Personal Factors Flashcards
Personal factors
Age and life cycle stage, occupation, economic situation, lifestyle, personality and self concept
Age and life cycle stage
- goods and services bought change as people get older as their lifestyle evolves
- tastes are often at times related to age
- marketers often use life cycle stages for groups/individuals to often define their target market, that way they can develop appropriate/suitable products and marketing strategies for each stage
Occupation
-affects the goods and services bought
-marketers try to identify occupational groups that have sn above average interest in their products and services
Economic situation
Affects products and store choices
- marketers watch trends in personal income, savings and interest rates
- economic downturns result in redesigning, repositioning and repricing of products and services
Lifestyle
-A persons pattern of living as expressed in his or her psychographics
-People with the same subculture, social class or occupation may have quite different lifestyles
Psychographics in lifestyle
Activities, interests and opinions
Personality and self concept
Personality is a unique psychological characteristic that distinguishes a person or a group
Self confidence, sociability, aggressiveness
Importance of personality and self concept
-Useful in analysing consumer behavior for certain products or brands
-Brands also have personalities, consumers choose brands that have similar personalities as their own
Brand personality
Specific mix of human traits may be attributed to a particular brand
Examples of brand personality traits
Sincerity, excitement, competence, sophistication, ruggedness…
Self image
Based on personality
Examples of self concept
-Actual self concept
-Ideal self concept
-Others self concept
Buyer persona
Semi fictional representation of your ideal customer based on market research and real data about yournexisting customers
Contains customer demographics, behaviour patterns, motivation goals etc
Help determine marketing strategy and tactics
Consumer ability
Financial resources
Cognitive resources
Emotional resources
Physical resources
Social and cultural resources
Education and age
Consumer opportunity
Time
Distraction
Complexity, amount, repitition and control of information
