M M300 1st Ed dition Lecture 8 Outline of Current Lecture I Review R Inflluences on the t Purchasse Decision Process II Psychologic P cal Influencees III Psychologic P cal Influencees Personallity IV Psychologic P cal Influencees Motivation V Psychologic P cal Influencees Risk VI Psychologic P cal Influencees Lifestyle VII Psychologic P cal Influencees Perceptio on and Learrning VIII Situaational Influ uences S ral Influences IX Socio Cultu Currrent Lecturee I R Review Inflluences on the t Purchasse Decision Process a Conssumer decission processs consists off 4 types i 1 Psych hological iii 2 Markeeting Mix iiii 3 Socio cultural ivv 4 Situattional II Psychologic P cal Influencees a 6 typ pes of psych hological inffluences i 1 Perso onality iii 2 Motivvation iiii 3 Risk ivv 4 Lifestyyle v 5 Perceeption v vvi 6 Learning III Psychologic P cal Influencees Personallity a Perssonality refeers to consisstent behavviors or resp ponses to stiimuli exhibited by a persson on a con nsistent bassis b Self concept ho ow people ssee themselves and how they think others seee them i Personaality is reveaaled through h one s self concept c If yo our self conccept is Stylissh you will typically pu urchase prod ducts that rreinforce yourr self concept of being stylish If yo our self con ncept is going against tthe grain n you mayy be more in nclined to purchase Android produ ucts vs Apple IV Psychologic P cal Influencees Motivation a Mottivation force within th he customerr driving theem to purch hase or not tto purcchase b Conssumers can purchase fo or These notes represent a d detailed interp pretation of th he professor s lecture Grad deBuddy is besst used as a supplement to your own notes n not as a substitute ood hungryy i Physical reasons fo iii Basic reaasons iiii Safety reeasons airb bags ivv Social reeasons linkiing to a largger group club memberships v Self imp v provement reasons r gym m membersship collegee vvi Reflectin ng success tto others caar house V Psychologic P cal Influencees Risk a Purcchasing a prroduct creattes a risk forr the custom mer b Form ms of risk mance risk p product mayy not perforrm well break down i Perform 1 C Can reduce risk with m money back guarantees iii Financiaal risk the buyer b may lo ose money pay too mu uch or miss buying somethiing else 1 C Can reduce risk with financing salles free return shipping iiii Physical risk the prroduct may be harmful to the userr s health m may cause injury 1 W Warning lab bels airbagss ivv Social rissk friends o or other peo ople may no ot approve of o purchasee 1 C Can reduce risk with ceelebrity end dorsements bras in seccluded aareas v Time losss risk main v ntenance tim me or time required r to return the product to the place of purcchase may be b excessivee be careful to distingu uish this from performance risk 1 C Can reduce risk with O Over night sh hipping freee assembly c Routtine Problem m solving low risk d Exteended problem solving high risk VI Psychologic P cal Influencees Lifestyle a Lifesstyle the vaalues attitudes and beehaviors exh hibited by cu ustomers helping h pred dict buying p patterns i Achievers consumee time savin ng devices p prestige pro oducts iii Strivers consume Volvos V because they are safe iiii Thinkerss consume durable and d functional products VII Psychologic P cal Influencees Perceptio on and Learrning a Percception thee process byy which the customer seelects organizes and in nterprets information ople love Staarbucks som me people h hate it i Examplee some peo b Learrning affectts customerr purchasingg i Emotion nal vs ration nal VIII Situaational Influ uences a 1 Ph hysical Environment attmosphere b 2 Time time to o make decision c 3 Peersonal facttors mood money in h hand compaanions S ral Influences IX Socio Cultu a Refeerence groups cluster o of people th hat share saame attitudee evaluations aspirations beh haviors i Can influ uence an individual s purchase beh havior