Psychological Factors That Influence Consumer Decision Making
A consumer is defined as someone who purchases goods and services for personal use. When studying consumers, you examine how individuals decide on what to buy, they buy a certain item, how it would be used, and how they dispose the purchased item if no longer needed. Schiffman (2012) defines consumer behaviour as the behaviour consumer’s display in searching for, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs. There are certain factors which influence the decision making of consumers. Such factors can personal, situational, or psychological. The focus here would psychological. This essay looks at the psychological factors that influence consumer decision making.
The first factor that influences consumer decision making is, motivation. Motivation is goal directed behaviour to satisfy an internal need. A need can be lack of something useful. The more basic the need, the greater the priority it assumes in driving consumers to fulfill it (Mott, 2017). Maslow’s hierarchy describes motivation as a means to satisfy human needs. He adds that humans strive to strive to satisfy each need at each level in the hierarchy of needs. First we have physiological needs such as food, water, and biological needs. When these needs are met, we long for safety and security. The third needs are for love and belonging. Once our social needs are fulfilled, individuals begin to require esteem or status. Our final desire is for
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