Factors Influencing Consumer Behavior and Psychology

Question: Discuss about the Factors Influencing Consumer Behavior and Psychology. Answer: Introduction Consumer psychology dictates the perception of the prospective buyers of the products, services, ideas or experiences, which has the ultimate impact over the purchase they make. Under consumer psychology, the individuals, organizations and groups are studied, along with the processes which are used by them to dispose, select, secure and use the products, ideas, services or experiences, in order to satisfy the needs of such groups and the resulting impact of this process over the consumer and the society (Perner, 2017). In the ensuing segments, the various aspects of consumer psychology have been elucidated upon. Decision making process and its marketing implications The consumer behavior is a key factor in the decision making by any individual. Consumer behavior consists of the various stages which any consumer passes before ultimately purchasing the goods or services for their end use (Samli, 2012). There are various factors which motivate the consumers in purchasing a product, for instance, the need, social status, or purpose of gifting. On the other hand, factors like budget or income or financial restraints, no requirement and taste are some of the reasons which may result in the consumer not purchasing the product (University of Southern Indiana, 2017). Need is not a factor when it comes to purchasing a luxury item. When the consumer behavior regarding the luxury products, the psychology of the consumer changes. The major reasons for buying luxury accessories include motivation, brand equity and cultural factors (Wang, 2014). Traditionally, the reason why anyone purchased luxury brands was to impress others. Though, this reason is evolving with the change in time. Apart from social orientation, people purchase the products for personal satisfaction too. Before buying any product, even a luxury product, a consumer has to consider various decisions, for selecting the particular product. Various comparisons are drawn and finally a product is chosen (Lantos, 2015). But what factors lead to the selection of a particular product? To better understand the consumer behavior and the decision making, an example of Hublot luxury watches has been taken. Hublots brand ambassador is Usain Bolt, so anyone who is a fan of the athlete would prefer to buy the products, which are associated with their star (Hublot, 2017). Due to the number of sports Hublot is associated with; it is able to tap on the consumers who are largely fan of the sports. Being a brand for male watches, the brand has to be associated with sports and this is what Hublot has done. The decision making starts from the promotional messages, sponsorships, or the advertisements that a consumer comes across. Hublot has thoroughly advertised its products. As per the statistics posted in 2014, Hublot was in the top 25 spenders in the advertisements for 2013, where the company had spent $7.59 million, which was a significant jump of 218.2%, in comparison to the previous year (Deshpande, 2014). The infamous advertisement involving the mug-shot of Bernie Ecclestone, after the mugging, garnered a lot of attention (Clark, 2010). While Bernie Ecclestone was mugged, his Hublot watch was stolen. So, the advertisement featured the slogan, See what people will do for a Hublot (Daily Mail Reporter, 2010). The company sponsors a number of football clubs, which includes Manchester United, along with basketball teams, and association with bodies like Swiss Confederation at the World Expo, along with the Archaeological Museum of Athens (World Heritage Encyclopedia, 2017). All this attracts the needed attention from the consumers, to consider a brand which supports their interests. Selective exposure is just one factor which influences the decision making of consumers. Selective attention is the next criteria, where the personal interests of the consumers are put first, and to garner the attention of the consumer, the interests are captured (Kardes, Cronley and Cline, 2010). The interpretation of the consumers is also something which affects the decision making. For instance, the advertisement which featured Bernie Ecclestone was featured, with his black eye, was said to be in a bad taste (BBC News, 2010). But at the same time, the consumer perception changed the game as the incident gained sympathy from the consumers, which resulted in consumers buying the brand. There is also the factor of selection retention. The consumers are prone to purchase such products, to which they are the most attracted (Batra and Kazmi, 2009). The most meaningful, as well as, the most relevant message stays in the memory of the consumers. Something, which is not related to the needs, or something with which the consumer makes no connection, would not stick with the consumers (Blythe, 2008). Along with these factors, while making the purchasing decision, the individuals consider the quality of the brand they want to buy (Court, et al. 2017). The material of Hublot is unique and innovative. The brand simply does not use the ordinary gold. Instead, they use a unique mix, created by them, and call it King Gold and Magic Gold (Hublot, 2017). This resulted in the creation of the worlds first scratch-resistant gold watch (Cornwell, 2016). Things like this, guarantee a standard, as well as, quality, which the consumers expect and which Hublot delivers. Keeping in mind the needs and the criteria on which the decisions are made by the consumers, the organizations make their marketing decisions. This is quite apparent in the case of Hublot. As highlighted earlier, the brand creates watches primarily for men. And men are known to be associated with sports. Due to this common knowledge, the brand has associated itself with a number of sports related sponsorships and associations. The brand also launched Formula One themed watches, as it had partnered with Formula one (Leong, 2015). Moreover, Hublot has laid an emphasis on being associated with the sports, which garner a lot of interests and the athletes of which are associated with top brands only. The prime example of this is the association of Hublot with Ferrari, where Hublot was the official timekeeper and the official watch (Hublot, 2016). Hublot is a brand, which attracts consumers from across the world. This is the reason why the brand selected an Indian cricketer, Rohit Sharma, the fastest man of the world, Usain Bolt, and the former footballer, Diego Maradona (Cano, 2016). So, there are a number of factors, which a brand like Hublot keeps in mind before making its marketing decisions and the decision-making process of the consumers play a key role in it. Psychological factors influencing buying behavior Consumer behavior is highly influenced by the psychological factors, for instance, the perception, learning, motivation, personality and the attitudes (Vainikka, 2015). The manner in which the individuals view the world surrounding it, and the information that it gets, forms the base for the perception. For instance, someone might consider Hublot watches as the best watch brand, and others may put it in simply the top watch brands in the market. The difference in perception regarding the product may lead to the individuals with same needs, not purchasing the same products. There are three manners which lead to the difference in perceptions. First is the selective attention under which the individuals only pay attention to such information which either affects them or their immediate circle of close friends and family members (Jobber and Fahy, 2012). Individuals come across a number of advertisements on daily basis, but only those stuck with them, which are relevant to them. Selective distortion is the next manner, where the consumers perceive the information, which matches their line of preconceived notions, beliefs and thoughts. Lastly, through selective retention, consumers remember information, which is relevant to them for a long period of time, and rest if forgotten (Kotler, et al. 2010). To gain the attention of the consumer, companies often use the tactics of humor, surprise, shock and the like. For instance, Hublot turned the incident of mugging, into an advertisement gimmick, which attracted shock, humor and disgust from the consumers, which might not all be positive, but helped the brand in getting the attention of the consumer, and that too for a long period of time (Elliott, 2010). The perception that this brand created was that this watch is so sought after that it attracts the muggers too. A consumer learns a lot from the advertisements they see and the decision making is affected accordingly. But, only after the use of a particular product or service, the consumer gets aware of the same, as learning is gained from the experience. If a consumer is satisfied with a particular product or service, he/she will be inclined to purchase the same again, and same is the case inversely. So, in case of Hublot, the consumer may refrain from purchasing the product, due to the mugging experience. Or may get inclined to purchase the watch again, due to the superior and unique quality it delivers (Samli, 2012). The needs motivate the buying behavior of the consumers. If a person has no need for purchasing a product, they would not be motivated to buying the same (Rani, 2014). If a person wants to look stylish, they would go towards brand associated products, and if a person wants to depict personal satisfaction or portray themselves as higher in the society, they would be inclined towards luxury products. Hublot is a famous luxury brand; it has gained recognition and leading market position, due to the positive feedback from its customers. This is the reason that when a person feels the need of buying a luxury watch, they purchase Hublot. The personality, beliefs and attitude of the individuals also contribute as a psychological factor affecting the buying decisions of the consumers. Each time an item or a service is brought in the market, the consumers attach an image with it. This is also known as the brand image. A product which has a good brand image would be sought after the consumers. The attitude of the consumer can lead them to change the perception or belief towards a product (Mott, 2017). Also, the personality type contributes to the same. For instance, a person with extravagant personality would be prone to purchasing luxury watches like Hublot. To further highlight how the psychological factors affect the consumer behavior, the qualities and perceptions of Hublot watches need to be analyzed. Hublot watches, since its inception, have been famous for designing watches which have a class and unique in design. So, a consumer considering buying this brand has the perception of class and uniqueness in the watches. A consumer, who wants to be associated and be seen as a person with class, is prone to be inclined towards Hublot watches. The motive of class is fulfilled by purchasing this brand. As highlighted earlier, Hublot uses gold in its watches, and when it was first incepted, it combined rubber and gold. This created a style which was comfortable and stylish at the same time. The brands watches are handcrafted and serious attention to detail is given. This creates the image of a luxurious and refinement in the minds of the consumer. A consumer which believes that the brand is truly classy would definitely purchase such a brand only, provided the need is for luxurious brand (Rani, 2014). The psychology of the consumers, in case of Hublot, also has the impact of fashion over it. Hublot has a number of special collection and limited edition collections, which are sought after by the consumers looking for luxurious watches. Such collections are considered both valuable, as well as, prestigious by the consumers, and even depict their social status (Wang, 2014). Along with its uniqueness and intricate design, the brand is associated with a lot of sports, which give a sporty edge to it. This helps in attracting the consumers, who are fans of the game and creating a sport perception in the minds of the consumers. To conclude, the perception, learning, motivation, personality and the attitudes of the consumers towards Hublot watches, is one of luxury, class and refinement, and which satisfies the needs of the consumer to be associated as a luxurious person, having class in the society. Moreover, the personal beliefs and motive of the consumer of being associated with a trust worthy brand, which creates great quality products, are fulfilled. So, it can be summarized that the psychological factors play a crucial role in the buying behaviors of any consumer. Evolving nature of family structure, social classes and culture on buying behavior The consumer behavior is not only influenced by the psychological factors, but also by cultural, social and personal factors. Culture plays a crucial role in gaining an understanding of the needs, as well as, behaviors of the individuals. Culture is a part of each and every society and varies from country to country. And so, the organizations have to be careful in analyzing the different cultures of each nation. Each culture then has its subcultures, for instance, racial groups, religions, nationality or the geographic regions (Rani, 2014). These groups are often used by the marketers to segment the markets into smaller portions. Social class also forms a part of the cultural factors. Each and every society has a kind of social class, which is followed by the individuals in such society. So, the marketing activities are also tailored as per the different social classes. In the case of Hublot watches, it does adhere to the needs of different cultures, in its own manner. The use of brand ambassadors from Jamaica, India, and Argentina, the company attracts the people from such nations (Cano, 2016). Moreover, this brand is seen as a brand of class and integrity. So, the people, in order to maintain their social class, tend to purchase Hublot watches. Being associated with sports like football and racing, which are quite popular in a number of cultures, helps the brand in playing with the consumer psychology, for its benefit. In order to concentrate on the cultures prominent in nation of Middle East and Africa, Hublot launched an advertising campaign, which featured Friend of the Brand Ragheb Alama. In order to connect the East to West, it shot in Budapest-Hungary and got the campaign developed by a Middle Eastern team. The Arab singing sensation and superstar Ragheb Alama was in the centre of this campaign, which embodied the elegance and refinement of a Hublot man, with a young spirit (Hublot, 2016). This advertisement is the supreme example of how the brands use the cultural factors to their benefit. After the cultural factors, come the social factors. The social factors are comprised of factors like reference groups, status, family and role. The reference groups play a key role in the formulation of the behavior and attitude of any person. And the impact of such reference groups is varied across the brands and its products (Lantos, 2015). Usually, the reference groups include a leader, whose personal opinions have a great influence over the opinions of the others, due to such leaders knowledge, skill or some other characteristic. A strong influence over the buying behavior is of the family (Chand, 2017). And this is the reason, why a number of marketers concentrate the advertisements around the concepts of family, including the wife, children or husband. The buying roles change with the lifestyles of a consumer. The role and status of a person also influences the buying patterns. Depending upon the clubs, groups, organizations and families which the person is associated with, the inclination towards particular kind of goods also changes. For instance, a person who belongs to upper middle class, and attends high level social parties, is inclined towards the purchase of Hublot watches. Along with this, a person who is associated with a club, which follows sports like Fifa and is a fan of Usain Bolt or Rohit Sharma, would be inclined towards the purchase of Hublot watches. Apart from the social and cultural factors, there are personal factors affecting the behavior of the consumers. These include the lifestyle, the economic situation of the individual, their occupation, age, personality, as well as, the self concept (Shah, 2017). The life-cycle and the age of the consumers have an impact over their purchasing behavior, with the passage of time, the purchase of the consumers change. The change of the life cycle, for instance being single or married, has an impact over the purchasing habit. For instance, a bachelor would be prone to purchasing a luxury watch like Hublot for themselves; whilst for a married couple, the wife may want to purchase Hublot for her husband. The job or the occupation of the individuals also has a role in the buying behavior (Akaeze and Akaeze, 2016). For instance, a senior executive of a company on Wall Street would opt for brand like Hublot watches, whilst a person who works in the same company, but at a lower level, would opt for a local brand of watches. The economic situation is one of the contributing factors in the buying behavior of the individuals. The individuals who have higher income and savings are inclined towards the purchase of expensive and luxury products, and vice versa. Another significant factor is the lifestyle of the consumer (Shethna, 2016). The manner in which an individual lives in the society refers to the lifestyle, along with the things with which a consumer is surrounded by. Lifestyle is determined by the activities, interests and the opinions of the consumers, and the lifestyle shapes the patter of the consumers actions and interactions with the world. The key factor which leads to the purchase of a brand like Hublot is the personal factor only. To maintain a social status/ symbol, and maintain the image in the society, the individuals purchase this brand. Moreover, being on the important position in the organizations plays a contributing factor for the consumers opting for Hublot watches, instead of any other watch brand. Hublot has utilized the cultural factor for its personal benefit, by launching advertisements targeted at the culture of an individual, which is in line with the consumers personal beliefs, and hence, results in the selection of Hublot watches, as the brand for purchase of luxury watches. Hublot is perceived as a brand of class and this leads the consumers into buying this product, so that they can be associated with a brand, and create a social status in the society. The evolving nature of family structure also contributes to the purchase of Hublot. To conclude, the cultural, social and personal factors play a s ignificant role in shaping the behavior of the consumers. The theory that explains or seeks to explain at what rates, how and why, the technology, along with the ideas spread is the theory of diffusion of innovations (Levens, 2012). This theory explains how the innovations are established in the population. Any idea, object or behavior, which can be perceived as new by the consumers, is an innovation (Mahajan, 2014). This theory also explains how the newer ideas, as well as, the technologies pass through a culture. As per Everett Rogers, through this process, the innovation is communicated amongst the participants of the social system, over a period of time. Rogers proposed that any new idea has four key elements, which are, the innovation, the communication channel, the time, and the social system. The whole process of diffusion of innovation is heavily relied upon the human capital. In order to self-sustain, the innovation has to be widely accepted. The theory is centered on the likelihood of the innovation being adopted by the participants in the given culture (Muscato, 2017). Under this, the leader of the innovations has the power to influence the behaviors of the individuals, known as the adopters (The University of Oklahoma, 2017). Apart from the adopters, there are intermediaries between the decision making of the audience and the media. Another intermediary in this process is the change agent, who encourages the leader to either adopt or reject any innovation. A different approach is taken in the diffusion of innovations, where the individuals are not persuaded to change, and instead the products are reinvented or evolved, so as to fit the needs of the people (Robinson, 2009. The categories of adopters consist of the innovators, the early adopters, the early majority, and the laggards. Diffusion is highly subjected to the kind of the adopters, as well as, the innovation-decision process, and manifests itself in different manners (University of Southern California, 2017). In the case of Hublot watches, it was defiantly the innovator. As has been highlighted in the previous segment, the material which is used in the watches of Hublot is unique and innovative. Instead of using the ordinary gold, the brand uses a unique mix which is self-created by Hublot, and is known as the King Gold and Magic Gold (Hublot, 2017). This innovation of Hublot resulted in the creation of the worlds first scratch-resistant gold watch (Cornwell, 2016). And being the innovator in this segment, the brand was followed by the others, which led to the creation of scratch resistant gold watches by brands like Apple. Apple here became the early adopter of the technology, which was gaining popularity for Hublot. But as the proprietary gold-and-ceramic blend of Hublot is way harder and way more scratch resistant than standard gold alloys, the edge remains with Hublot (Disher, 2015). During the past 25 years, the consumer preferences have changed drastically. From the luxury products being in the hands a few, the trends have changed. Luxury watches are no longer considered as the product of super rich. Even the individuals belonging to middle or higher middle class are attracted towards the luxury products, due to the brand value and the high quality they deliver. This is most commonly seen in the examples of mobiles and luxury watches. With the change in economy, the purchasing power of the consumers has also increased. Consumers no longer purchase the luxury watches as a show off thing in the scenarios (Tuttle, 2010). Instead, to fulfill the personal needs, the consumers opt for the innovative market leader, for instance, Hublot. Hublot watches is one of the luxury brands of watches, which is famous for its quality, as well as, its high brand value. Being an innovator, it has tapped the luxury watches market and has created loyalty from its consumers. Due to its intricate designs and the latest innovative quality it offers, Hublot has been able to further attract its competitors to follow the trends it sets. The prime example of this is the launch of top-of-the-line Apple Watch Edition, which was claimed to be harder and more scratch resistant in comparison to the traditional gold alloys (Disher, 2015). The luxury watch segment has also seen a drastic change, especially during the past 25 years. From being incepted as sundials, to leather strap, and to the present day gold watches, the needs to consumers has resulted in the change of the luxury watches. Along with the change in needs, the innovations in this segment have also contributed in the growth of the luxury watches. From 1812, when the first wristwatch was gifted, to the time of pocket gold watches in 1850, the lifecycle of luxury watches has been quite revolutionized (Davie, 2013). This has been aptly summarized in the Info-graphic provided below: The change in needs is apparent from the statement of Timex via Bloomberg, as per which an average American male citizen owns or wears five watches (Etwaru, 2015). This was not the case 25 years back, where the individuals owned a single watch. Moreover, this single watch was not a luxury one. With the advent of innovators, followed by the adopters and majority, this trend was changed, and more luxury watches entered the market. This promoted a series of innovations, which made the companies shift from the local material based watches to the creation of a segment of luxury watches, where the watches contained alloys like gold, along with diamond and other precious gems. 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