MKTG 201 Week 2 Discussion (Consumer Buying Habits)

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201

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Marketing

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Feb 20, 2024

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Consumer behavior is “the study of when, where, and how people buy things and then dispose of them” (Tanner & Raymond, 2012, p. 41). Studying behaviors is very important for all companies, both big and small. If they are successful in this, then the business can adjust their marketing strategies to keep them coming back. Many personal and psychological factors may influence what consumers buy and when they buy it. Some personal factors include self-concept, gender, age, and overall lifestyle (Tanner & Raymond, 2012). Since self- concept is how you see yourself, in my opinion, this is the most influential personal factor. Most people are going to buy things that make them feel better. Gender is also a big factor because men and women need different things. Additionally, a person’s age, for the most part, determines what they will buy. Let’s be honest, you don’t see too many 80-year-olds buying Nerf guns for themselves. I would like that to be me one day, but we need different things as we age. Some psychological factors that influence what consumers want to buy are their motivation, perception, and attitude. Most people think of Maslow’s Hierarchy of Needs when describing what motivates people. I quickly learned not to go shopping when I was hungry. I will end up impulse-buying all the snacks while waiting to check out. Perception is how you interpret the world around you (Tanner & Raymond, 2012). The media and advertising in general play a huge role in this factor. If you are always seeing things about burgers, then you are most likely going to buy a burger soon. Finally, another key psychological factor is a consumer’s attitude. If someone sees a positive ad or an emotionally driven slogan, then that will likely get their attention.

Business-to-business (B2B) markets and business-to- consumer (B2C) markets have a few notable differences. In B2B markets the customers are other businesses, institutions, and governments. On the other hand, B2C customers are individual end-users. One main difference between these two markets is how much product is being sold. According to Tanner & Raymond (2012), “the number of products sold in business markets dwarfs the number sold in consumer markets” (p. 65). A good example of this is the automotive industry. A B2B market will have many more car sales than a B2C market; there aren’t too many individual end-users that can buy more than one car at a time. Another key difference between the two markets is the decision-making cycle. A B2C market has short decision cycles and a B2B market has longer decision cycles (Tanner & Raymond, 2012). For example, the global aerospace company, Boeing, provides support for military aircraft and satellites. These products and related services involve many layers of planning and projects can take decades with a lot of agencies having decision-making power. In a B2C market, a store can decide within a couple of weeks if they will put a product on sale. Reference: Tanner, J., & Raymond, M. (2012). Principles of Marketing v.2.0. FlatWorld Knowledge. https://ebooks.apus.edu.ezproxy2.apus. Edu/MKTG300/Tanner_Ch1-4.pdf

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MKTG 201 Week 2 Discussion (Consumer Buying Habits)

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