Psychological Factors that Affect People's Buying Behavior
Motivation is the inward drive we have to get what we need.Abraham Maslow's Hierarchy of Needs outlines levels of needs that people experience. Lower level needs such as food, water, and shelter have to be fulfilled before higher level needs such as social, esteem and self-actualization. Knowing what needs consumers are trying to meet at any given time, help companies successfully market their products.Examples of marketing based on Maslow's theory: Hyundai ran an ad campaign that assured car buyers they could return their vehicles if they couldn't make the payments on them without damaging their credit. For a fee of about $500, First Mortgage Corp., a Texas-based bank, offered to make a homeowner's mortgage payment for six months if he or she got laid off.
