5.6

• Consumer trends

  Over time, consumer tastes and preferences change, particularly

  as consumers’ lifestyles adjust to social, economic or

  environmental issues. Successful marketers will watch these

  social changes and trends closely to ensure they are in tune with

  changing consumer preferences.
• Consumer trends (cont)

  Most people are aware that environmental

  changes, such as global warming, and economic

  changes, such as the world oil price hikes in 2011

  and 2022, have profoundly altered consumer buying

  behaviour. This is especially evident in the global

  new car market. Many consumers have begun to

  demand more economical and environmentally

  responsible vehicles, including electrically powered

  vehicles. If businesses are aware of the factors that

  influence consumer choice, they can predict

  consumer trends and how consumers may react to

  particular marketing strategies and products.
• Consumer Behaviour

  Marketers closely examine the behaviour of consumers to

  understand what motivates an individual to purchase a particular

  product. As well, businesses try to influence consumer buying

  behaviour by developing a mix of marketing strategies.

  While market research asks questions such as ‘Who are our

  customers?’, ‘What do they buy?’, ‘When do they buy?’ and

  ‘How often do they buy?’, customer behaviour asks ‘Why do they

  buy?’.
• Factors influencing customer behaviour

  Psychological influences

  Four main psychological factors influence customer

  choice:

   Perception. As individuals, we often act on our

  perceptions of reality rather than reality itself.

  Consequently, marketers are extremely aware

  that they must create a positive or favourable

  perception of their product in the mind of the

  customer. Customers will not normally purchase a

  product that they perceive as poor.
• Motives. The main motives that influence

  customer choice include comfort, health, safety,

  ambition, taste, pleasure, fear, amusement,

  cleanliness and the approval of others. As it does

  with a customer’s perception of the product, so

  advertising also attempts to influence an

  individual’s motives to choose a product.
• Sociocultural influences

  There are four main sociocultural influences that

  affect customer choice:

  Family and roles. All of us occupy different roles

  within the family and groups in the wider

  community. These roles influence buying behaviour.

  Of course, we have moved away from the

  traditional role of women in the home, however,

  market research shows that most women still make

  buying decisions related to, for example, healthcare

  products, food and laundry supplies.
• Peer groups. A customer’s buying behaviour may

  change to be more in line with that person’s peer

  group beliefs and attitudes.
• Government Influences

  Governments use a number of economic policy

  measures to influence the level of economic

  activity. These policies directly or indirectly influence

  consumers’ spending habits.

  Of more direct and immediate impact is the

  influence of government regulations. Laws dealing

  with misleading and deceptive advertising, for

  example, protect consumers and influence business

  practices.
• Peers are people of your age, or close to it, who

  have experiences and interests similar to yours.

  Peers will influence and affect a consumer’s

  choices.
• • Successful marketers need to be aware of changes in social

  trends and consumer lifestyles to ensure they are maintaining

  or extending their customer base.
• • Businesses will also need to be aware of factors affecting

  customer behaviour, including psychological influences,

  sociocultural influences, economic influences and

  government influences.