Posted: June 12th, 2024

Unit1 DB2 The Psychology of Consumer Economic Behavior: CB465 Discussion

Unit1 DB2 The Psychology of Consumer Economic Behavior: CB465

Consumers follow specific patterns related to the process of buying goods. This is referred to as consumer style, which includes different patterns of behavior related to making financial decisions and acting on them. There are 7 factors that influence consumer style. Please choose two from the list below that you believe are the most important factors and address them in your discussion:

Economics
History
Culture
Personality
Biology or environment
Technology
Politics
State the two factors you selected. Why do you believe the two factors you selected are most influential to consumer style? Include examples that support your selections. Please provide at least 2 resources for your discussion.

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The two most influential factors on consumer style are personality and culture. These factors play a pivotal role in shaping an individual’s preferences, decision-making processes, and buying behaviors.

Personality: An individual’s personality traits significantly influence their consumer style. Personality encompasses a person’s unique combination of characteristics, values, and tendencies that shape their behavior and decision-making processes. For example, individuals with high levels of conscientiousness and self-discipline may be more inclined to engage in careful budgeting, research, and comparison shopping before making a purchase. On the other hand, those who score high on the trait of openness to experience may be more likely to seek out novel and unique products, even if they come at a premium price (Baumgartner, 2002). Similarly, extroverts may be more influenced by social trends and peer recommendations, while introverts may rely more heavily on their own research and introspection.

Culture: Culture encompasses the shared values, beliefs, norms, and traditions that shape an individual’s behavior and worldview. Cultural factors can significantly influence consumer style by shaping attitudes towards consumption, preferences for certain products or brands, and the perceived symbolic meaning attached to goods and services. For instance, in collectivistic cultures, individuals may prioritize products that reinforce social connections and group identity, while in individualistic cultures, consumers may value products that emphasize personal expression and uniqueness (Soares et al., 2007). Cultural traditions and celebrations can also influence consumer demand for specific products or services, such as traditional clothing, food, or decorations.

These two factors, personality and culture, intersect and shape consumer style in profound ways. An individual’s personality traits may determine how they respond to cultural influences or interpret cultural symbols and meanings. Conversely, cultural values and norms can shape an individual’s personality development and consumer preferences from an early age. Understanding these factors is crucial for businesses and marketers seeking to effectively target and engage with their desired consumer segments.

References:

Baumgartner, H. (2002). Toward a personology of the consumer. Journal of Consumer Research, 29(2), 286-292. https://doi.org/10.1086/341578

Soares, A. M., Farhangmehr, M., & Shoham, A. (2007). Hofstede’s dimensions of culture in international marketing studies. Journal of Business Research, 60(3), 277-284. https://doi.org/10.1016/j.jbusres.2006.10.018

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