Toyota Corolla Fielder - Coursework Example

? Trident International No: MKT301 Term: Winter Module No: Module One Words: Brand s High involvement: Automobile (Toyota Corolla Fielder) Low Involvement: Newspaper Name: Name of Professor: Date: 4th May, 2013 Question 1 When I embarked on choosing the products to buy, there are several considerations that I made. These considerations had great effects on the kind of product that I chose and what made me choose it. The considerations included my level of interest on the product; the importance of the product and the consequences that buying the product would bring to me. The first product that I choose was an automobile. This was a high involvement purchase. This is because the product was expensive and would have a significant impact on my life. Moreover, this was a product that I had to spend a considerable amount of time and also effort searching for. This was also so because there were significant differences between the brands that were available at the time in terms of their performance and quality ("Indmedica - CyberLectures - High Involvement Purchase Decisions", n.d., p. 2). However, the second product that I chose, newspaper, was a low involvement purchase since the product was that which is habitually purchased and therefore the decision of choosing it required very little effort. It was also a low involvement purchase because the newspaper had insignificant effect on my lifestyle and was not that an important investment. 1st Product: Automobile The following are the 5 buying decision process that I followed in buying this product. a) Problem recognition This is the stage I realized that I actually needed a car. I would want to conveniently travel to my job place every morning but could not do so as I did not have a convenient means of transport. b) Information search This is where I started looking for what could solve my transport problem. I looked for information on the convenient means that I could use to travel to my workplace and concluded on buying a car. c) Evaluation of alternatives Here, I took into consideration all the car models that were available and which one of them would best fit my needs. I also considered the alternatives that were available for me including their prices and the shops selling them. d) Purchase decision After all the considerations and consultations, I decided to buy a model of my choice. This is where I also walked to the shop that I had chosen and actually paid for the car. e) Post-Purchase evaluation This I did after the purchase. I evaluated the car that I had bought; its importance and how convenient having it would be. I also confirmed that I had made the right choice. 2nd Product: Newspaper I only followed two processes for my second low involvement purchase. a) Problem recognition This is where I discovered my need for the newspaper and decided to buy one. b) Purchase evaluation Here, I went straight to the nearest and easily accessible shop and bought the newspaper that I wanted. Question 2 My first purchase was a high involvement purchase and this meant that I had to follow all the processes of consumer purchase. I had to make sure that I had put into consideration all the facts and information concerning the product that would make me chooses the right one. Unlike the first one, the automobile was very expensive and therefore there was no room for mistake in my purchase. This required me to carefully evaluate all the then available alternatives and make a solid decision based on facts considerations. In buying this high involvement product, automobile, I had to first look for information after identifying my problem. I also had to evaluate all the possible alternatives before making my final purchase. Contrary to this, for the second low involvement purchase, newspaper, I did not have to do a lot. This was a product that I usually bought so I knew what I needed. The only thing that I wanted was a shop that was nearby and a place where I could easily; conveniently and quickly buy the newspaper. For these reasons, unlike the automobile, I never needed to look for alternatives neither did I need to perform any evaluation. Question 3 As a marketer, understanding the various processes that consumers follow before buying goods and acquiring services is a key aspect that should always be considered. This understanding will enable a marketer understand the consumer trends and factors affecting their purchase (Erasmus, 2001). For the 1st product; as a marketer, the model of consumer buying behavior helps me identify the things that I need to do to encourage more buyers to choose my product. Since it is clear from the model that the customers’ decision on this project is carefully made based on careful considerations, I will therefore use the information to advertise my product well through the media and highlight its advantages and benefits over other similar models in the market. This will help the customers in their evaluation stages to consider my specific model and shop. The information will also help me set comparable prices and benefits that, to the customers, will be better than those offered in other shops selling similar products. The model of buying behavior will help a marketer make appropriate advertisements and product promotion. It will also help the marketer improve on the product’s design and quality for increased sales. For the 2nd Product; as a marketer, the consumer model of buying behavior can be used to identify the patterns of buyers and what action to take in improving the sales (Blackwell, 2001). Since the product required little or no evaluation, as a marketer, I can embark on making the product more readily available and in convenient locations that the customer can buy without getting inconvenienced. This knowledge concerning model of buying behavior is also important in performing market segmentation which is key to the success of every business. Market segmentation is a kind of marketing strategy that entails dividing a broad-target market into smaller subsets containing various consumers with common needs; and using the information to develop, design and implement unique strategies that specifically targets their needs and many other factors that makes them consider buying the product ("What is market segmentation? definition and meaning", n.d., p. 1). The model of buying behavior can therefore be used to divide the market and focus on satisfying the needs of specific customers. This will not only improve the customer experience but also increase the sales by a great deal. Works Cited Blackwell, R., et al., (2001). Consumer Behavior. 9th ed. Orlando: Harcourt. Erasmus, A. C., et al., (2001). Consumer decision-making models within the discipline of consumer science: a critical approach. Journal of Family Ecology and Consumer Sciences, 29, 82-90. Indmedica - CyberLectures - High Involvement Purchase Decisions. (n.d.). Retrieved from http://cyberlectures.indmedica.com/show/79/1/High_Involvement_Purchase_Decisions What is market segmentation? definition and meaning. (n.d.). Retrieved from http://www.businessdictionary.com/definition/market-segmentation.html Read More