Processes in Consumer Decision Making, Balancing the Should and Want Factors - Essay Example

Marketing Module 3 SLP Assignment Introduction The consumer decision making process is one of the most talked about concepts in marketing, with marketers and advertisers keenly interested in changes regarding what is important to the consumers. We all want to know what really motivates the consumer, for it is the key to getting them to buy our products and services. We strive to create an ideal product set, or perceptions that a product or service will meet most if not all the diverse need of consumers. One way to find out what consumers want is to interview them, and that is the focus of this assignment. Responses to the Questions Asked In the previous assignments, it was discussed that Wal-Mart could enter the market for designer suits or cars. Ultimately it was decided that creating and marketing an automobile would be a better choice. In this respect I interviewed three people of different age groups. The first was a young college student Anita, the second interviewee was a middle aged neighbor Brendon who worked in a bank, and the third was an elderly gentleman Mr. Simmons who was retired and lived down the block. A car is a one-time purchase and not made every day. It involves a decent amount of cash outlay and usually involves a bank loan. Anita said that she bought her car three years ago. She has always been supportive of American products and so bought a Ford Mustang. Although it was a tough choice because fewer people are buying American cars, she though the gas mileage and fuel efficiency was a key factor in her choosing this model. The sleek look and the bright red color were additional reasons. It can fit her mother and sister along with their shopping quite well. She thinks the Ford personality could very well be a horse. Brendon on his part thought that a Japanese car was more suitable to his needs. He felt that few products could really be termed as American, since mostly everything was outsourced these days. For Brendon, the car was a family decision, because it would be used while going to work as well as on the weekends for shopping etc. Anyhow Brendon considered himself the main decision maker as to the brand of the car- his wife and 5 year old kid just chipped in which choices as to color, accessories and tires to be used. He had bought a car 2 years ago and chose a Toyota Corolla. He hopes he made the correct decision considering the worldwide recalls due to steering and braking difficulties. However he does not want to change now in the bleak economy. He likens the car to a sleek and silent black panther. Mr. Simmons who is recently retired and lives with his wife down the block- both their kids have moved out though they visit them once a month in turns. One is a young man and the other a young woman- they are both unmarried as of yet. The car that Mr. Simmons uses is a Kia Forte. In fact Mr. Simmons was an assembly plant worker in his younger days so he does know a few things about cars. He tells me that the Kia is an amazing model in terms of car engineering, durability and fuel efficiency- so I have to take his word for it. I will not be able to understand the engineering details. Both he and his wife drive and use it for everything from shopping to going to the park and other outdoor chores involving long distances. Mr. Simmons has a bad leg and cannot walk more than a few blocks before he gets tired. He thinks that the car reminds him of a cheetah- it has a lot of power under the hood but is unobtrusive and fuel efficient. It can be made to go fast in cases of emergency. It was also sturdy and had a lot of safety features. Common Themes among the Responses The common themes that I found among the responses were the need for safety, durability and ease of maintenance as well as fuel efficiency. In these times of a stagnant economy, we all want to economize every opportunity we get. Design, look and color were also important but secondary matters. With the cost of petrol going up, fuel efficiency was also a major consideration. People are going for smaller cars but with ergonomic design and latest features that fit in with their lifestyle. As to their responses if the manufacturer introduced a completely different product compared to the lines it was famous for in the market, Anita and Brendon were not afraid to give it a tryout but Mr. Simmons said that he would rather read product reviews and rely on friends opinions before venturing to buy the new product. Processes in Decision Making While buying a car is a decision that is typically made once every 3-5 years, for most it is a family decision where one or the other member serves a key decision maker while the others also chip in with their feelings and suggestions. Things like color, feel, design, comfort, features, durability, ease of maintenance and fuel efficiency all mattered in different degrees of importance to the different age groups. While most considered the suggestions of peer groups, family influences and advertising also mattered (USC Marshall, 2011). Balancing the Should and Want Factors Of course there is the ideal product as well as affordable alternatives. We usually go for the best alternative only when we are sure it is the best choice available and no other will meet our needs as well. Otherwise we tend to economize while compromising on one or more factors and see how well our product stacks up. In case there is a wide disparity between what we wanted and what we got, we will definitely not want to take any risks the second time around and will save up for our ideal product only (Milkman, 2008). In case the alternative does pay off not too badly, we may even lower our expectations to meet our budgets. What I Learned from this Experience I learned to overcome my shyness in interviewing people and how to focus on the topic at hand. It was a bit easier since I knew all the interviewees personally. It is clear that people of different ages have different perceptions and preferences while buying cars. For some it is a family decision, but usually one person in the family predominates, and that is who will tend to use the car most of the time. References Milkman, K.L. (2008). Tap Consumers’ Desire for ‘Should’. HBR Magazine, July 2008. Accessed on 25 Nov 2011 at http://hbr.org/2008/07/tap-consumers-desire-for-shoulds/ar/1 USC Marshall (2011). Information Search and Decision Making. Accessed on 25 Nov 2011 at http://www.consumerpsychologist.com/cb_Decision_Making.html Read More