MKTG201 Assignment 1 Trait Theory and Consumer Behaviour Analysis

Assignment 1 Consumer Behaviour

Executive Summary

This study looks at trait theory and how it can be used to understand how people act. The study begins with an introduction that discusses the history of trait theory. The text then gives an overview of the theory, including how it came to be and how it is used in consumer activity. The study also looks at the pros and cons of the trait theory. This helps the reader understand how to use the theory.

Using information about the author's purchase and the purchase of a friend, the report shows how trait theory can be used to understand how consumers' traits affect what they buy. The report also talks about how the theory affects marketing and gives examples of how marketers can use this knowledge to target and influence consumer behaviour.

In conclusion, this report shows how important trait theory is for understanding customer behaviour and how it can be used in marketing. The conclusions drawn from the report are important for marketers who want to know their target group and tailor their marketing strategies to meet their customers' needs.

Table of Contents:

1. Executive Summary.......................................... 1


2. ..................................................... 3


3. Theory/Framework Overview.............................................. 4


4. Theory Framework Analysis.................................................... 5


5. Theory Framework Application......................................... 6


6. Marketing Implications.......................... 7


7. ................. 8


8. ................... 9

Introduction

In this report, I am going to talk about the Trait theory, which is a psychological method that focuses on assessing the different factors that make up an individual's personality. Gordon Allport was the first person to present this thesis, and he held the belief that an individual's behaviour is influenced by the distinct collection of characteristics that they possess. (Doremus, 2020). We'll look at how the Trait theory is used to understand how people act as consumers and examine its strengths and weaknesses. We will then apply the theory to our own purchasing decisions and those of our peers. Lastly, we'll talk about how marketers can use what they've learned from the Trait theory to change how people act.

Psychologists have studied the Trait Theory a lot. It says that people's personalities can be explained by a set of stable traits that are different for each person. Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism are the five groups that the traits can be put into. (OCEAN). People think that these traits affect how they think and act when buying things, like how loyal they are to a brand or how they judge a product. (Doremus, 2020).

The Trait Theory is important for marketers because it can be used to make marketing strategies that fit the personalities of consumers. Marketers can make messages that connect with customers and change their behaviour if they know about their personalities. (Doremus, 2020). We will talk about how marketers can use what they learn from the Trait theory to make effective marketing efforts that change how people act. (263)

Theory/Framework Overview

Have you ever stopped to consider the reasons behind the things that you like to buy or the way you shop? Well, trait theory has been used by researchers for years to try to figure this out. Trait theory is a way to figure out how differences in behaviour affect how people act. Studies have shown that consumer behaviour can be predicted by psychological traits like extraversion, openness to experience, agreeableness, conscientiousness, and neuroticism.

For instance, Kanchanapiboon and Boukherroub's study (2013) found that people who are more outgoing and willing to try new things are more likely to shop online. On the other hand, people with anxiety were less likely to shop online.

Li and Liang (2014) did another study and found that people who are more agreeable and careful are more likely to believe e-commerce websites. On the other hand, people who are more nervous are less likely to trust e-commerce companies.

Oh and Lee's (2020) study on how personality affects food decisions found that people who are more responsible and willing to try new things are more likely to choose healthier foods. In a similar study, Valdivieso and Quevedo (2021) found that people who are more open to new experiences and careful are more likely to choose sustainable goods.

Attitude isn't the only thing that affects how people act. There are also things like time pressure and life occurrences that can play a role. A study by Lee et al. (2016) found that situational factors changed the link between psychological traits and buying things on the spot.

Even though the results were mixed, trait theory is still a good way to understand how psychological traits affect how people act. Marketers can use this information to create different marketing plans for different types of customers based on how they act and think. By doing this, they can make customers happier and make more money.

In conclusion, trait theory has been a useful way to figure out how psychological traits affect how people act. Marketers can use this information to make better marketing plans that speak to the specific needs and tastes of their target audience. This will lead to more satisfied customers and brand loyalty in the long run. (371)

Theory/Framework Analysis

Trait theory has been used a lot in psychology to figure out who people are (Roberts et al., 2017). It can help us figure out what makes people act the way they do and guess how they'll act in different settings. In addition to this, it has practical applications in a variety of sectors, including psychology, business, education, and plenty more areas. For example, Costa and McCrae (2013) say that trait theory can help figure out which psychological traits are linked to mental health problems. In business, trait theory can be used to figure out what psychological traits are needed for different types of jobs (Barrick & Mount, 2013).

Trait theory can be used in education to figure out how different mental traits affect learning and school success (Poropat, 2014). Trait theory can't explain everything, it oversimplifies personality by thinking that everyone can be grouped into a small number of traits. McAdams and Pals (2014) said that trait theory oversimplifies the complexity of the human personality and that there should be more than one way to figure out a person's personality. It's hard to figure out someone's personality because they might not always be honest when answering questions about themselves. Personality can also change over time and in reaction to new events, so it's not always the same.

In conclusion, trait theory can help us figure out who we are, but it isn't perfect and has its limits. When employing trait theory, it is vital to keep these limits in mind. Additionally, it is necessary to make use of additional methods in order to acquire a more comprehensive picture of the individual's personality. Gnambs and Staufenbiel (2019) looked at the framework of the Big Five personality traits, which are often used in trait theory to measure personality. By looking at different aspects of people's personalities, we can learn more about them as a whole. We can achieve a more well-rounded comprehension of the human psyche if we look closely at a variety of defining characteristics. (335 words)

Theory/Framework Application

The theory of consumer behaviour says that buying choices are affected by both internal and external factors (Doremus, 2020). Mikayla's decision to purchase a knitted sweater was based on her desire for a winter garment that was both functional and aesthetically pleasing, in keeping with her values and preferences. As an introverted individual, Mikayla may prefer to shop alone and avoid talking to other people. This could affect how she shops. Before making the purchase, she gave careful thought to both the price and the quality of the sweater she was about to buy, illustrating the analytic and rational temperament that she possesses. By looking at the things that affected Mikayla's decision and taking into account her personality traits, like being shy and analytical, we can see how they work together to shape her choices as a consumer (Gnambs & Staufenbiel, 2019).

On the other hand, the fact that I recently bought a PRIME energy drink shows that I am an ENTJ. I was seeking for a product that would enhance my energy and attention, and the marketing campaign for PRIME energy drink resonated with the way that I make rational and analytical decisions, so I decided to give it a try (Roberts et al., 2017). I decided to believe the brand because of the information presented in the marketing campaign and the endorsements from successful people. As an ENTJ, my desire to succeed and get things done led me to look for a tool that would help me reach my goals faster. Because I am analytical and logical, I thought about the evidence in the marketing effort before I decided to buy. Last but not least, my confidence in my communication skills made me more receptive to the persuasive messages from well-known figures endorsing the product.

Trait theory can be used to figure out how psychological traits affect how people act as consumers. Mikayla chose to buy a knitted jumper because she is shy and likes to think about things carefully (Doremus, 2020). Her choice for shopping alone shows how introverted she is, and the fact that she thought about how much the jumper cost and how much it was worth shows how analytical she is. On the other hand, I decided to buy PRIME energy drink because of my ENTJ personality traits. My drive for success and achievement, the analytical and logical personality I was born with, and the self-assurance I have in my ability to communicate well were all aspects that went into my selection.

Overall, the theory of consumer behaviour says that many things, like personal preferences, values, social pressure, and marketing tactics, affect what people buy. Consumer behaviour can be understood better if you know how personality traits combine with these factors. By looking at what Mikayla and I bought recently, we can see how our personalities affected the choices we made. Trait theory can help us figure out how psychological traits affect how people act as consumers (Doremus, 2020). (495)

Marketing Implications

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Bottom of Form

(Piqueras-Fiszman & Spence, 2015) Many academics and researchers have poured a significant amount of time and effort over the years into studying the theory of consumer behaviour. Doremus (2020) says that both internal and external forces affect the way people act. Some of these factors are personal preferences, beliefs, social pressure, and marketing strategies. The research conducted by Gnambs and Staufenbiel (2019) discovered that personality qualities also play an important part in determining customer behaviour.

Roberts et al. (2017) investigated the ways in which personality factors influence consumer behaviour in relation to energy drink intake for their study. They found that people with certain behavioural traits, like being outgoing and willing to try new things, were more likely to drink energy drinks. These results show that marketers can use certain mental traits to change how people act.

It has been demonstrated that social proof is an effective marketing strategy for influencing consumer behaviour (Van Laer, De Ruyter, Visconti, & Wetzels, 2014). In their study, Van Laer et al. (2014) found that social proof can make people more likely to buy a product, especially when it comes from a source that people trust.

Mikayla's desire for a winter garment that was both functional and aesthetically pleasing, in keeping with her values and preferences, was in line with the findings of Piqueras-Fiszman and Spence (2015), who found that sensory appeal and personal values play an important role in shaping consumer behaviour. In the case of Mikayla's decision to purchase a knitted sweater, her desire for a winter garment that was both functional and aesthetically pleasing was in line with these findings.

Roberts et al. (2017) found that personality traits can affect how much energy drink people drink. The marketing campaign for PRIME energy drink, which spoke to the way the person in question makes rational and analytical choices, fits with this.

In summary, academic research on consumer behaviour has revealed that a variety of factors, such as an individual's tastes and values, as well as social pressure, marketing strategies, and personality features, can have an effect on a customer's purchasing decisions. Marketers can use this knowledge to make campaigns that appeal to certain personality traits and use social proof to change how people act. However, ethical considerations should always be taken into account to ensure that these approaches are neither manipulative or dishonest. (391)

Conclusion

The characteristics of a person's personality have a significant impact on the behaviours they engage in as consumers. The Trait theory contributes to our understanding of how individuals behave and how their personalities impact the choices they make. Marketers can put what they learn from the theory to use by developing successful marketing campaigns that are tailored to the characteristics of their target audiences by using the knowledge they gain from the theory. However, the idea has its limits and should be used with other methods to get a more complete picture of a person's personality. (96 words)