Chapter 6 Summary
Chapter 6: Final Consumers and Their Buying Behavior
Consumer behavior varies between purchases and from one person to the next. However, these consumer behaviors are affected by several factors and they are economic, psychological and social factors. First, for the economic needs, most economists believe consumers are economic buyers. Economic buyers are people who compare prices among the products and try to choose the product with the greatest value and the product that will give the highest satisfaction to the customer. This estimation is possible through comparing the product to one’s economic needs. Different types of economic needs are present in consumers. Marketing managers try to provide consumers with the greatest economic value; however, better economic value does not necessarily mean lower cost, but a product that lasts longer or is more efficient. As the economic condition of the consumer is based on their income, economic value and income are crucial in consumer’s purchase decisions.
Next, an important factor of consumer behavior is psychological influences. As all people are motivated by needs and wants, needs are the fundamentals for the consumers while wants are not necessary but consumers have learned to need it in their life. Moreover, a drive is an action that results in the need to diminish a bit. Also, in a psychological concept, Maslow introduced the hierarchy of needs. There are several levels which compose the hierarchy. First in the lowest level or the most fundamental is the physiological need. Physiological needs can also be thought as the biological needs which consist of food, water, sleep, etc. Next are the safety need, involving health, security, and etc. Social need is in the next level and this is how people want to connect with others with form a relationship. On the top of the hierarchy are personal needs, a need for personal satisfaction.
Also, related to psychological factors,