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Aspirational Group. If a marketer can identify key opinion leaders for a certain group, she can then direct her efforts towards attracting these individuals. A consumer’s learning depends on skills and knowledge. Material goods often take on major symbolic meaning for this group. A persona may be created to capture the “soccer mom,” perhaps by giving her a name or other defining characteristics. Consumer behavior is influenced by many different factors. A consumer is highly influenced by the amount of savings he/she wishes to set aside from his income. For example, the upper-middle class are generally ambitious, future-oriented people who have succeeded economically and now seek to enhance their quality of life. Effective marketers will understand that and be able to tailor their approach accordingly. Too Much Credit by Andres Rueda in Credit card on Fotopedia - Images for Humanity. For example, the role of father can be different than the role of mother in purchasing consumer goods. The consumer behaviour or buyer behaviour is influenced by several factors or forces. These subcultures by itself form a customer segment. One’s race, religion and class are all ways subcultures can be established. Many factors influence purchasing. A consumer’s behaviour is influenced by the following social factors: 1. When a person comes from a particular community, his/her behavior is highly influenced by the culture relating to that particular community. J.J. Abrams, “Apple Fanatic”: TV series creator J.J. Abrams can influence other people to buy certain products by saying how much he likes the product. Reference groups are groups that consumers compare themselves to or associate with. The prosumer generally uses professional (or nearly professional) equipment and has a relatively high disposable income. Social class is important to predict the consumer behavior. deliver influence through the mass media, including advertising, sales promotions, publicity, special events, and social media posts. Internal or Psychological factors 2. Upper Class : Social class has a profound effect on the types and quantity of consumer goods purchased. Motivation: The level of motivation influences the buying behavior of the consumers.It is very well explained by Maslow through his need hierarchy theory comprising of basic needs, security needs, social needs, esteem needs and self-actualization needs. A marketer may decide his product is best suited for a specific demographic and will define that demographic as clearly as possible. Therefore, it’s essential to have a prominent online presence on various social media platforms. One’s race, religion and class are all ways subcultures can be established. Social factors play an essential role in influencing the buying decisions of consumers. Fraud: Credit card fraud is a form of consumer misbehavior that can cost billions of dollars a year. Social factors have always played a part in consumer buying habits, but the ubiquity of smartphones and social networks have taken word-of-mouth to new heights. Each plays a role in influencing consumer purchasing. They are: 1. These factors are considered as social factors. Customer perception is a process where a customer collects information about a product and interprets the information to make a meaningful image about a particular product. A persona is a social role. Marketers should understand that a person’s social class will have a major influence on the types and quantity of consumer goods purchased. Reference groups are groups that consumers compare themselves to or associate with. Each of these subcultures will have specific influences on consumer behavior. Discuss the three components of a culture and how they impact consumer behavior. Complex buying behavior. Culture can be further divided into subcultures. Give examples of common types of consumer misbehavior and common retailer tactics for addressing consumer misbehavior issues. Usually, however, people are grouped in social classes according to income, wealth, education, or type of occupation. Social Factors are made up of : Reference groups Family Roles/ Status Reference Groups: – A person’s reference group consist of all the groups that have a direct/ indirect influence on the person’s attitude/ behaviour. A company might use a celebrity it feels will match its target market to get that market to purchase its product. With access to an almost-infinite ocean of information at any given time, businesses have to seize every opportunity to be in front of their target audiences. The upper class, for example, has more disposable income and can thus spend more on most products. Shoplifting is the theft of goods from a retail establishment. Out of all these needs, the basic needs and security needs take a position above all other needs. Human beings are social animals. Factors That Influence Consumers’ Buying Behavior in Marketing Principles (v. 2.0) is licensed under a Creative Commons by-nc-sa 3.0 license. Although there are many different roles that can influence how a consumer behaves, three in particular are presented here: influencers, prosumers, and personas. If a reference group endorses a product, either through use or statements about the product, those that look to the group will often purchase that product. If a marketer wishes to target efforts toward the upper classes, then the market offering must be designed to meet their expectations in terms of quality, service, and atmosphere. The pervasive influence of social context on consumer behavior is anecdotally and empirically well documented (Argo et al. A belief is a proposition that reflects a person’s particular knowledge and assessment of something. On the other hand, if a reference group disapproves of a product, those that associate with that group will probably not purchase the product. Dale Earnhardt, Jr.: Celebrities are opinion leaders for the products or services they promote. Understanding the family life cycle is beneficial for marketers because it helps in defining target customers. It often involves illegal, smuggled, or counterfeit goods. Reference group is a group of people with whom a person associates himself. 2005; Dahl 2013). Family income is the total income from all the members of a family. Subcultures can consist of people from different religion, caste, geographies and nationalities. Whereas in cognitive learning, the consumer will apply his knowledge and skills to find satisfaction and a solution from the product that he buys. People go through a family life cycle composed of different stages of purchasing patterns. Another aspect of understanding the impact of families on buying behavior is the family life cycle. Culture can be different by region, different groups and even countries. So if a reference group endorses a product, either through use or statements about the product, those that look to the group will often purchase that product. In keeping with this idea, people will often modify their own behavior to coincide with group norms (even those that profess non-conformity are in some ways conforming with other people who want the same thing). Consumers are looking for reviews and recommendations. For example, a doctor would buy clothes according to this profession while a professor will have different buying pattern. Culture can be further divided into subcultures. Marketers often create a ” persona ” for their products and services in order to represent the different user types in a target market. All these professionals can influence the decisions consumers make within their area of expertise. Estimates put the cost of credit card fraud to billions of dollars. When there is a surplus income available for the family, the tendency is to buy more luxury items which otherwise a person might not have been able to buy. Consumer misbehavior is specifically related to retail and other markets, and includes things from cutting in line to fights between customers to credit card fraud. study of individuals and organizations and how they select and use products and services For example, the upper class tend to be the primary buyers of fine jewelry and often shop at exclusive retailers. Cash in hand, bank savings and securities are some examples of liquid assets. 2. Combating consumer misbehavior is an expensive, time-consuming activity. This … The function of a value system is to help a person choose between alternatives in everyday life. A decision maker for a purchase can be a husband, wife, or even a child, and sometimes decisions are made in collaboration. Impact of social media on consumer behaviour 9 of information that can be processe d by individuals, and it is not feas ible to evaluate all choice alternatives in depth (Karimi, 2013). In its most common usage, a prosumer is usually a serious hobbyist, with similar interests and skills of professionals. Higher family income influences the people in the family to buy more. Common types of consumer misbehavior include shoplifting, abusive behavior, credit card fraud, and black markets. Whereas, a weak economy reflects a struggling market that is impacted by unemployment and lower purchasing power. Factors influencing Consumer’s Behaviour in the Market – Social Factors: Reference Group, Family, Roles and Statuses. Often, the decision maker changes based on the type of purchase or the size of the purchase. Learning can be either conditional or cognitive. Other examples of prosumers are found in home improvement and cooking segments. People in the same social class tend to have similar attitudes, live in similar neighborhoods, dress alike, and shop at the same type of stores. These activities can promote or obstruct social change through political activism or protests and can can occur in the potentially destructive forms such as riots. Although they may not actually know more about a product or service, there is usually the perception that they do. One source of help is an opinion leader. This attitude plays a significant role in defining the brand image of a product. Culture; Sub-culture; Social Class; Reference Group Opinion Leaders Family (1) Culture refers to the way of living of a group of people.It includes knowledge, belief, traditions, morals, values, customs and other such habits that are acquired by humans as members of a group. A prosumer is usually a serious hobbyist, with similar interests and skills of professionals. When a person buys a product, he/she gets to learn something more about the product. But when the disposable income reduces, parallelly the spending on multiple items also reduced. Culture is considered an external factor in influencing consumer behavior. 4 Ways Social Media Influences Consumer Behavior More buyers are now on social media networks than ever before. Psychosocial motivations may include peer pressure, a desire for thrill or excitement, impulse, intoxication, or compulsion. Everyone is expected to behave in a certain way based on the reference group we belong to. Marketing strategies should reflect the culture that is being targeted. When a consumer has higher liquid assets, it gives him more confidence to buy luxury goods. The various social groups an individual forms a part of are: 1. Often, an opinion leader is among the first to use a new product or service, and can then pass on his or her opinions of the product to others. Cultural factors 4. Families’ influence on buying habits includes how parents play a significant role and, eventually, how a spouse and children play an even more significant role. Source can communicate information widely. Influencers can be influential buyers, retailers, or people, such as journalists or industry professionals (among others). Celebrities are often used as opinion leaders in promoting a product. Meaning and Definition of Social Class : Consumer behaviour is influenced by environment in which one lives. Human try to imitate other humans and also wish to be socially accepted in the society. Social media is about much more than posting pictures and catching up with friends. Start studying Chp 11- social influences on Consumer Behavior. The lower class, in contrast, are much more concerned with simply getting by; they focus more on necessities. Sellers are making it easy for the consumers to avail credit in the form of credit cards, easy installments, bank loans, hire purchase, and many such other credit options. Illustrate how social class impacts consumer behavior and buying patterns. Describe how family dynamics and the family life cycle can influence purchasing decisions. ©Copyright 2020 www.clootrack.com All Rights Reserved. Opinion leaders are particularly useful in marketing. A recent report from Deloitte shows how social media affects consumer behavior. (adsbygoogle = window.adsbygoogle || []).push({}); Consumers have different roles in purchasing products and services, and these roles can influence their buying behavior. These subcultural groups share the same set of beliefs and values. Social Influence and Consumer Behavior (Spring 2013) Curator: Darren Dahl. Other models have as many as a dozen levels. One way to understand the family’s impact on consumer behavior is to identify the decision maker for a purchase. For example, the availability and relatively low cost of photography equipment have given rise to many people who are serious about photography but are not usually paid for their work. Factors Influencing Consumer Behaviour 3. Factors that are personal to the consumers influence their buying behavior. Some of the social factors are: Family plays a significant role in shaping the buying behavior of a person. Study of Consumer as an Individual 4. Of course its impact varies across products and brands. If a person is in a high position, his buying behavior will be influenced largely by his status. Influencers are people who have a relatively large audience in which to tout their beliefs. Reference groups are groups that consumers will look to for help in making purchasing decisions. Social class is important to predict the consumer behavior. 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