSTLY RELATED

Chapter 5.docx - Chapter 5 FINAL CONSUMERS AND THEIR BUYING...

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Chapter 5 FINAL CONSUMERS AND THEIR BUYING BEHAVIOR CONSUMER BEHAVIOR--WHY THEY BUY WHAT THEY BUY SPENDING PATTERNS ARE MOSTLY RELATED TO INCOME *DISCRETIONARY INCOME--what is left of income after paying taxes and paying for necessities. *BEHAVIORAL SCIENCES HELP EXPLAIN BUYING PROCESS *ECONOMIC BUYERS--people who know the facts, compare choices and get greatest satisfaction from time and money spent. *ECONOMIC NEEDS--making the best use of time and money--as defined by individual consumer. PSYCHOLOGICAL INFLUENCES WITHIN AN INDIVIDUAL NEEDS-- basic forces that motivate a person to do something. WANTS--"needs" that are learned during a person's life. DRIVE--a strong stimulus that encourages action to reduce a need. •Consumers seek benefits to meet needs •May satisfy several needs at the same time
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A. MASLOW PHYSIOLOGICAL NEEDS --biological needs such as food, drink, rest, and sex. SAFETY NEEDS --needs concerned with protection and physical well-being (medicine, exercise, etc.). Beyond short-term survival. SOCIAL NEEDS --needs concerned with love, friendship, status, and esteem--things that involve a person's interaction with others. PERSONAL NEEDS --an individual's need for personal satisfaction--unrelated to what others think or do. Self-actualized.
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