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Friday, 22 November 2013

The BLACK BOX of a Buyer

An easy way to comprehend what influences the buyer is to see, feel and hear the buying scenario by reviewing the
work of the renowned marketer professor Philip Kotler. 

In psychology the “black box” is used to explain the unexplained. As humans are unable to fully comprehend the human brain but what we can do is observe the actions and choices taken. We can only observe what is happening on the outside but what is happening within the brain (the actual thought process) this is beyond our control. This so called what is happening within the brain is defined as the “black box”.

The "Black Box - The Stimulus-Response Model" by Philip Kotler is an easy way to realise what influences the buyer:

When we relate this to the buyer the Philip Kotler’s model gives us an insight on what influences the buyer, this being:

In this black box remember the buyers characteristic is crucial as this has a great impact when buying. A close look at this shows the buyer characteristics consist of:

In fact we could relate this to the Maslow’s Hierarchy of Needs when looking at what influences a buyer:

When the global financial crisis of 2008 happened the sales of new cars dropped significantly. One manufacturer did the unthinkable and their sales were not impacted by this global downturn. 

The company was Hyundai, they clearly understood that customers have a need and want to feel secure and safe. They simply introduced the idea of customers returning their cars back if they were unable to make the payments without sabotaging their credit rating.