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Chapter 5-Final Consumers and Their Buying Behavior

Chapter 5-Final Consumers and Their Buying Behavior -...

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Chapter 5-Final Consumers and Their Buying Behavior Saturday, February 12, 2011 12:43 PM 1. Economic Needs affect most Buying Decisions 1.a. Economic buyers: people who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money 1.a. Economic-buyer theory: says that consumers decide what to buy based on economic needs which are concerned with making the best use of a consumer's time and money 1.a.i. Economic needs: 1.a.i.1. Economy of purchase or use 1.a.i.2. Efficiency in operation or use 1.a.i.1. Dependability in use 1.a.i.1. Improvement of earnings 1.a.i.1. Convenience 1.a. Income affects needs 1.a.i. Discretionary income: what is left of income after paying taxes and paying for necessities; purchase of "luxuries" 1.a.i.1. Definition of necessity varies from family to family 1. Psychological Influences within an Individual 1.a. Needs: the basic forces that motivate a person to do something (well-being, self- view, relationship with others) 1.b. Wants: "needs" that are learned during a person's life 1.a. Drive: a strong stimulus that encourages action to reduce a need; are internal (reasons behind certain behavior patterns) 1.b. Hierarchy of needs (listed lowest to highest): 1.a.i. Physiological needs: concerned with biological needs (food, liquid, rest, and sex) 1.a.i. Safety needs: concerned with protection and physical well-being (health, security, medicine, and exercise) 1.a.ii. Social needs: concerned with love, friendship, status, and esteem (things that involve a person's interaction with others) 1.a.iii. Personal needs: concerned with an individual's need for personal satisfaction-unrelated to what others think or do (self-esteem, accomplishment, fun, freedom, and relaxation) 1.a.
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