TOPIC 2: Maslow’s Hierarchy of Needs is the model for studying the psychological factors that affect decision making. Review Figure 3.4 in this week’s reading and let’s discuss how recent events might have affected consumer behaviors in terms of Maslow’s Hierarchy.
Here’s an article by PWC titled ” Evolving priorities: Covid-19 rapidly reshapes consumer behavior” (2020) to get you started. You should do additional research on this topic for more examples.
Name a stage and state what types of purchases consumers have been making that are consistent with this stage. Note any possible changes due to recent events.
LINK 1: https://www.pwc.com/us/en/industries/consumer-markets/library/covid-19-consumer-behavior-survey.html
LINK 2: FIG 3.4 https://open.lib.umn.edu/principlesmarketing/chapter/3-1-factors-that-influence-consumers-buying-behavior/
TOPIC 2: Consider a specific time you purchased a meal for yourself or your loved ones outside the home. This could a take-out order, a delivery order, an outdoor dining situation, or a time you visited a restaurant. The meal does not have to be fancy or expensive, just something that was satisfying to you at the time.
What was your choice of restaurant or food delivery establishment? Provide a link, if possible.
Go through all the variables outlined in the first two columns of the model, environmental factors, and consumer factors, and identify the factors that influenced your decision. Note how they resulted in your purchase decision. (Hint: Read ahead for more thorough explanations of each factor.)
Be sure to view classmates’ posts and see how your classmates are influenced by the same factors, or not.
As illustrated in Figure 3.9 in this week’s reading, there are six steps in a consumer decision-making process. It looks like quite a bit of work considering the number of purchase decisions we make in the course of a week. So consumers have developed a shorthand for making purchases, which we have categorized into types of consumer buying decisions based on the level of involvement. The course readings explain the role of involvement in decision making, and refer to those readings to get a better understanding of routine, complex, and limited problem solving.
What was your decision-making behavior in the meal purchase? Was it a routine, complex, or limited problem-solving situation? Identify which behavior and explain how the level of involvement played into your decision.
LINK: FIG. 3.9 https://open.lib.umn.edu/principlesmarketing/chapter/3-2-low-involvement-versus-high-involvement-buying-decisions-and-the-consumers-decision-making-process/
*** FOR BOTH TOPICS PLACE REFERENCES WITH THE TOPIC IT BELONGS TO FEEL FREE TO USE ATTACHED LINKS AS REFERENCE AS WELL****
