Wild Planet - Case Study Example

Case Study: Wild Planet Affiliation: Buying and selling of goods and servicesare fundamental transactions that business enterprises depend on prior to their profit motive objective. The buying behavior of consumers is influenced by a set of factors, thereby determining how a consumer chooses what to buy and what to leave. Any business enterprise cannot afford to take its customers for granted (Hawkins, et al.2004). Consumers are rational, and the purchase decision of a consumer is determined by that consumer’s buying behavior.

Factors influencing this process are explained below. Cultural factors Purchase behaviors of consumers are by great extent influenced by culture. The needs and wants of a buyer are shaped over time in the environment that the buyer interacts socially with other people. Family and important groups affect the perception, wants and basic value of kids, such that they keep the practices of the groups in which they were brought up in. Wild Planet marketers evaluate cultural shifts in regard to demand for toys in a bid to remain competitive in the market.

This helps in determining which cultural setups demand toys and which do not, so that toys are not offered to cultures that do not need them. Social factors High quality and nonviolent toys are produced and marketed by the company, responding to the current need for creativity and innovativeness. In so doing, social classes have to be considered and well incorporated in product development so that the demand is fully met. These social trends are fundamental in determining consumer behavior. There are those consumers that buy products because they are expensive, while others go for the cheaper products (Hawkins, et al.2004). Social determinants like income, education and wealth influence purchase processes.

Wild planet needs to identify the characteristics of the various markets it serves in marketing the toys and selling positive play experiences. Personal factors Individual buyers consider their personality in making purchase decisions. The age and life of a buyer influences that person’s buying behavior. Standard of life is also significant when it comes to purchase decisions. Personalities that attach toys and related products to their lives are likely to buy more than those who do not. High standards of life are characterized by high demand of luxury goods as opposed to low life standards.

How fit the Wild Planet toys and positive play experiences fit into the life of a buyer determines how much purchases that buyer can make. Psychological factors Purchase processes are influenced by motivation, perception, learning, beliefs and attitudes (Hawkins, et al.2004). Tastes and preferences of the buyer come in handy. The more they are met, the higher the willingness to purchase and vice versa. Identifying such factor combinations is suitable for Wild Planet in regard to the toys and related products that it offers to the buyers.

The demographic segment targeted by the company can be defined by variables of demographic segmentation. These include: age, income, education, family size, family life cycle, occupation, gender, nationality, religion, ethnicity, and social standards (Hawkins, et al.2004). Primarily, the company produces the toys for the kids, but the kids do not necessarily make the purchases. Relevant categories or groups of people with purchasing power are the main targets of the Wild Planet, where most or all the aforementioned demographic factors apply in the buying concept.

The Wild Planet website is a significant tool that helps consumers through the buying process. The company advertises and markets all its products and serves on the website. It provides a link to every available product and offers guidelines on sales, purchases and delivery of products. Information about the various products offered is provided such that each buyer can differentiate among products and decide on what products to purchase. Reference Hawkins, D. et al. (2004). Consumer behavior: building marketing strategy, Volume 1.

New York: McGraw-Hill Irwin.