Choosing Between Wants and Needs - Research Paper Example

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Choosing Between Wants and Needs

Decisions stemming from standards of living are learned as an outcome of numerous factors like the family, social class, subculture, and culture (Chaudhuri, 2006). Ideas, concerns, and endeavors show how consumers face the difficulty of reaching an appropriate purchasing decision. This paper discusses the effect of self-perception and motives on the conflict between ‘wants’ and ‘needs’. The discussion seeks to identify the most effective marketing strategy in terms of consumers’ buying decision and behavior. Self-perception Views or perceptions serve as a primary component in the assumed risk of buying a product. Assumed risk embodies the uncertainties of the consumer, or the conflict between consumer wants and needs. Several distinct techniques may be employed to lessen risk (Michman, Mazze, & Greco, 2003). Primarily, assumed risk can be lessened by a search for product reviews prior to the purchase. Moreover, the consumer can transfer from one form of assumed risk to another form that is of less effect on the understanding of purposes if this technique is unsuccessful. Also, the buying transaction can be delayed, hence postponing a risk scenario. Lastly, the risk can be fully taken in by making the purchase. The way consumers make use of risk-mitigation or decision making techniques relies somewhat on lifestyle and character factors (Michman et al., 2003). ...Show more

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Running Head: Marketing Choosing between Wants and Needs An Analysis of Buying Decision and Consumer Behavior Name Name of Professor Introduction Consumer decision making is influenced by diverse social factors. It is also rooted in a person’s character and value system…
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