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65
have very different reactions to either product. But there are general behavioral
principles- frameworks – that marketing managers can apply to learn more about
their specific target markets.
Most economists assume that consumers are economic men-people who
know all the facts and logically compare choices in terms of cost and value re-
ceived to get the greatest satisfaction from spending their time and money. A logi-
cal extension of the economic-man theory led us to look at consumer spending
patterns. This approach is valuable because consumers must at least have income
to be in a market. Further, most consumers don’t have enough income to buy eve-
rything they want. So most consumers want their money to stretch as far as it can.
This view assumes that economic needs guide most consumer behavior. Eco-
nomic needs are concerned with making the best use of a consumer’s time and
money-as the consumer judges it. Some consumers look for the lowest price. Oth-
ers will pay extra for convenience. And others may weigh price and quality for the
best value. Some economic needs are:
1. Economy of purchase or use.
2. Convenience.
3. Efficiency in operation or use.
4. Dependability in use.
5. Improvement of earnings.
Answer the following questions.
1. What behavioral sciences do you know?
2. What do you think can affect a person’s buying behavior?
3. Who are economic men?
4. What are major economic needs?
5. Why must marketing managers be alert?
6. How can promotion help customers?
7. What influences your personal purchase decision?
Let us learn something more interesting about Psychology and its influence
on a consumer.
Everybody is motivated by needs and wants. Needs
are the basic forces that
motivate a person to do something. Some needs involve a person’s physical well-
being, others the individual’s self-view and relationship with others. Needs are
more basic than wants. Wants
are “needs” that are learned during a person’s life.
For example, everyone needs water or some kind of liquid, but some people also
have learned to want Perrier with a twist.
When a need is not satisfied, it may lead to a drive. A drive
is a strong stimu-
lus that encourages action to reduce a need. Drives are internal-they are the rea-
sons behind certain behavior patterns. In marketing, a product purchase results
from a drive to satisfy some need.
Some critics imply that marketers can somehow manipulate consumers to
buy products against their will. But marketing managers can’t create internal
drives. Most marketing managers realize that trying to get consumers to act
have very different reactions to either product. But there are general behavioral principles- frameworks – that marketing managers can apply to learn more about their specific target markets. Most economists assume that consumers are economic men-people who know all the facts and logically compare choices in terms of cost and value re- ceived to get the greatest satisfaction from spending their time and money. A logi- cal extension of the economic-man theory led us to look at consumer spending patterns. This approach is valuable because consumers must at least have income to be in a market. Further, most consumers don’t have enough income to buy eve- rything they want. So most consumers want their money to stretch as far as it can. This view assumes that economic needs guide most consumer behavior. Eco- nomic needs are concerned with making the best use of a consumer’s time and money-as the consumer judges it. Some consumers look for the lowest price. Oth- ers will pay extra for convenience. And others may weigh price and quality for the best value. Some economic needs are: 1. Economy of purchase or use. 2. Convenience. 3. Efficiency in operation or use. 4. Dependability in use. 5. Improvement of earnings. Answer the following questions. 1. What behavioral sciences do you know? 2. What do you think can affect a person’s buying behavior? 3. Who are economic men? 4. What are major economic needs? 5. Why must marketing managers be alert? 6. How can promotion help customers? 7. What influences your personal purchase decision? Let us learn something more interesting about Psychology and its influence on a consumer. Everybody is motivated by needs and wants. Needs are the basic forces that motivate a person to do something. Some needs involve a person’s physical well- being, others the individual’s self-view and relationship with others. Needs are more basic than wants. Wants are “needs” that are learned during a person’s life. For example, everyone needs water or some kind of liquid, but some people also have learned to want Perrier with a twist. When a need is not satisfied, it may lead to a drive. A drive is a strong stimu- lus that encourages action to reduce a need. Drives are internal-they are the rea- sons behind certain behavior patterns. In marketing, a product purchase results from a drive to satisfy some need. Some critics imply that marketers can somehow manipulate consumers to buy products against their will. But marketing managers can’t create internal drives. Most marketing managers realize that trying to get consumers to act 65
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