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Markting 3000 - Essay Example

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Consumer psychology and analysis of database of customers are important part of market strategy which helps one to know the changing preferences of the customers in the rapidly changing times. Analysis and identification of the changing trends of the customer requirements are…
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Markting 3000
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Markting 3000

Download file to see previous pages... The behavioral pattern of the people, in the decision making process of buying products and services, helps provide important clues for preparing appropriate market strategies so that maximum mileage could be garnered for the products. The paper is an attempt to study the consumer psychology that culminates in purchase of goods.
Two consumers, who had bought cars, were studied for the learning processes that led to their buying decision vis-à-vis five major factors: need recognition; information search; evaluation of alternatives; purchase; and post purchase dissonance. The consumers had come from diverse socio-economic background and their purchase psychology would significantly provide a wider spectrum of important clues for marketers. The interviews consisted of same set of questions regarding their pre and post purchase psychology and the factors and issues that had considerable impact on their decision making process. Consumer A belonged to an affluent class and was working in a multinational company as a System Analyst. He had bought a Mercedes’ Benz. Consumer B was a Teacher in a semi urban locality and belonged to a middle class society. He had bought Honda City.
As per their responses, it was found that both the consumers had different need recognition that was driven by their beliefs, attitude and lifestyle imperatives. Consumer A was conscious of his social status and wanted a car that would add value to his lifestyle. He therefore, wanted a high end, flashy car that would also give good return vis-à-vis his investment. Consumer B’s requirement was primarily need driven because of the long and time consuming public transport to his workplace. He, therefore, required a sturdy, low investment and comfortable family car that would be economic as well as reliable. He was, therefore looking for a medium range, practical and comfortable car.
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