Consumers are influenced by a variety of factors when making purchasing decisions. Five key personal factors include:
1. Demographics:
Demographics are the quantifiable characteristics of a population. These include:
- Age: Different age groups have different needs, wants, and buying habits. For example, millennials are more likely to buy products online than baby boomers.
- Gender: Gender influences purchasing decisions for a variety of products, such as clothing, cosmetics, and automobiles.
- Income: Income level affects how much consumers can spend and the types of products they purchase.
- Education: Education level impacts consumers' knowledge and understanding of products and services.
- Occupation: Occupation influences spending patterns and product preferences. For example, a doctor may be more likely to purchase a luxury car than a teacher.
2. Psychographics:
Psychographics are the psychological characteristics of consumers, including their:
- Lifestyle: Lifestyle choices, such as hobbies, interests, and values, influence purchasing behavior.
- Personality: Personality traits, such as extroversion, introversion, and risk aversion, can impact product choices.
- Values: Consumers' values, such as sustainability, social responsibility, or family, can drive their purchasing decisions.
- Attitudes: Attitudes towards brands, products, and services can influence purchase behavior.
3. Motivation:
Motivation refers to the forces that drive consumers to make purchases. Common motivations include:
- Need: Consumers are motivated to purchase products that satisfy basic needs, such as food, shelter, and clothing.
- Want: Consumers are also motivated to purchase products that fulfill their desires, such as luxury items, entertainment, and travel.
- Social: Consumers may be motivated to purchase products that enhance their social status or make them feel part of a group.
4. Perception:
Perception refers to how consumers interpret and process information about products and services. This includes:
- Selective attention: Consumers only pay attention to information that is relevant to them.
- Selective distortion: Consumers may interpret information in a way that confirms their existing beliefs.
- Selective retention: Consumers are more likely to remember information that supports their existing beliefs.
5. Learning:
Learning refers to the changes in consumer behavior that result from experience. This includes:
- Classical conditioning: Consumers learn to associate a product with a positive feeling, such as a pleasant smell or a catchy jingle.
- Operant conditioning: Consumers learn to repeat behaviors that are rewarded, such as purchasing a product that they find enjoyable.
- Cognitive learning: Consumers learn by observing, reading, or listening to information about products and services.
Understanding these five personal factors is crucial for businesses to effectively target their marketing efforts and create products and services that meet the needs and wants of their customers.
