Class: Intro to Marketing
You are writing a reply to forum posts made by my classmates.
2 replies. 200-words in each reply.
The main forum post[1] is at the bottom.
What you are replying to:
First Reply:
1. Describe some of the personal and psychological factors that may influence what consumers buy and when they buy it.
Maslow’s hierarchy of needs explains what humans need and factors that may influence decision making to include purchasing. Physiological needs such as food, water, and shelter are the most basic and must be met before others. If someone is hungry, they may overspend on groceries or choose to purchase food instead of new shoes if they’re on a tight budget. Prioritizing rent payment over vacations is another example. Safety is the next tier. I know my family tries to stay stock up on ammunition, but we did purchase more guns & ammo in the last year than years before due to potential safety concerns. The next three tiers can be combined into social needs, which can affect a lot of purchases including stylish clothing, new cars, designer accessories, etc. Trying to stay on trend for the sake of the acceptance of others is powerful – think peer pressure. For personal factors, I’ll step outside of the textbook. Some personal factors that influence what and when consumers buy include poverty level, access to employment, availability of childcare, health status, age, gender, cultural considerations, religion, and so much more. One very specific example: members of The Church of Jesus Christ of Latter-Day Saints to not consume alcohol, tobacco products, or coffee – assuming they abide by the Word of Wisdom, (guideline for health) LDS consumers wouldn’t be buying those products. They may, however, purchase more nutrition supplements, vitamins, or exercise equipment.
2. Identify the ways in which business-to-business (B2B) markets differ from business-to-consumer (B2C) markets.
B2C goes after the end-use consumer directly by either mass marketing or specifically tailoring to a “target market.” B2B is for other businesses or governments. The decision-making process for purchasing is more complicated and in-depth in B2B markets because of their specific needs, which usually include customized products or services that wouldn’t be readily available to the general public.
Second Reply:
Preliminary considerations for a good’s purchase are described as the following:
The necessity for good or service
Good or service research
Good or service evaluation
The good or service is selected from the varying competitors
The good or service’s effectiveness in fulfilling the need
Product disposal
Alternate factors of the vendor and consumer’s relationship include low/high involvement, risk considerations, routine behaviors, and the brand’s popularity.
Personal factors such as the consumer’s demographics, lifestyle, and psychographic may influence a customer’s purchasing interest as evidenced by their interest in products. For example, a customer from a younger generation may need stimulating advertisements (such as a video) to catch their attention, whereas an older consumer may not. Additionally, a consumer with an active lifestyle may be interested in outdoor goods instead of a sedentary customer who may be interested in a recently released gaming console. Lastly, psychographic factors, such as preferences, lifestyles, and opinions, may aid in the identification and targeting of specific customer segments due to the customer’s desires via extensive research.
Business-to-business (B2B) and business-to-consumer (B2C) markets vary in size, complexity, and various behavioral conditions. B2C markets cater directly to the customer for personal use versus the B2B’s involvement in the product’s distribution. The B2B market research team must perform extensive projections to gauge the consumer’s needs or demands. A B2B customer market may include governmental bodies, resellers, producers, and alternate institutions. The inter/personal relationships of the B2B market chain also vary as company politics may dictate distribution chains and buying or constructive powers.
Thank you for reading my weekly forum, and may nothing dull your shine.
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[1] Initial Forum Question:
Answer the two questions below
1. Describe some of the personal and psychological factors that may influence what consumers buy and when they buy it.
2. Identify the ways in which business-to-business (B2B) markets differ from business-to-consumer (B2C) markets.
