What are the 5 psychological factors?

Consumer Behaviour deals with the study of buying behaviour of consumers.

Let us understand the effect of psychological factors on consumer behaviour:

Motivation

Nancy went to a nearby restaurant and ordered pizza for herself.

Why did Nancy buy pizza ?

Answer - She was feeling hungry and wanted to eat something.

In the above example, Hunger was the motivating factor for Nancy to purchase pizza. There are several other factors which motivate individuals to purchase products and services. An individual who is thirsty would definitely not mind spending on soft drinks, packaged water, juice and so on. Recognition and self esteem also influence the buying decision of individuals.

Why do people wear branded clothes ?

Individuals prefer to spend on premium brands and unique merchandise for others to look up to them. Certain products become their status symbol and people know them by their choice of picking up products that are exclusive. An individual who wears a Tag Heuer watch would never purchase a local watch as this would be against his image.

Perception

What is Perception ?

What an individual thinks about a particular product or service is his/her perception towards the same. For someone a Dell Laptop might be the best laptop while for others it could be just one of the best brands available.

Individuals with the same needs might not purchase similar products due to difference in perception.

Catherine and Roselyn had a hectic day at work and thus wanted to have something while returning from work. Catherine ordered a large chicken pizza with French fries and coke while Roselyn preferred a baked vegetable sandwich. Though both Catherine and Roselyn had the same motivation (hunger), but the products they purchased were entirely different as Roselyn perceived pizza to be a calorie laden food. Individuals think differently and their perceptions do not match.

Individuals perceive similar situation differently due to difference in the way they interpret information.

There are three different processes which lead to difference in perception:

  1. Selective Attention - Selective attention refers to the process where individuals pay attention to information that is of use to them or their immediate family members. An individual in a single day is exposed to numerous advertisements, billboards, hoardings etc but he is interested in only those which would benefit him in any way. He would not be interested in information which is not relevant at the moment.
  2. Selective Distortion - Consumers tend to perceive information in a way which would be in line to their existing thoughts and beliefs.
  3. Selective Retention - Consumers remember information which would be useful to them, rest all they forget in due course of time. Michael wanted to purchase a watch for his wife and thus he remembered the RADO advertisement which he had seen several days ago.

Learning

Learning comes only through experience. An individual comes to know about a product and service only after he/she uses the same. An individual who is satisfied with a particular product/service will show a strong inclination towards buying the same product again.

Beliefs and Attitude

Beliefs and attitude play an essential role in influencing the buying decision of consumers. Individuals create a certain image of every product or service available in the market. Every brand has an image attached to it, also called its brand image.

Consumers purchase products/services based on their opinions which they form towards a particular product or service. A product might be really good but if the consumer feels it is useless, he would never buy it.


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five-factor model of personality, in psychology, a model of an individual’s personality that divides it into five traits. Personality traits are understood as patterns of thought, feeling, and behaviour that are relatively enduring across an individual’s life span.

The traits that constitute the five-factor model are extraversion, neuroticism, openness to experience, agreeableness, and conscientiousness. Extraversion, sometimes referred to as surgency, is indicated by assertive, energetic, and gregarious behaviours. Neuroticism is essentially equivalent to emotional instability and can be seen in irritable and moody behaviours. Openness to experience, sometimes referred to as intellect, indicates an individual’s inquisitiveness, thoughtfulness, and propensity for intellectually challenging tasks. Agreeableness is indicated in empathic, sympathetic, and kind behaviours. Finally, conscientiousness refers to an individual’s sense of responsibility and duty as well as foresight.

The five-factor model was developed in the 1980s and ’90s largely on the basis of the lexical hypothesis, which suggested that the fundamental traits of human personality have, over time, become encoded in language. According to this hypothesis, the task of the personality psychologist is to cull the essential traits of personality from the thousands of adjectives found in language that distinguish people according to their behavioral dispositions. The lexical hypothesis can be traced to the 1930s, and the advent of multiple-factor analysis (a statistical method for explaining individual differences in a range of observed attributes in terms of differences in a smaller number of unobserved, or latent, attributes) in the same decade provided an empirical method for culling these verbal descriptions. In the second half of the 20th century, personality psychologists in fact relied primarily on factor analysis to discover and validate many of their trait theories. A large number of personality psychologists concluded that the five-factor model represented the most successful outcome of these efforts.

Three lines of research have provided support for the validity of the five-factor model. First and foremost, the five factors have consistently emerged from factor analyses conducted on numerous data sets composed of descriptive trait terms from a number of languages, including English, Chinese, and German. Second, twin and adoption studies have revealed a substantial genetic component to the five factors. Third, the five factors have been applied across the human life span. For instance, studies have shown that children use the five factors when freely describing themselves and others, and parents’ natural-language descriptions of their children can be classified according to the five factors. Individuals’ relative standings on the five factors have also been shown to be fairly stable across much of the adult life span. More-recent efforts have sought to explicitly treat the five factors as temperaments that are present from birth, thus placing the five-factor model squarely in a developmental context.

Despite all of its success, the five-factor model has been roundly criticized by a number of scholars. One issue concerns the absence of a comprehensive theory. The lexical hypothesis, while intriguing and rational, is regarded by some scholars as far too narrow to qualify as a theory of personality. A related issue concerns the generic nature of the factors, which are allegedly too broad to provide a sufficiently rich understanding of human personality. Critics have also raised important methodological concerns, which have revolved around the use of factor analysis as the primary tool of discovery and validation for the five-factor method. Finally, disagreements among trait theorists have also been prominent in the literature. Some researchers have argued that three traits are sufficient: extraversion, neuroticism, and psychoticism (marked by egocentric, cold, and impulsive behaviours). Others have argued that a larger number of traits are needed to provide a comprehensive taxonomy.

The five-factor model will nonetheless likely continue into the foreseeable future as a popular trait model of human personality. The five factors have proved extremely useful to researchers and practitioners in a variety of areas, such as the social, clinical, and industrial-organizational domains. The model has unquestionably generated a great deal of research and discussion, and it has played an important role in revitalizing the discipline of personality psychology.

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James W. Grice

What are the five psychological factors?

The traits that constitute the five-factor model are extraversion, neuroticism, openness to experience, agreeableness, and conscientiousness.

What are psychological factors example?

A few examples of psychological factors are the nature of significant childhood and adult relationships, the experience of ease or stress in social environments (e.g., school, work), and the experience of trauma.

What are 4 psychological factors?

There are four psychological factors that influence consumer behaviour: Motivation, perception, learning, and attitude or belief system. Motivation speaks to the internal needs of the consumer.

What is a psychological factor?

Psychological factors are the elements of your personality that limit or enhance the ways that you think. Your personality can render something as simple as conversation extremely difficult or very easy. A phobia (illogical and uncontrollable fear) can limit or even control the ways that you think or react.