Analysis of Consumer Behaviour - Essay Example

Consumer Behavior Introduction The objective of enhancing the brand loyalty and increase in the rate of product purchasing has become serious challenge for marketers to negotiate the customer hesitation and over-saturation level in market advantages. Consumer behavior is the behavioral process of individuals during the use, dispose and purchase of any services, products and experiences to satisfy their desire and needs. The importance of consumer behavior for ensuring business broader success is immense. The firm’s success depends upon the reaction of buyers to marketing strategy implemented by firms. The study of people behavior on purchase of products is consumer behavior. Consumer behavior according to luxury products, sex and geographical area is different in accordant to altered situation or aspects. There are several integral factors that can result in change in consumer behavior is involvement constructs, motivation and brand value. Marketers can gain information about the changes required to meet the customer’s needs to repurpose the products by understanding the importance of value of consumer behavior. In today’s competitive world, the choices of brands for customers are large and can easily connect to research offerings available online or can quickly check on social media post on multiple promotions of products. This essay will discuss effectively about consumer behavior which is different in aspect to changed situations. Discussion Consumer behavior is referred to as the people that are involved in the using and purchasing of services and products. It is the ultimate buying behavior consumers. Consumer behavior does not signify single people as it can involve entire family, coworkers and friends. The study, use and disposal of products are involves in consumer behavior process. The interest of marketer is gained by the use of products as it can eventually help to increase the consumption of products and position the products in the best possible way. Information that also includes in consumer behavior is information available for the actual purchase of consumers, understanding feeling and thoughts of consumers. It would have been problematic for marketers for identifying effective market segments that can benefit firm to attract the attention of consumers without knowing the behavior that drives consumers. Psychological, cultural, social and personal factors can influence buying behavior of consumers. The benefit of knowing the consumer behavior can help to establish active strategy to increase the consumption of products and loyalty on future product purchases. Consumer behavior is significant for maintaining economic stability as it helps to regulate the consumption of goods by consumers. In this modern competitive world, every firm has to innovate and understand the needs and taste of consumers to sustain in the market. Consumer behavior is required for developing target marketing and market segmentation of products which are according to the customer preferences and taste. Product policy can be helped to formulate by regulating the consumer behavior of goods. Consumers are treated as a king, as products are made by verifying the needs and wants for product development.Psychological influences are pivotal for purchase of any luxury products to any other particular brand. Consumer behavior to gender identity creates a significant impact on the process of consumption of goods. The consuming and buying activity of particular gender or sex is variable and different. The gender behavior of masculinity and femininity changes over the period of time and varies in different culture. Every gender or sex in particular culture has their own perspective on their life-style, need and expectations. Gender influence on consumer behavior is one of the pivotal factors. Every gender such as male and female has their own liking and needs on products. Men and women have their own life-style and need and it is an important for knowing the consumers behavior on different products. Products are mainly known as androgynous which defines the manufacturing of products by taking in to account the characteristics of feminine or masculine. Simple example to describe androgynous are hot wheels made for boys and especially for girls Barbie dolls are made. According to the socialization, men are specially perceived to be externally focused but women are specially perceived to be internally focused. Marketers have realized in today’s generation that it is important aspect for maintaining success of brand by targeting customers (Miller, 2010). Products that are made are especially featured to feminine and masculine. According to the research it has been found that shopping is more exciting for women than that of men. Another differentiation of male and female consumers is that male consumer only pays attention to the main product rather than any outside accessories but women consumer fells that shopping is their social need and important part of life. Another important aspect of gender differences on consumer behavior is the time factor. The purchasing decisions of men on products are instant and quicker regardless of the quality of brand. But it is quiet opposite to women. The trend of taking less time is reserve for women. The purchasing decision for women is to take time. Purchase can be done by women from time to time. On level of making decision by women and men are also quite different. Men usually purchase products by verifying data and facts. But purchasing decision for women is mainly based on the emotional level. According to the research, it has been revealed that personal interaction with the sales associative of a company is much stronger from women. Men usually interact to ask about the checkout line, availability of the parking lot and availability of particular products. It has also been found that the decision making of purchasing products by wives and husbands can be influenced by the type of products. research done on post purchase behavior on men and women, suggests that men takes around 21 days to return any item which in found to be not suitable for them. For women researcher found out that, around 30 days taken by women to return any purchased products. The stats reveals that, post purchasing time period of women is higher than that of men. More than half of the items bought by women are returned. Gender is strong variable that creates huge impact on the decision of the launch of products. Over the years, the purchase of luxury products is regarded as the privilege for consumers to possess. Luxury products in earlier was afforded by less number of people. But the years passed by, the growth of luxury products has been considerably at higher rate. The consumption of luxury brand is regarded as the status and prestige system for many consumers. It is also used by consumers to impress others. many of the luxury categories such as beauty products, automobiles and cosmetics products has been rate by consumers as the important and life-style brand. The purchase decision of consumers is very much influenced by the status and high quality brand value. The brand image is pivotal for purchasing decision of consumers. The consumer’s behavior on luxury products may be desire to fell the part of famous brand or may be to attract crown or it can also act as a status symbol. Some consumers may buy Mercedes Benz for its Hood and some can buy Gucci for its high quality fashionable clothing and some people can buy Versace basically for its plaid. The consumers of luxury brands are not sensitive towards cost. The brand value, status and brand image in vital for purchasing power of consumers. The driving forces for consumption of luxury products are culture, consumer behavior, brand equity and consumer motivation. From perspective of consumer, brand equity is the willingness to buy the product once again. There are four dimension of brand required that enables consumers to consume luxury products which are brand loyalty, brand awareness, perceived equity and finally brand association. The consumers who are familiar about the luxury brand are more likely to purchase the brand. This is referred as the brand awareness which influence luxury products consumption. Brand loyalty is the repeated purchase on the luxury brand due to emotional attachment on brands. Luxury products are always superior quality and consumers always perceive those products as high quality. Consumers are willing to pay high prices for the luxury brands. The consumer behavior on the luxury brands is due to high brand association, awareness on the brand and emotional attachment towards the brand. Luxury products are meant to be for high class people. Normal people perceive luxury brand as the costliest and afford less products which rather let them to prefer less price products than that of luxury products. Consumer of high level goes for high quality and best quality available on the market which can be due to its brand value and status. Consumer behavior on geographical area plays an important role for companies to market their products. The geographic location, ethnicity and religion in the area can create huge impact on the buying behavior of consumers. Every county and their state have their own authenticity, caste, race and religion. Every country has their own style of consumption of products. Geographical segments that are chosen to distinguish the consumer behavior are Europe and Asia. Consumers of Asia and Europe have different lifestyle and prefer different products. For any geographic location culture and religion is important for influence the consumer behavior. The culture of Asian people re collectivist and culture of Europe is collectivist. In some case elder person of the family takes decision of buying any higher price products. Family is influencing or buying factor of any consumer (Hoyer & Maclnnis, 2008). Geographic subculture is important factor for marketers to notify for launch of any products. The main geographic variables that are needed to be noticed by marketers are location such as location, state, region, terrain, climate and density of population. This factors influence the consumer behavior for buying any products. The region variables are east, west north and south. Marketers need to find out the region where products are launched and buying behavior of people in that region. Location variable are local or international. Climatic variables are rainy condition, humid, hot and cold condition. Examples of climatic variable products launched are woolen garments for cold conditions and cotton clothes hot condition area. Terrain variables are hilly area, rocky and plain areas. Examples of terrain variables are motor bikes for plain areas. Density and type of population are semi-urban, urban and rural. These factors can influence the buying behavior an enable marketers to enhance the productivity of the firm by implementing strategies influential for different geographical area. In respect to the cultural background of an geographical areas, has to find out that area is heterogeneous or homogenous. Each geographic are consist of different type of nationalities, racial groups and religion (Huddleston, 2011). This enables marketers to find out the best possible marketing segment that is needed to be implemented in several small portions. Products are designed in accordance with the need and life-style of people in various geographic areas. Every country and state in the world has their own cultural and religious background. Some consumers on the geographic area have their different service for satisfaction and consumption of goods and products.It is vital for marketers to find out the characteristics of cultural values, ethics and attitude of consumers in different geographical area by promotion of product, marketing mix and product positioning. Conclusion This can be concluded that consumer behavior according to gender, geographical area and luxury products varies under different situations and aspects. The study of consumer behavior ensures markets to identify the right marketing strategy that is needed to be implemented for attracting the attention of consumers. Now-a-days, consumers assess internet which is the fastest convenient way to find out information about any products. This makes application of marketing strategy more challenging for marketers. Therefore, marketers required in-depth study of the changing behaviors of consumers in accordance to geographical area a, gender and luxury products. It is also defined as the decision making process for purchase and usage of goods by consumers. Gender identity such as masculine and femininity creates huge impact on the buying decision. Female and male has their own needs and perspective on the consumption of goods. Geographical area consists of consumers of different religion, ethnicity, race and cultural background. Analyzing the different situation and aspects of consumer behavior enables marketers to formulate successful strategy for marketing. References Hoyer, W., & Maclnnis, D. (2008). Consumer Behavior. Stamford: Cengage Learning. Huddleston, P. (2011). Consumer Behavior: Women and Shopping. New York: Business Expert Press. Miller, G. (2010). Spent: Sex, Evolution, and Consumer Behavior. London: Penguin Group. Read More