Question

Consumer Behavior

Exercise 2. For this exercise you need to refer to the consumer product you are developing for Consumer Behavior course (Marketplace Simulation product – BIKES).

What will be the consumers’ likely needs and motivations for purchasing your product? (The products are Bikes for recreation, mountain, and speed). Use the Maslow’s hierarchy of needs and McGuire’s Psychological Motives to identify them. Explain each motivation and its impacts on the purchase decision of your new product.

Answer 1

Consumers have different motives to buy a bike. It depends on the current requirements of the stakeholders and the consumers. Maslow's need hierarchy is a pyramid-like structure that helps consumers find and identify their current needs. The primary need is the physiological need, which identifies the consumers' basic needs like shelter, food, and clothing. The second need is safety and security needs, which help the consumers to protect their future. The next need is the social need as it involves friends and the outside world. The next need is the esteem need, which involves the consumer's reputation in a particular community. The last need is the self-actualization need, which is the maximum level that the person wants to attain. Purchasing a bike can come under physiological needs for the people who have to travel daily. It can also come under the self-actualization need where the person has achieved every step, and now wants to buy something for himself/ herself. The next theory is the McGuire's Psychological Motives. It is a system that classifies the human consumption motives into sixteen categories. It helps the marketers to divide their strategies according to the needs of the consumers. In the current scenario, the consumer's needs are recreation, daily travel, or any other motive. The company should identify the prime motive and focus their marketing strategies on that motive to attract maximum consumers. It is an effective way to produce and market. The motivation of recreation occurs at the last stage, and the consumers tend to buy the most expensive bike. Hence, a knowledge of all the motivation factors can help the company target in the right direction.