Factors Impacting porsche's Consumer Buying Behavior
There are many factors that affect consumer buying behavior, including cultural, social, personal, and psychological. In the chapter five case study, Porsche: Guarding the Old While Bringing in the New, the class discussed many of these factors and how they affect a consumer's behavior when deciding to buy a Porsche.
Cultural factors include culture, subculture, and social class. This includes the values a person was taught while growing up, as well as their personal views of wants versus needs. Social factors include groups and social networks, family, and roles and status. Personal factors include age and lifecycle stage, occupation, economic situation, lifestyle, and personality and self-concept. Lastly, psychological factors are motivation, perception, learning, and beliefs and attitudes. Of these factors, social, personal, and psychological affect Porsche's consumer buying behavior the most.
The case study asks: "What role does the Porsche brand play in the self-concept of its buyers?" (Kotler & Armstrong, 2014, p.164). Many of the other personal factors play a role in a person's self-concept, which makes it important to look at all aspects when answering this question. Porsche is associated with a certain class, and is often a sign of prestige, which has to do with the brand's Value Proposition. Purchasing a car with such values can definitely boost a consumer's self-concept.
In addition to this, many factors contribute to the decision to purchase a Porsche. If the consumer knows someone that owns a Porsche, they may ask that person's opinion of the car. In addition, they may look to social media and online forums to research the car's performance. The occupation, economic situation, lifestyle, and age of a consumer will directly affect their decision to buy a Porsche. Lastly, the consumer may be motivated by different things to buy this particular car. Perhaps they like the look, performance, and status of the car over other sports cars in the same price range. Overall, there are many factors that affect a buyer's purchasing behavior from small purchases at the grocery store, to the purchase of a Porsche, and it is important to understand them in order to properly market a brand.
The case study asks: "What role does the Porsche brand play in the self-concept of its buyers?" (Kotler & Armstrong, 2014, p.164). Many of the other personal factors play a role in a person's self-concept, which makes it important to look at all aspects when answering this question. Porsche is associated with a certain class, and is often a sign of prestige, which has to do with the brand's Value Proposition. Purchasing a car with such values can definitely boost a consumer's self-concept.
In addition to this, many factors contribute to the decision to purchase a Porsche. If the consumer knows someone that owns a Porsche, they may ask that person's opinion of the car. In addition, they may look to social media and online forums to research the car's performance. The occupation, economic situation, lifestyle, and age of a consumer will directly affect their decision to buy a Porsche. Lastly, the consumer may be motivated by different things to buy this particular car. Perhaps they like the look, performance, and status of the car over other sports cars in the same price range. Overall, there are many factors that affect a buyer's purchasing behavior from small purchases at the grocery store, to the purchase of a Porsche, and it is important to understand them in order to properly market a brand.