Marketing in Specific Industry Contexts - Essay Example

Buying Behavior Name Professor Institution Course Date Buying Behavior Background Blackwell and Engel (2006) defines consumer behavior as the study of why, when, how, where individuals do or do not purchase products. The customer plays the three unique roles of user, buyer and payer. Relationship marketing is a powerful advantage in customer behavior assessment as it has an emphasis on the re-establishment of the factual meaning of marketing via the re-affirmation of the significance of the buyer. A greater significance is focused on consumer customer relationship management, retention, personalization, one-to-one marketing and customization (Blackwell & Engel, 2006). Consumer behavior analyses the attributes of individual buyer’s for instance behavioral variables and demographics in an effort to understand consumer's wants. It also attempts to evaluate impacts on the buyer groups such as family, reference groups, friends and consumers in general. Consumer behavior entails the application and product disposal including the research on how they are bought. Product use is frequently of great focus by the marketer, since this could impact how a product is well positioned or how people can support increased utilization. The buying behavior of final consumers is defined as a five-stage process of decision making, characterized by information, psychological forces, social group forces and situational factors. Introduction This paper analyses the process of consumer decision making in regard to the internal and external aspects that influences a low involvement and “high involvement” purchase that I made recently. The paper will discuss the demographic detail concerning my recent purchases which will be regarded as either low or high involvement purchase in the context of lifestyle information; it also offers product information such as price, competitive position and distribution. In the analysis part of the decision process, mostly to give the relevant theories based on the low and high involvement of consumer behavior. Buyer problem solving is elicited by the identification of some unsatisfied demand (Hirsh & Kang & Bodenhausen, 2012, p.580). For several products, the purchasing behavior is a practice in which the stimulated need is met in a habitual way by repurchasing the similar product. Demographic and lifestyle information Demographic features such as income, age and employment status are purpose descriptors of individual buyers. The market for majority products is affected by consumer demographic features. A demographic feature such as income is relevant for both furniture and computer. When marketers inquire who their buyers are, they frequently refer to the income, age and regional framework of client buying their product or service. However, demographics are significant as buyer descriptors since they want to purchase. As a full-time campus student, I still did not have income. All sorts of payment came from my parents. Therefore, I had a limited budget and at times scrap on the other portion of my budget to satisfy a certain purchasing such as purchasing a cloth that cost at $200. This absolutely is a high involvement purchase to me including nearly all campus students. Income is a strong asset of consumer behavior. An individual income influences his or her tastes, interests, purchasing ability and investment behavior. At 20 years, people normally focus on whether their appearance is good or not as opposed to taking care about themselves whether lack of Vitamin B or C. And they will change to more qualitative as compared to quantitative on looking at things. Like any other students, I did care how individuals felt about my looks particularly the ladies, the famous brands and mid to high cost products turn out to be the most accepted alternatives from my view point although there is not sufficient money budgets. In my is second-year as a campus student, it is the level in a person’s life where they want to be separated from the teens to a mature student and this is the reason why I chose brands form Saville Row in UK. My family members contain a simple composition of father, mother and myself; where my father is a business man with a busy schedule and a mother who is a part time housewife and also works in my father’s business. There is a more financial plan for me to utilize to buy things what I like, but I mentioned cloths because, that still is a big purchasing products for me. Lifestyle changes as aspects that more closely shows the consumers daily interests are more likely to enlighten on consumer purchases (Hirsh & Kang & Bodenhausen, 2012, p.579). Lifestyle is determined by the interests, attitude and opinions of buyers. I have a positive attitude concerning life, though what worries me regarding some common problem challenges and conditions is that individuals worry at a similar age. Therefore it does good to advise individuals not purchase products depending on the cheapest price, but to worry whether the product has the degree of value for the future and to last for a longer time. Goods that I purchase or want to purchase all depend on that idea. In other words people should be guided by their choice, beliefs and principles as opposed to feeling, a desire or event for approval. High-involvement Purchase Decisions When buying high-involvement products, buyers undergo a process of problem-solving which involves five mental stages which includes; problem identification, information search, alternative assessment, purchase, and post purchase assessment (Kardes, & Cronley, & Cline, 2011). These five stages are analyzed in the context of my recent purchase of cloths, furniture, and computer among the selected goods. Problem Identification According to Foxall (2005) the processes of consumers’ purchase decisions are elicited by unmet wants or needs. People see differences between perfect and actual conditions on some socio-psychological or physical dimension. Foxall (2005) argues that this encourages them to look for products or services to assist bring their present situation more into set of scales with the perfect. Provided that most of us encompass limited time and monetary resources, it is not possible for us to meet all our demands at once. Instead, people tend to concentrate on those that are perceived as immediate. The gap between our existing and our preferred condition largely establishes the strength of a certain want. Solomon (1994) contends that a need can happen to be stronger and come to our attention by a worsening of our real state or an upward adjustment of our ideal situation. As the customer moves from an extremely low involvement level with the state to purchase a high involvement level, making decisions becomes ever more difficult. Purchase involvement is a scale, and it is also constructive to take into consideration limited, habitual and extended decision making as common decryptions of the forms of processes that take place along different points on the scale (Solomon, 1994). A buyer is loyal to a particular brand (Savile Row cloths) since he or she considers it best satisfies general wells, and since an emotional attachment fits and formed. Hence, he or she is product loyal. It can be very tricky for a competitor to increase his or her benefaction. Extended form of decision making is the reaction to a very high level involvement purchase (buying product). The problem recognition is the outcome of an inconsistency between a desired situation and an actual situation, devoid of if there is no desire for a buyer's decision. There are numerous factors that influence the consumer’s actual situation satisfy past decisions. They include; brand performance, normal depletion, personal development, the endeavors of consumer groups, emotions, the availability of products, and the present state of affairs (Kardes, & Cronley, & Cline, 2011). Information Search After recognizing problem's existence and may be met by the buying and utilization of a product, the buyer’s next move is to review information acquired from previous experience and kept in memory for potential later utilization. Information search has its challenges and can force consumers to depend on various cues, for instance the provider’s reputation or credentials, when assessing products. Consumers are frequently recognizing challenges and opportunities, so information searches to tackle these challenges are continuing processes. Search of information entails a mental process together with physical activities on the part of the buyers (Kardes, & Cronley, & Cline, 2011). The application of information that was kept in the memory is called internal search. The search process is concentrated on external stimulus appropriate to soloing concern is referred to as external search. Consumer decision needs the proper assessment criteria to provide a solution to the underlying problem. As consumers shift into more extended form of decision making, the relative significance of external search of information increases. External information may comprise of attitudes, opinions, behaviors, feelings of friends and relatives, expert information, and marketer direct experiences. Evaluating alternative Whilst consumers are collecting information concerning different alternative answers to an identified problem, and after doing so, they assess the alternatives and choose the course of action that appears most likely to resolve the problem. Kuester (2012, p. 110) states that evaluation criteria are the different attributes a buyer looks for in reaction to a certain challenge. They are the levels of performance or features consumers apply to compare various brands in view of their particular utilization concern. The number importance and type of assessment criteria used to vary across product categories and from consumer to consumer (Kuester, 2012, p 110). When buyers judge alternative products or many evaluative criteria, they have to use some techniques for selecting one product from the different choices. A decision rule identifies how a buyer compares two or several products. Five usually applied decision rule includes disjunctive, conjunctive, elimination-by-features, lexicographic and compensatory rules. Product purchase Even after collection information concerning alternative products, assessed them, and decided which is the desirable, the decision still is incomplete (Schwartz, 2004). The consumer has to now decide the place to purchase the product. The decision employed by consumers to choose a retail outlet is similar as the one for choosing a brand. The outlet is image and the amount and kind of retail advertising frequently put forth significant impacts as evaluative criteria. The key paradigms of store image consist of merchandise, clientele, service, convenience. Outlet site is a significant feature for lots of consumers. Bigger outlets are normally compared to smaller outlets. Whilst in the store, consumers might frequently purchase a product that varies from the plans developed prior to getting to the store (Schiffman, 1993). That form of purchase is called unplanned or impulse purchase and the decisions could be the outcome of further information processing brought in store by stimuli. Once the brand and outlet have been chosen the consumer has to purchase the rights to the product. Post purchase assessment Schwartz (2004) claims that after purchases, consumers undergo anxiety regarding the knowledge of the purchase. Whether or not the buyer undergoes conflict, the majority of purchases is used. Those consumers utilize a product to meet particular demands. If the purchase does not satisfy these needs, a pessimistic evaluation might arise. Monitoring product use can point out new application for current products, required modifications of the product, proper advertising ideas, and new product opportunities. Product disposal or its packaging might take place prior to, during or after product utilization. Socially conscious buyers are a significant market segment not just because of their acquisitions but since they influence socially or politically (Khosla, 2010, p. 220). Post purchase conflict, product use or disposals are the likely effects on the process of purchase evaluation. Essentially, consumers create particular expectations concerning the product's ability to meet symbolic and instrumental needs. Switching brands or stores, Taking no action, and cautioning friends are common responses to a negative purchase assessment. Khosla (2010, p.220) explores that after the process of evaluation and, where appropriate, the process of complaining, buyers have some measure of repurchase inspiration. There might be a powerful intention to shun the brand, a motivation to repurchase it, or some degree of brand constancy, which is accompanied with a psychological loyalty to the brand. Low-involvement purchase decisions Since low-involvement products are not that significant to buyers, the information search to assess alternative products is likely to be minimized. Therefore, decisions to purchase products like cereals (food) frequently are made inside the store, either spontaneously due to brand familiarity, or due to of comparisons of the products on the shelf. The involvement of the consumers and their risks related to making wrong decisions which are low for such brands (Kardes, & Cronley, & Cline, 2011). Therefore, buyers are less possible to remain with the similar brand after a while. Majority of purchases decisions entails a low consumer Involvement; the consumer believes the product or service is inadequately significant to identify with. Therefore, the buyer does not take on in a widespread information search for that kind of a purchase. Information entailing such products is taken passively, for instance, watching an advertisement for Green vegetables, which is not just evaluated, but perceived and stored in memory. Personal and social-cultural influence on consumer behavior A consumer behavior is influenced by their personality—the set of lasting psychological attributes that make an individual to make unique and consistent reactions in regards their environment. A personality is normally defines in relations to traits such as self-confidence, dominance, sociability, adaptability and introversion among others. Socio-cultural influences on the other entails personal influence, family influence, reference groups and culture (Khosla, 2010, p.220). In these categories, personal influence appears to bear the strongest influence on what individuals buy. A consumer’s decisions are frequently influenced by the opinions and behaviors of others (Shell, 2009). Personality could be helpful for illustrating why various people purchase different products because brands are also seen to bear personalities, and buyers are likely to decide on brands whose personalities corresponds to their own. Conclusion As a learner of human behavior, it is significant for us to know the internal and external impacts that drive individuals to perform in particular consumption-related manners. Consumer behavior is just a subset of the bigger discipline of human behavior. Marketers also need to understand why and how people make their utilization decisions so that they can make a well thought marketing decision. Positioning Decisions and Product Design evaluate both high and low involvement products in categories that shows the advantages they seek. Since consumers have the tendency evaluating high-involvement products prior to purchasing, however, it is mostly important that such provisions be designed to offer at least some advantages that are obviously superior to those provided by key competitors. Therefore, with no doubt, marketers who recognize consumer behavior hold a greater competitive advantage over his rivals in the market. References Blackwell, G., Miniard, K and Engel, H 2006, Consumer Behaviour (10th Ed.), London, Thomson Learning. Foxall, G 2005, Understanding Consumer Choice, Baingstoke, Palgrave Macmillian. Hirsh, J., Kang, S & Bodenhausen, G 2012, Personalized persuasion: Tailoring persuasive appeals to recipient personality traits, Psychological Science, 23, p. 578-581. Kardes, F., Cronley, M & Thomas, W 2011, Consumer Behavior, Mason, OH, South-Western, Cengage Learning Khosla, S 2010, Consumer psychology: The essence of Marketing, International Journal of Educational Administration, 2(2), p. 220–220. Kuester, S 2012, MKT 301: Strategic Marketing & Marketing in Specific Industry Contexts, University of Mannheim. Schiffman, L 1993, Consumer Behavior, London, Prentice Hall International. Schwartz, B 2004, The Paradox of Choice: Why More Is Less, New York, Ecco. Shell, E 2009, Cheap: The High Cost of Discount Culture, New York, Penguin Press. Solomon, M 1994, Consumer Behavior, London, Allyn & Bacon. Read More