Analyzing Consumer Buying Behavior Essay

1187 words - 5 pages

Project
Marketing Management 571

Analyzing Consumer Buying Behavior

Factors that influence consumer decision making
Consumer buying decision process
Techniques of analyzing consumer buying behavior

The aim of marketing is to meet and satisfy target customers' needs and wants better than competitors. Marketers must have a thorough understanding of how consumers think, feel, and act and offer clear value to each and every target consumer. Successful marketing requires that companies fully connect with their customers. Adopting a holistic marketing orientation means understanding customers – gaining a 360 degree view of both their daily lives and the ...view middle of the document...

Reference groups are all the groups that have direct or indirect influence on person's attitude or behavior (family, friends, coworkers, neighbors). They expose an individual to new behaviors and lifestyles, they influence attitudes and self-concept, and they create pressures for conformity that may affect product and brand choices. Family is the most important consumer buying organization in society, and family members constitute the most influential primary reference group. There are two families in the buyer's life: family of orientation and family of procreation. Family of orientation consists of parents and siblings, who influence your orientation toward religion, politics, and economics and a sense of personal ambition, self-worth, and love. Family of procreation consists of person's spouse and children. For example a study held in United States has shown that children age 13 – 21 tend to influence their parents' buying decision of video and electronics products in average of $120 billion per year.
Roles and status. A role consists of the activities a person is expected to perform. Hence having a role in life delivers a status accordingly. People choose products that reflect and communicate their role and their actual or desired status in society.
Another key factor is age and stage in the life cycle. Consumer needs and desires change with age. Age and lifecycle categories are child, young adult, adult, and older adult.
Psychological factors include motivation, beliefs and attitudes, learning, and perception.
Chart below describes full variety of factors that influence consumer decision making.

2. In addition to understanding how these factors influence consumers, marketers must identify and understand:
The stages in the buying process
Who makes the buying decision
The buying decision process consists of five stages:
Problem recognition > Information Search > Evaluation of alternatives > Purchase decision > Post-purchase behavior
There are different types of buying roles that include initiator, influencer, decider, buyer, and user. The initiator is the person who first suggests or thinks of the idea of buying the particular product. For example, publisher of a book initiates the professor to ask the students of his class to purchase the book. Here publisher is the initiator, the first person to initiate the buying process. Influencer is a person who explicitly or implicitly has some influence on the final buying decision of others. Students are influenced by the advice of their professor while taking a decision to purchase a book. Here professor is the influencer. The decider is a person who ultimately determines any part or whole of the buying decision. Children are the deciders for buying the toys, house lady for kitchen provisions, and head of the family for durable or luxury...

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