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Values and beliefs are things that consumers hold special to them. The values of systems of consumers form their opinions, influence their decisions and motivate their actions. Individual consumers and groups of consumers have special values based on several factors and there is often a diverse range of values within a market.
Examples of values include:
Honesty. Telling the truth and not trying to mislead others.
Integrity. Being a person who can be trusted and relied on by others.
Fair dealing. Not taking advantage of others or ripping people off.
Consideration of others. Respecting and having concern for the welfare and feeling of others.
Values are not tastes and preferences of a consumer, quantities of something or advantages and disadvantages of alternatives.
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Several factors may contribute to the formation of values:
- Upbringing. Family and the conditions of one's childhood are the largest contributors to forming values. Parents teach children what is acceptable to do.
- Culture. Practices and traditions formed for survival and identity influence decisions, even a situation changes.
- Mass media. Movies, television, radio, the Internet and other mass media all contribute to what is acceptable and fashionable.
- Religion. The beliefs of a consumer influence their decision tremendously. For example, many religions have beliefs on what is acceptable to eat.
- Peer pressure. Conforming to the social expectations causes people to make certain choices.
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