Factors that shape consumer behavior

Factors that shape consumer behavior

1. Socioeconomic level

   • Social Classes: Hierarchical division of people in societies
     • Defined by income, occupation and/or education
     • Measurement of Social Classes
       • Subjective: The person defines their own class
       • Objective: Definition of the class a person belongs to through different methods
         • Methods to Measure Social Class
           • Single-Variable index
           • Chapin's Scale
           • ISC
           • U.S.: SES
           • Geodemographic Clusters
             • PRIZM
   • Satus Consumption: Consumption of certain goods and services to rank up in social position
   • Shapes consumption habits for leisure, clothing, how they spend

2. Culture and Subcultures

   • Culture: Beliefs, customs, values
     • Learned by formal, informal and technical learning
     • Measurement of Culture
       • Content analysis: To determine the prevailing values in a society
       • Field observation: Observing consumers behavior in a natural environment
       • Rockeach Value Survey
   • Subculture: Groups within cultures
     • Religion
     • Geographic region
     • Nationality
     • Race
     • Age (Generations)
       • Baby Boomers
         • Shop for themselves, near retirement, want to look and feel young
       • Generation X
         • Not very optimistic in finances, more sedentary life
       • Generation Y (millennials)
         • Sociable, seek for new experiences, care for the environment, DINKS
       • Elderly
         • Can be split into new-age elderly and traditional elderly
           • New-age: Feel in control, cyberseniors, "age is just a number", feel, think and act younger
           • Nostalgia for the past, age is a physical state, not innovative nor open to new products
     • Gender
     • Occupation
     • Social Class

3. Reference Groups

   • Membership groups: Individual either belongs or qualifies to belong
   • Symbolic Groups: Individual can't belong but acts like they did
   • A group that serves as a point of reference to adopt certain values, attitudes, behavior
     • Normative: Influences general values and behavior of an individual
     • Comparative: Those whose norms serve as benchmark for certain behaviors
     • Indirect: Individuals identify but don't have direct contact with them (usually celebrities or other famous people)
   • They must inform, provide points of comparison, influence, legitimize
     • Testimonial: User talks about their experience with the product
     • Endorsement: Person lend their name to promote the product
     • Actor: Celebrity recommends the product interpreting a character
     • Spokesperson: A celebrity becomes the representative of the product
     • 8 Roles in Family Decision Making

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