The consumer purchasing behaviour of older Americans has more to do with their o

Question

The consumer purchasing behaviour of older Americans has more to do with their outlook on life than their age. The physical, social, and psychological changes people experience in later life shape their needs and wants. These events and circumstances give rise to distinct consumer segments with different ways of responding to marketing efforts.

Source: George Moschis, writing in the US magazine American Demographics.

1. write an essay to describe in details the consumer purchase decision-making process and give examples (10 marks)

2. write an essay to describe the psychological variables and social influences which are likely to affect the buying behaviour of older people and give examples ?(10 marks)

Explanation / Answer

Decision making is an important process for any organisation or individual. Decision making is an important skill which changes person to person find profile an extensive support to the organisation and to achieve its goals.

Some factors that should be kept in mind while making decisions are as follows.

Rationality

Making the decision on the rational basis and looking out for the pros and cons of a decision by running it multiple times in your mind should be done to improve the overall decision making.

Intuition

Choosing between multiple options could be very tough and confusing health intuition is required to choose a specific option. By focusing on one single option and thinking about it can lead you to make a decision on the basis of intuition.

Relations

By keeping the people in mind to whom you are in contact with ,overall decision making should be done. Effect of your decision to be measured on other people as well. Taking a look on the effect of the decision on your personal life is also essential in decision making.

Alignment

Decision should be aligned with your passion, priorities and values. You should not regret your decision making by any means. Figuring out the best availability of the choice in the specific term of decision making is essential.

Counselling

By thinking about how people would think about this decision and judge you based on the decision making is also essential to create an individual image in the society. My talking to different people and do your close ones one can easily increase the level of compatibility of the decision in the society or the organisation.

Negative drivers

Overcoming the fear is essential to take specific step to make decisions. Fear reduces the overall capability of decision making and put a person on hold, hence decision making requires reduction of the fear which a person feels in terms of decision making.

Cost

Cost analysis is also very important part in decision making. By analysing the overall effect on the funds of an organisation or a society should be done before making any decisions as it could be very tough for an organisation to operate with your decision if it doesn't meet the cost criteria.

Reward and risk

Thinking about the risk associated with the specific decision. By minimising the risks available and sometimes taking that it is also essential to get the potential rewards of the specific decision.

By keeping out above factors in mind one can easily make more effective decisions and can improve his decision making in the organisations or the society.

Old people are highly influenced by their culture as well as Limited understanding of ongoing Technology. Their decision is highly influenced by the cultural and ethical values. Older people focus on buying reliable things rather than looking for modern looking flashier things with less liability.
An advertisement backed up by proper information as well as related to history would be prepared by old people rather than looking into new products which directly align with the new standards of the society. Older people are also tend to go for the products from reliable and very well known companies rather than focusing on new companies operating in the new Market segment.

All of this is specific influences leave great impact on buying decisions made by old people improving the availability of options for many organisation to influence the old people by focusing on such specific criteria.

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