Economic Needs

Topics: Psychology, Marketing, Critical thinking Pages: 2 (493 words) Published: June 10, 2015
Danette Williams
Basic Marketing
May 30, 2015

Economic Needs

Consumers face marketing strategies on a daily basis without realizing the process that affect their buying decision. From purchasing a luxury car or simply ordering food from a fast food restaurant is a part of economic needs and behavior. Economic needs are consumers maximizing their money and time by choosing products that meet their satisfaction based on value, dependability, convenience, price, and functionality. Economic needs relate to economic- buyer model of behavior by consumers making a decision based on comparing identical products and pondering if their buying selection will offer and meet their satisfaction, time and value.

A purchase I recently made that is consistent with the economic buyer model was a Toshiba laptop. This purchase would be considered a high-end item for me, and I was concern about spending money on the laptop and getting a product with low ratings, poor quality and it wouldn't meet my lifestyle requirements. I searched a few computer websites, Mobiledge, and TechWeirdo, which had great reviews on a Toshiba laptop. Both websites had reviews on several computers but the reviews on the Toshiba laptop captured me. I researched the price, features, pros, and cons on several computers and I also read customers reviews to validate my findings. I was a little hesitant about the spending money on a computer because the computer could be defective, or the product could be made of poor quality. I wanted a computer that fulfilled all the factors I was looking for on a computer which was fast, lightweight, lots of memory, everyday task performance and within my budget. My buying decision was based on comparing similar or identical products and selecting the right one within my budget and will satisfy my needs.

An example not explained in the consumer behavior model would be listed under psychological variables which would be classified as...
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