2 Psychological factors Psychological factors are internal processes on which

2 psychological factors psychological factors are

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2.Psychological factors:Psychological factors are internal processes on which people base their decisions. The textbook covers a few of these factors, such as motivation, perception, learning, and beliefs and attitudes (see textbook, pp. 197–201). Marketers need to understand what motivates people to act the way they do. For example, why do people keep buying expensive sport utility vehicles (SUVs) when it is known that they damage the environment and are not as safe as was originally thought? Marketers need to understand how people select, organize, and interpret the information that is accessible to them.Many believe that in marketing, what is important is not what the firm does or says but how people perceive the firm’s actions. This stresses the importance of consumer perception as a determining factor in the success or failure of a firm’s marketing programs.Learning is defined in the textbook as “changes in an individual’s behaviour arising from experience” (p. 200). Marketers are working daily to generate positive changes in people’s behaviour that lead to the purchase of theirproducts or the adoption of their ideas.Attitudes are defined as “consistently favourable or unfavourable evaluations, feelings, and tendencies toward anobject or idea” (textbook, p. 200). When such evaluations are favourable, marketers need to reinforce them, and when they are unfavourable, marketers need to take actions to change them. Note, however, that changing unfavourable attitudes may be a costly and lengthy process.
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In summary, many marketing actions, especially promotional actions, aim at influencing these psychological factors in order to maintain or increase consumer demand.3.Participants in the buying process in consumer markets:Remember that consumer markets consist of “all of theindividuals and households that buy or acquire goods and services for personal consumption” (textbook, p. 184).In some cases, the buying unit is the household, and many of its members play a role in the purchase decision process. The usual roles encountered in the household setting are users, influencers, buyers, and deciders.For example, children are generally influencers and users of products such as toys, games, and cereals, while the buyers and deciders for these categories of products are parents. Knowing who does what in the buying process can help marketers to selectively target specific groups within a buying unit. For example, cereal producers often target children, although parents are the buyers.Lesson 61.Market segmentationis the practice of splitting the market into groups based on one or more characteristics such as gender, age range, income, ethnicity, types of leisure activities, and so forth. Only a few of these groups may be of interest. Although there are countless ways to segment a market, it is important to be aware that it is a means to an end. Why is the market being segmented? Are the factors chosen for segmentation appropriate?
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