Consumer Behaviour Factors

Question: Describe about the Consumer Behaviour with his Factors? Answer: Executive Summary This report will be dealing with the consumer behavior and the factors that influence the buying behavior of the customers. The VALS segmentation will be discussed vividly determining the importance of it in the purchasing behavior of the customers. In addition to this, the function of the marketers in turning the need of the customers as their goals is also discussed along with the attitude of the customers in buying a new product is also discussed vividly. 1. On the basis of the personal consumer behavior, the segment that matches the individual best is Values and Lifestyles method of segmentation. According to Noel (2009) VALS is psychographic market segmentation and is so designed that it is diverged for different customers. As per example we can take the example of income where the customers having high levels of income have a habit of shopping around the A class section and dining out in the excellent class restaurants. In addition to this, these customers are also inclined towards wearing out branded and exclusive designer clothes and buying exclusive imported cars. In contrast to this, the customers with middle level income are inclined towards the mediocre lifestyle and counterfeit products. Hassan Craft (2012) commented on the fact that the VALS framework is a 2-D figure that consist of X and Y axes where X axis represents the primary motivation and the Y-axis determines the income, confidence and education. So, these 2 factor s determine the value and lifestyle of the consumer that is discussed vividly in the context. According to Clarke (2001) for determining the values and lifestyle of the people, resources are essential since it includes the income, intelligence, emotional support and education of the customers. The primary motivation also influences the individuals in acquiring values and lifestyle for achieving something and in order to become more social. The high class people with high resource and income who have their individual taste and are motivated to achieve the best quality things in life. The thinkers are the decision making consumers that stay well informed about the surroundings and readily accept any changes in the society due to their higher knowledge level. The achievers on the other hand are also motivated due to their achievements in their job and family. These people can adopt any brand very fast since they also have become a part of high income level people. In addition to this, Ammi (2007) had a view that VALS help to identify the customers that need to be targeted and ea sily finds out niche markets. It also helps to locate the target groups and gain knowledge regarding the target group to see how it works. Moreover it also helps in positioning the products more precisely in the market and also aims in making the campaigns successful and accurate. For these above mentioned reasons VALS is a successful method of market segmentation that helps in reflecting the personality of the customers and largely affects the lifestyle of the people. 2. It is essential to remember that the purchasing decision of the consumers solely begins from the need and want of the customer for a product or service. According to Baumeister (2002) this need of the customers are later transformed into the goals that helps the marketers to understand the customers more deeply and also it helps them to develop the marketing mix. The marketing mix on the other hand is an essential business tool that is associated with price, promotion, place and product. All of these factors affect the marketing strategy and any change in any of the aspects changes the market scenario. Maricic, Veljkovic Djordjevic (2012) opined that this also helps in understanding the gaps between the customer needs and the offerings of the organization and based on it, the marketing mix are formed to target the customers for essentially converting the products as their needs. It is the part of the organization or the marketers to identify the needs of the customers and make it their goals. This influences the purchasing behavior or buying behavior of the customers to a large extent. Noel (2009) had a view that Promotion of the products and services are done to the targeted customers. This helps in luring the customers to a great extent for selling the product or service to the customers. The promotion is done in such a way that it makes the customers feel that the product or service is in great need to the customers. This need is essential for making the customers take decisions regarding their purchases. In addition to this, Hassan Craft (2012) commented that the product also plays an important role in targeting the customers and influencing them to buy according to their choices. The marketers present the product and their respective brands in such a way that it not only attracts the customers but also makes them feel that the product is an essential part of their life. This intensifies the need of the customers for having that product and this result in influence g the customer buying decision to a good extent. On the other hand, Clarke (2001) had a view that Price is another important factor that determines and affects the buying behavior of the customers to a considerable extent. The marketer should remember that the customers always want the products to be of superior quality and better than the value they have paid for it. This is because; the customers are generally focused towards getting good quality of products at reasonable or low prices. So, the companies need to provide discounts, offers regarding the products in order to attract the customers. Moreover, Maricic, Veljkovic Djordjevic (2012) had a view that a good and lucrative pricing can be useful in attracting the customers hugely and also helps in influencing the buying behavior of the customers. Apart from this, the place also influences the customers purchasing decision to a great extent. This is because; it determines the location or the place where the products are predictable to be sold. The easy availability of the stor es and products make the products in need of the customers and this influences the purchasing behavior of the customers. 3. Recently, the individual has purchased a luxury wrist watch Miss Pasha from the women section of Cartier Watches. The watch is totally made of stainless steel having silvered opaque dial along with Arabic numerals. Moreover, the watch is waterproof and resists water up to 99 feet and easily withstands rain and is of light weight. Regarding the tri-component attitude model, the cognitive, affective and conative components that affects the buying behavior of the individual is discussed. According to Baumeister (2002) the Cognitive component helps in making decisions through a strong thinking process. This thinking procedure takes place on the basis of perceptions and knowledge that the customer already has in the mind. The customer has knowledge regarding the Cartier watches regarding its excellent quality and outstanding finishing, polish and glamour. The individual has a good collection of watches so on the basis of the previous experiences she had, she has opted for the Cartier w atch. Moreover, Ammi (2007) had opined that the Affective component of this tri-component attitude model arises due to emotional feeling of the consumers towards a certain brand or product. The customer has a soft corner for the luxury watch and is keen to have a collection of luxury watches. This emotional attachment towards the product or brand affects the buyer purchasing decision. In addition to this, Clarke (2001) also had an opinion that the Conative component of this attitude model also helps in influencing the attitude of the buyers purchasing behavior. This component is somewhat concerned with the tendency of the individual regarding a specific object. The individual here has evaluated the brand positively and therefore are inclined towards the brand and so purchase has been done from the given brand. After buying this lavished luxury watch from Cartier based on the attitude of the individual towards it, the attitude is not at all changed. This is because the individual on the basis of the tri-component model of attitude has done extensive research for making the purchase. Reference List: Ammi, C. (2007).Global consumer behavior. London: ISTE. Noel, H. (2009).Consumer behaviour. Lausanne, Switzerland: AVA Academia. Baumeister, R. (2002). Yielding to Temptation: Self Control Failure, Impulsive Purchasing, and Consumer Behavior.Journal Of Consumer Research,28(4), 670-676. Clarke, G. (2001). Confirming satisfaction as an attitude within the service-buying process.Journal Of Consumer Behaviour,1(2), 111-123 Hassan, S., Craft, S. (2012). Examining world market segmentation and brand positioning strategies.Journal Of Consumer Marketing,29(5), 344-356. Maricic, B., Veljkovic, S., Djordjevic, A. (2012). Customer satisfaction measurement.Marketing,43(4), 235-244.