Consumer markets and consumer buyer behavior. Market analysis Contents

Human Life Cycle Stages is another example, here marketers target markets based on the human life cycle. They will target teenagers with bright colors, loud music and fast food. A young couple will prefer to buy a retirement plan and secure their future.
Occupation and Economic Circumstances. A person occupation affects the consumer decision while buying goods and services. For example, if you are a blue-color worker you will prefer to buy more work-related clothes. On the other hand, if you are an office worker you will tend to buy smart clothes. Different types of companies specialize in making products based on occupational group. For example, a software house will develop different software for accountants, lawyers, retailers and engineers.
Marketers closely observe buyer personal income, saving and interest rate. Their marketing mix decisions are based on economic indicators. For example, The price of Nikon D-5 professional camera is over $6000, you can only purchase this camera if you enough disposable income, savings or borrowing power.
Lifestyle means how a person lives in a society. For example, you are living in a posh area and people have expensive watches, branded clothes and luxury cars. You have to maintain your status and image.
Psychological Factors
Psychological factors that impact buying decision includes perception, motivation and beliefs and attitudes. Every consumer will respond to marketing message based upon their attitudes and perceptions.
Motivation. People have different needs at a time. Some needs are biological i.e. hunger, thirst and some are psychological i.e. recognition, self-esteem and belonging. When a need reaches a certain level of intensity it becomes a motive. According to Philip Kotler, a motive is a need that has the power to direct the person to seek satisfaction.
Maslow’s Hierarchy of Needs also known as Maslow’s theory of motivation was developed by Abraham Maslow in 1943. This Maslow’s theory is based on human motivation. It is shaped like a pyramid and have a bottom to top approach. According to this hierarchy, there are five levels of human needs.

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