Personality Type & Consumer Behavior

Topics: Big Five personality traits, Personality psychology, Marketing Pages: 4 (837 words) Published: December 17, 2010
Interim Report |
“Personality type and its effect on Consumer Behavior” | |

Submitted by:
Ashu Gurtoo|

Project Proposed: “Personality type and its effect on consumer behavior”

Description of the project: We will first try to understand what is consumer behavior What do we really want to study when we say that we want to study consumer behavior? * Why consumers make the purchases that they make

* What factors influence consumer purchases
* Why people behave as they do
* What are the mental processes involved
* Who buys
* What are their choice criteria
* When do they buy
* How do they buy
* Likely buyers reaction to marketing strategy
The marketing concept stresses that a firm should create a marketing mix that satisfy the customers, therefore the firms need to analyze what, where, why and how customers buy. Understanding consumer behavior is essential to the development of marketing strategies-especially pricing, product design, segmentation, targeting, positioning and promotion. There are various theories that explore the various drives that impel consumers towards their choice * Psychological model – focus on motives for buying and process of learning * Sociological models—Consumer behavior is determined by social forces that act upon them * Economic models – focus on the consumer as a self interested utility maxi miser- intent on maximizing enjoyment from his/her purchases * Stimulus response models – composite models taking into account a variety of factors including stimuli from marketing What are the various stages one goes through when one plans to buy some thing? * Problem recognition

* Information search
* Emergence of range of alternatives
* Evaluation of alternatives
* Purchase decisions
* Purchase
* Post purchase evaluation

Review of literature:
Consumer decision making...
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