Consumer Psychology

PART B DEFINITION Consumer psychology is a specialty area that studies how our thoughts, beliefs, feelings and perceptions influence how people buy and relate to goods and services. One formal definition of the field describes it as â€Å"the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. STAGES IN CONSUMER DECISION MAKING PROCESS CONSUMER INDIVIDUAL FACTORSConsumer individual factor is divided by five. Age, occupation, economic situation, lifestyle and personality. This five factors is affected to consumer behavior to buy same product or services. †¢Age Age and life-cycle have potential impact on the consumer buying behavior. It is obvious that the consumers change the purchase of goods and services with the passage of time. Family life-cycle consists of different stages such young si ngles, married couples, unmarried couples etc which help marketers to develop appropriate products for each stage. 00PLUS product affects to this categories because when adult, people are active doing some sport and they need 1ooPLUS because 1 0 0 P L U S ’scientifically-testedi sotonic formulation of carbohydrates, electrolytes and water enables faster and more effective hydration, thus enhancing a person’s capability to perform at his or her peak. In fact, in a recent study, 100PLUS was clinically proven to rehydrate and re-energise faster, and provides 43% more endurance, than water alone. Read also Memory – ForgettingThe advertising also can attract consumer to buy this product because they use number 1 badminton player Dato Lee Chong Wei in the advertisement. This can attract people because many people use Dato Lee Chong Wei as their idol. †¢Occupation The occupation of a person has significant impact on his buying behavior. For example a manger in sport center selling 100PLUS product in the business to make more profit. This is because they know that when people sports, they need to cover back their energy and 100PLUS product is suitable in this situation. Economic Situation Consumer economic situation has great influence on his buying behavior. If the income and savings of a customer is high then he will purchase more expensive products. On the other hand, a person with low income and savings will purchase inexpensive products. However, 100PLUS product is suitable to all economic situation status because the price is not expensive. Beside that, they use Dato Lee Chong Wei in advertising make this product is more popular that the other product. †¢LifestyleLifestyle of customers is another import factor affecting the consumer buying behavior. Lifestyle refers to the way a person lives in a society and is expressed by the things in his/her surroundings. It is determined by customer interests, opinions, activities etc and shapes his whole pattern of acting and interacting in the world. When people active in sporting, they need a carbohydrate water to make they still have energy to continue sports. People hwo active in played badminton also attractive to the advertisement because they want to became like Dato Lee Chong Wei. Personality Personality changes from person to person, time to time and place to place. Therefore it can greatly influence the buying behavior of customers. Actually, Personality is not what one wears; rather it is the totality of behavior of a man in different circumstances. It has different characteristics su ch as: dominance, aggressiveness, self-confidence etc which can be useful to determine the consumer behavior for particular product or service. This also can attract people who like to do something challenging because they need energy to become vigorous.MOTIVATION AND GOAL People who drink 100Plus will motivate they self because it will bring back they energy to achieve they goal. BRAND PERSONALITY Brand personality is the way a brand speaks and behaves. It means assigning human personality traits/characteristics to a brand so as to achieve differentiation. These characteristics signify brand behaviour through both individuals representing the brand as well as through advertising, packaging, etc. When brand image or brand identity is expressed in terms of human traits, it is called brand personality.Advantage-already popular in Malaysia, has many flavor, restore energy quickly easily to find. Disadvantage-100plus is only isotonic water. CONSUMER IMAGERY Consumers have a number of en during perceptions, or images, which are particulari relavant to the study of consumer behavior. These include the image they hold of themselves, and their perceived images of products and product categories, of retail stores, and of producers. People will find 100Plus because they know that 100Plus is a isotonic drink and its to restore energy. 100Plus also more cheaper then another isotonic drink.MASLOW’S HIERARCHY OF NEEDS THEORY 100 PLUS 100 PLUS Abraham Maslow is well renowned for proposing the Hierarchy of Needs Theory in 1943. This theory is a classical depiction of human motivation. This theory is based on the assumption that there is a hierarchy of five needs within each individual. The urgency of these needs varies. These five needs are as follows- Physiological needs- These are the basic needs of air, water, food, clothing and shelter. In other words, physiological needs are the needs for basic amenities of life.Safety needs- Safety needs include physical, environm ental and emotional safety and protection. For instance- Job security, financial security, protection from animals, family security, health security, etc. Social needs- Social needs include the need for love, affection, care, belongingness, and friendship. Esteem needs- Esteem needs are of two types: internal esteem needs (self- respect, confidence, competence, achievement and freedom) and external esteem needs (recognition, power, status, attention and admiration).Self-actualization need- This include the urge to become what you are capable of becoming / what you have the potential to become. It includes the need for growth and self-contentment. It also includes desire for gaining more knowledge, social- service, creativity and being aesthetic. The self- actualization needs are never fully satiable. As an individual grows psychologically, opportunities keep cropping up to continue growing. From this theory that 100plus at the esteem needs level because people need it to restore ene rgy to make they achieve what they target and make people proud to them.