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Week 2 Forum

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Question and Answers

Answer number 1

At times personal and psychological factors can be a huge factor in why a customer purchases or not buys a product. Personality is made up of the unique traits that an individual has. The five traits can impact consumers purchasing behavior. For instance, if an individual has the trait of openness in high amount, they will take product advertisement which is graphic in better manner. If the openness is low, consumers might not even watch the product advertisement, hence influencing their buying behavior. This might influence the way they purchase a product. Another thing that impacts buying behavior is a customer being outgoing or shy. This trait will either make a customer a spender or a penny pincher. A factor of how hard a customer has worked to earn their money can have an impact on the buying strategy. They might not make purchases regularly (Thompson Prendergast, 2015).

Similarly, age, sex, and stage of life can have an impact on how a buyer purchases. An 8-year-old child will not want a beer, the same way, a woman, will not be interested in beard products. Lifestyle can have a huge impact on buying behavior as well. People who are very rich can spend without thinking all the time, but middle-class people have to think twice before making a purchase and make purchases with regards to the time of the month. When it comes to psychological factors, Maslows hierarchy can explain the factors that impact buying behavior. First, a customer will focus on the basic needs like buying food when hungry, water when thirsty and sleep before they jump to higher level needs. Purchasing necessities will be inevitable, but luxury products come further ahead. Shock advertisement can also have an impact on the consumer.

Answer number 2

Business to business market differs from business to consumer markets on many levels. For starters, the number of products that are being sold in the business market varies from the number of products that are being sold in the consumer market. The customer market gets the end product as opposed to the business market, in which to make a product, uncountable purchases have to be made. We can take the example of HP. To make a laptop, the business has to make purchases from various sellers. It is not at all simple.

In the customer market, if one wants to buy shampoo, all they have to do is go to the market and buy. It is not like a separate plastic bottle is purchased, then ingredients are bought to make product and then a shampoo is taken home (Liu et al., 2018). It is simple, brands have complete products present in the market, and all the customer has to do is choose in regards to the requirement. It is much simpler. In B2B market the stakes are high, material is purchased, but a lot of things are kept in mind simultaneously to make the product. The product is complex majority of the time. Businesses unlike consumers stern on being provided by product that meets a strict quality. Another aspect is the level of personal selling present in B2B markets.

References

Thompson, E. R., Prendergast, G. P. (2015). The influence of trait affect and the five-factor personality model on impulse buying.Personality and Individual Differences,76, 216-221.

Liu, Y., Foscht, T., Eisingerich, A. B., Tsai, H. T. (2018). Strategic management of product and brand extensions Extending corporate brands in B2B vs. B2C markets.Industrial Marketing Management,71, 147-159.

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