explain economic, social, psychological factors underlining buyer behavior. illustrate with numerical example?

Answer 1

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A guy walks into a store. He has $500. He is looking for a nice necklace for his wife.

He walks into the store but immediately sees a nice gun... this makes him think of the gun he's been wanting forever.

The gun costs $150... should he buy it and have $350 left for the necklace? He thinks, "Well I don't think I should buy it but I'll just go look at it."

The man gets to the sports department, and is looking at the gun. Suddenly a salesman comes up and says, "Sir is there anything I can help you with?"

The man says, "Oh no, that's ok." The salesman says, "Are you sure?" The man then says, "Well I was looking at that gun there... I've been thinking about it for a while..."

The salesman takes it out and hands it to him. The man feels the gun, turning it over.

The man thinks, "Well, I didn't actually tell her how much I was going to spend on the necklace."

He buys the gun, then buys a nice necklace for her.

On the way home he hears a radio add for the gun... it is selling at Waymart for $120. He feels ripped off that he paid $150

Later his wife finds out that he used $150 out of $500 on the necklace, which means she got "$150 less necklace." She says he is a jerk (which he is :P). She gets so mad that he never does the same thing again.

So here we see

1)buying decisions (has to figure out what to get)

2)escalation of commitment - he thinks about the gun.. then goes to the gun section.. feels the gun. Since he has spent so much time on it he feels obligated to buy it.

3)buyers remourse - he hears that the gun was on sale somewhere else and he gets mad about his decision to buy.

There's a boring @ss website here if you want to know more:

http://www.answers.com/topic/buy-phases

Source(s): My fricken intelligent cranium.