Have you ever wondered what motivates a customer to purchase something? Is the customer motivated by the product’s intrinsic value or extrinsic value? Intrinsic value of a product focuses on something found within the product itself. For example, a legal contract has intrinsic value. A consumer will be motivated to pay for the interpretation of the words on the paper rather than the actual paper with ink markings on it.
A consumer may be motivated extrinsically to purchase a product because of its extrinsic value. Extrinsic value is associated with the product but not essential to it. AN example of this is the packaging of a product. Colors, shapes, and sizes of a product play a huge role in whether or not people will purchase a product. I have a friend that will buy anything that is shiny or sparkles, whether she needs it or not. Marketers want consumers to think that they need their product.
Consumers’ have different needs. Their primary needs are defined as air, food, and water. Therefore, sellers need to motivate consumers to purchase based on their secondary needs. There is a big difference in needing reliable transportation to get to work and needing a car that has heated seats and a sunroof. Therefore, I don’t need a new car, I want a new car!
Wants drive the economy. Wants are strong desires that are greater than needs. Some consumers give into these desires and purchase something they want, like a new computer, instead of paying for a need, like the rent on their apartment. Many of us confuse wants and needs.
As a twenty-year former business owner, I capitalized on the fact that consumers wanted my services. I was in the business of creating fairy tales, which was really decorating for weddings. This was definitely a want-driven business. Technically, all you need to get married is a license and a minister or justice of the peace. However, a wedding in 2013 cost an average of $27,800 by the time all the wants are accounted for.
The interesting thing about motivation is that everyone is motivated by something different. Motivations may be from something intrinsic or extrinsic. They can be a need or a want. We all have something that drives us to buy!
Week 8 – Critical Thinking Quiz
Critical Thinking Assignment:
Essay: Motivation – Needs and Wants - Employee/Employer Motivation
List five of your Needs and five of your Wants. Which needs and wants do you find the most motivating? Why?
