28 Jun MICROECONO 101-Learning Objective 1-Discuss consumer buying behavior
Question
Learning Objective #1: Discuss consumer buying behavior
In order to understand consumer buying behavior, marketers need to know the “why” behind the purchase. Did the consumer need or want the product/service? Then marketers need to know the “what, when, where, and how”. Marketers use this information to predict how consumers “behave” in response to marketing strategies.
If marketers can predict consumer behavior, they can target their marketing strategies to stimulate consumer behavior to achieve a desired outcome. There are four psychological processes that can influence a consumer’s response to marketing strategies. These psychological processes are: motivation, perception, learning, and memory.
Motivation: Herzberg, Maslow, and Freud developed very distinct and different theories about human motivation. Herzberg (Links to an external site.)Links to an external site. developed the “Two-Factor Theory”, which suggests that motivation to purchase depends on the satisfiers and dissatisfiers present during the purchase process. Maslow (Links to an external site.)Links to an external site. developed the “Hierarchy of Needs” theory, which suggests that consumers will satisfy their basic, psychological needs first and advance through the hierarchy based on importance of the need. Freud (Links to an external site.)Links to an external site., on the other hand, suggests that a person’s unconscious drives behavior, thus, impeding our ability to fully understand our motivations.
Perception: This is the view the consumer has of the situation. A consumer’s perception of the situation will depend on how they process the perception. There are three perceptual processes: selective attention, selective distortion, and selective retention. Consumers “select” or screen information related to products/services based on a certain criteria. It is not uncommon to distort the information we receive about a product/service to meet our preconceived criteria. Additionally, we retain the information we deem necessary or relevant about the product/service, whether good or bad.
Learning: Behaviors are shaped by our experiences. Consumers are stimulated by cues (verbal/non-verbal) to act. Consumers decide whether or not to act on the cue. If our action produces a positive outcome, then the behavior is reinforced as being positive. The same goes for an action that produces a negative outcome.
Memory: Memory is both short and long-term. Consumers “recall” feelings, experiences, beliefs, and/or attitudes about specific products/services. This information is stored in memory based on the quantity of information being stored (short/long-term) and the quality required to process the information upon retrieval.
Please watch the short video(s)s and read the following articles. Keep the above questions in mind and take notes. Once you have watched the video(s) and read the articles, please respond to the discussion question listed below.
The stages of the buyer decision making process (Links to an external site.)Links to an external site.
Types of Consumer Buying Behaviors & Product Decisions (Links to an external site.)Links to an external site.
Consumer Behaviour Matters (1:31) (Links to an external site.)Links to an external site.
Discussion Question(s): Based on your understanding of consumer behavior, discuss how motivation, perception, learning, and memory influence consumer buying behavior and provide examples.
Your main post must be two to three substantive paragraphs (250+ words) and include at least two references/citations.
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