Psychological Influences
There are several factors that are primarily behavior-based that affect a consumers decision making process. These factors are learning, perception, self-concept, attitudes, personality, and lifestyles. Through a combination of these various factors a consumer displays certain tendencies toward product, brands, services, and where they shop. A marketer researches the market to determine which group of targeted buyers would be the best fit for its products or services.
Maslow's Hierarchy of Needs
The Maslow's theory of needs shows how humans are motivated to buy, react, and adapt to the surrounding markets. It explains the levels of barriers that company goes through to make a product in the market a motivation for the consumer to buy. This five stage model can be divided into basic (or deficiency) needs (e.g. physiological, safety, love, and esteem) and growth needs (self-actualization). One must satisfy lower level basic needs before progressing on to meet higher level growth needs. Once these needs have been reasonably satisfied, one may be able to reach the highest level called self-actualization.Every person is capable and has the desire to move up the hierarchy toward a level of self-actualization. Unfortunately, progress is often disrupted by failure to meet lower level needs. Life experiences including divorce and loss of job may cause an individual to fluctuate between levels of he hierarchy.