Personal factors Essay Example for Free

Personal factors Essay Factors that affect the personal influences will be the age and stage at the life cycle, lifestyle, occupation, economic status, and personality (Bowens,et al, 2003). Marketers usually target a certain lifecycle stage or a certain age bracket for their products. Like Disney movies, merchandise, television shows which are usually targeting children and teenagers. However as the individual mature so are the buying preferences. Once a person acquires a job some purchases are shaped by that job like clothing, personal articles like bags and shoes. Also these purchases will be further fashioned by the income the person gets from the job. Some companies make their product income-sensitive by offering the same product in a different packaging or smaller size budget packs to be able to fit in certain income brackets (Marketing – Consumer 2008). Marketers are also concerned with how money and time are used by consumers or their lifestyle. This is to be able to know how to favorably present their product to their target consumers. Moreover, the personality of the person also comes into play in purchasing products. Usually, personality is how others perceive the person in socialization with them. However individuas also have their own version of personality called self-concept. This self-concept could be the same or different from the opinion of others. Advertisers use this idea in selling high-end cars to middle class consumers who wanted to project luxury (Principles of Marketing 2008). 2. 5. 4 Psychological Factors Motivation, perception, learning and attitude are the psychological factors that marketers look into to be able to develop better advertisements for their target consumers. Every person has needs that need to be fulfilled. These needs will transform into motives when the need becomes a powerful force that will compel a person to act (Consumer Behavior 2008). There are several theories about human needs but the most common is Maslow’s hierarchy of needs theory. Figure 3. Maslow’s Hierarchy of Needs Source: Chapman, 1995 According to this theory each need is hierarchical. One must fulfill the lower need before moving to the higher level. In addition if the reason for fulfillment of the lower need is gone the individual will not have the reason to satisfy the higher needs. For instance, a worker who is sick (safety needs) is not expected to perform well (esteem needs) (Chapman 1995). Now that the consumer is motivated to act upon the need his/her perception how he/she will act. Through perception a person creates an image of the world in his/her mind. This concept is essential to face-face transactions (Bowens, et al. 2003). Take for instance a salesman who speaks slowly and stutter, he could be perceive by the customer as someone is not an authority to the product and could lose the sale. Through our actions we experience the world and through these actions we learn. A person learns from past experiences or through thinking and things that we learn could modify our behavior or actions (Consumer Behavior 2008). Actions with positive outcome are usually repeated – repeat purchases – while actions with negative outcome are not (Marketing – Consumer). As this process cycle, doing and learning, individuals develop beliefs and attitudes. Beliefs are ideas about something that an individual holds as the truth (Marketing – Consumer 2008). While attitude is the constant position of an individual about a certain object or idea (Bowens, et al 2003). Companies use these concepts to be able to develop brand images based on consumers’ beliefs toward the company. Then try to fit the product to the consumer’s attitude rather than changing it.