Factors influencing my buying behaviour & Black Box | Initial post

Factors influencing buying behaviour | In this post, I will discuss the personal and psychological factors that have a significant influence on my buying behaviour. Having analysed my recent and planned purchases, the personal factor is the factor that has driven me in my buying decisions. The purchase I will focus on is a pair of Pandora earrings.

Personal factors & Buying Behaviour

There are sub-factors in the list of the personality factors influencing buying behaviour. These are discussed as follows.

Age and life-cycle stage 

I am at an age that I tend to choose what is physically comfortable and I am also comfortable in my chosen style rather than status (Social factor) for instance.

Economic situation 

This will obviously have a bearing on a purchase in that it should be within one’s means.  I am careful with my spending and aim to buy the best product my budget will allow.

Lifestyle 

I have strong environmental beliefs so I try to buy from responsible companies.  I don’t like to buy for fashion or ‘the next big thing’; I like to buy quality products that will last and work well.  I like to make as much as I can so I look for products that I can create things myself where I can instead of just the end product.

Personality

I don’t like fuss or excessive embellishments; ‘less is more!.  I like classic and quality products that will not date quickly.  I am cautious in nature and sometimes wait to make the right decision.

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Psychological Factors & Buying behaviour

I think the personal factor was closely followed and supported by psychological factors. 

Motivation

My purchasing decision will satisfy my personal ‘needs’; the need for comfort, value for money within my budget, environmentally responsible and quality product.  

Perception

My current perception of the retail world is that e-tailing is causing the widespread demise of town centres so I will prioritise purchases from local shops first before looking further afield.

Learning

Bringing past experiences and carrying out research regarding your purchase will hopefully enhance the success of the purchase – getting the best product at the best price from the best company.

In contrast to the model Above, I tend to not ignore my “Black Box” (” Marketing theory of consumer buying behaviour in which what goes on within the human mind (the black box) is ignored, in favour of discovering which inputs (stimuli) produce the desired output (buying response)”. Business Dictionary) as is suggested.  My behaviour would be the other way around, being led by my characteristics than by stimuli i.e. the 4 P’s/7 Ps.

In the end, I did not buy the product as I wanted to look around a little more before making the final decision.  I am classing this as a high involvement decision.  “High-involvement products are those that represent the consumer’s personality, status and justifying lifestyle; for example, buying a home theatre.  By contrast, low-involvement products are those that reflect routine purchase decisions; for example, buying candy or ice cream”

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I am of working-class but have been brought up as a saver, to make good, long-lasting choices so this carries through in my spending.  I aim to buy things that I definitely need and not just want that are items of good quality that will last.

How many cultural groups a company can focus their marketing strategy on will depend on the funds available. Marketing Segmentation “identification of individuals or organisations with similar characteristics that have significant implications for the determination of marketing strategy” (Fahy & Jobber 2015) is required.  Once they have settled on which segment(s) they will be focusing their marketing campaign on, they can look into the beliefs, attitudes and behaviours of those groups and target them with their specific marketing mix.