Introduction
Every aspect of human lives rotates around the consumption of services and goods, which is determined by the consumer behavior. Consumer behavior encompasses the entire process of consumption, involving factors which influence a consumer after, during, or before a purchase depending on the consumer’s preferences, buying power or needs. Therefore, for businesses to succeed, they have to understand how to leverage the various factors that influence the buying behavior of consumers to maximize sales through marketing their products effectively. As such, studies show that there are four factors including social, personal, cultural and psychological factors that influence consumer purchasing behavior.
On this background, this paper focus to discuss the personal and psychological factors that influence the purchase of Oculus VR Headset. The first section will address the definition of this product, while the second part will describe and discuss the personal factors affecting its purchase. The next section will discuss the psychological factors, and finally, a concluding paragraph based on the discussion observation.
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Oculus VR Headset
Reisinger (2016) defines visual reality (VR) as a fascinating method to travel using technology power, that is, VR lets a person view around a visual space as if the person is actually in that place. In this context, Reisinger (2016) defines Oculus VR Headset (Oculus Rift) as a visual-reality which covers the eyes of the user, with two discrete OLED displays for each eye, which allows a consumer to survey worlds of visuals produced from an attached computer. This device uses different technologies to show visuals such as a custom optic system which enhances “visual fidelity” and increases field-of-vision. Because Oculus VR Headset is a product, both personal and psychological factors will affect the purchase decisions of consumers.
Personal Factors
Personal factors are personal characteristics and traits which determines how a person will purchase a product, and they include consumer’s age and life-cycle state, lifestyle, occupation, and economic situation, self-concept and personality (Durmaz, 2014). Firstly, buyers change during their life, and their buying decisions of a product adjust depending on the stage of life and age. Furthermore, values, hobbies, environment, habits, and lifestyle change evolve during a lifetime. Thus, family life phases change brand selection and buying behavior (Durmaz, 2014). As such, since Oculus VR Headset is a product associated with having fun and leisure, young families/individuals who like having fun and traveling will be more likely to buy it than old or mature families whose most focus is on family needs.
Secondly, consumer occupation and purchasing power affect purchasing behavior and decisions. Income determines what a consumer may buy; it is a crucial factor in purchasing decisions, while purchasing power defines priorities. For people with limited budget, it matters what product or brand they buy, thus, affordability is of great concern for those with less income. On the other hand, those with a considerate high income associate their purchasing power on social value or brand, and not its use-value. As such, they show their purchase capacity through noticeable consumption ((Lautiainen, 2015). In this context, according to Reisinger (2016), Oculus VR Headset cost $599, and if a new PC for connection is needed, the total cost will amount to at least $949. Therefore, for lower-earning consumers with a limited budget, Oculus VR Headset will be expensive to them hence lower purchasing power, and for higher-income consumers with high purchasing power, they will be more likely to buy this brand depending its social value.
Besides, lifestyle is also a significant personal factor influencing buying decisions because it can tell how one lives and spends money. Thus, the choices of products which consumers make are associated with their lifestyle which is measured on a psychographic dimension consisting of activities, opinions, and interests (Lautiainen, 2015). For instance, consumers who live to have fun or listen to music or gaming will have high propensity to buy Oculus VR Headset as it is designed mainly for viewing visual space and gaming.
Psychological Factors
The psychological factors which influence the buying decision of consumers are categorized into learning, perceptions, motivations, and attitudes and beliefs. In this context, perception refers to the process through which people organize, select and interpret information to give meaning to things in the world. Buyers make all sorts of associations from their prior experiences and knowledge (Callwood, 2017). As such, for consumers who have used other products from Oculus company will have a different perception of their brands depending on their experiences and this will influence whether they will buy the Oculus VR Headset or not.
On the other hand, learning also determines the purchasing behavior of individuals. It describes the changes in a person’s behavior coming from experience or recommendation from other people by changing how they react to products that are same to those they already experienced (Callwood, 2017). Vainikka (2015) adds that visual reality is still not popular in the US and therefore consumers may learn from friends or adverts. As such, because there is stiff competition from other brands, if consumers learn through experience or recommended by friends that that Oculus VR Headset is better than other brands, then they are more likely to buy it and vice versa.
Conclusion
Convincing consumers that a company is selling products or services that they ought to buy forms the primary job of advertisers and marketers. Marketing plans the tactics and strategies while advertising gears them and spreads the information. For a business to succeed in positioning their brands and gain a competitive advantage as the right solution to the needs or problems of consumers, they should take advantage of personal and psychological factors as well as other factors predict and explain what consumers purchase. Therefore, Oculus Company should also take note of these factors and design their brand accordingly to outperform their competitors and leverage their sales.
References
Callwood, K. (2017, September 26). Psychological Factors That Influence Consumer Buying Behavior. Bizfluent. Retrieved April 11, 2018 from https://bizfluent.com/list-7599973-psychological-influence-consumer-buying-behavior.html
Durmaz, Y. (2014). The impact of psychological factors on consumer buying behavior and an empirical application in Turkey.
Lautiainen, T. (2015). Factors affecting consumers' buying decision in the selection of a coffee brand.
Reisinger, D. (2016, March 30). Should You Buy an Oculus Rift VR Headset: 10 Factors to Consider. eWeek . Retrieved April 11, 2018 from http://www.eweek.com/mobile/should-you-buy-an-oculus-rift-vr-headset-10-factors-to-consider
Vainikka, B. (2015). Psychological Factors Influencing Consumer Behavior.
