How & Why People Buy People buy according to a Hierarchy of Needs(Maslow) Self-actualization Self-esteem/Ego Social Safety Physiological.

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Presentation transcript:

How & Why People Buy People buy according to a Hierarchy of Needs(Maslow) Self-actualization Self-esteem/Ego Social Safety Physiological

How & Why People Buy Values/Lifestyle influence buying behavior VALS instrument classifies buying behavior based on resources and primary motivation Three frames of reference: Principle- Thinker, Believer Status- Achiever, Striver Action- Experiencer,etc

How& Why People Buy Buying behavior depends on the nature of the purchase 1. Routine- repeat purchase with no new information 2. Modified- repeat purchase with some new information(product characteristics,etc) 3. New- first time purchase, new technology & uses, require learning/assessment

Buyers can be grouped into Market Segments Segments can be based on Values(VALS) or other characteristics such AS: 1. Demographics-age,income for consumers: type &size of farm/business 2. Psychographics- values, attitudes 3. Benefits- nature of product and what it does for the purchaser(perceived in nature)

A Look At Large Farm Purchaser Behavior Purdue Study of Large Farms(website) Large Commercial Farms are one segment of farm types(List of farm types) Commercial buying behavior differs from consumer buying

Delineation of Market Segments- research techniques Market segments can be derived by: 1. Ex ante delineation- classification based on characteristics 2. Ex post- classification based on customer responses/statistical derivation using SPSS or other programs based on homogeneous grouping of responses(Lab project)

Examples of Statistical Segmentation of Markets GMO foods Natural food buying Shopping behavior Other