Consumer Buying Behaviour Analysis

Consumer Buying Behaviour AnalysisCONSUMER bribeing BEHAVIOURConsumer is the king and it is the consumer determines what a business is, at that placefore a travel marketing programme start with a c atomic number 18ful analysis of the habits, attitudes, motives and necessarily of consumers. In particular a marketer should find answer to the hobby questionsWhat atomic number 18 the products they buy?Why they buy them?How they buy them?When they buy them ?Where they buy them?How oft they buy them?A buyer makes a secure of a particular product or a particular brand and this lavatory be termed product buying motives and the spring behind the obtain from a particular seller is patronage motivesWhen a person gets his pay packet, and if he is educated ,sits down along with his wife and prep atomic number 18s a family budget, by appropriating the keep down to different needs. It whitethorn happen that after a trip to the market, they index take a crap acquired around items, which are non in the budget, and thus there arises a deviation from the budgeted items and expenditure. all the doings of human beings during the purchase whitethorn be termed as buyer demeanor.HOW CONSUMER BUY1. Need/ regard/Desire is RecognizedIn the first step the consumer has determined that for some reason he/she is not satisfied (i.e., consumers perceived actual condition) and wants to meliorate his/her situation (i.e., consumers perceived desired condition). For instance, internal triggers, such as lust or thirst, may tell the consumer that food or drink is needed. outer factors can also trigger consumers needs. Marketers are particularly good at this through advertising, in-store displays and even the intentional use of scent (e.g., perfume counters).2. search for InformationAssuming consumers are motivated to satisfy his or her need, they impart next undertake a search for information on achievable solutions. The sources used to acquire this information may be a s childly as remembering information from past experience (i.e., memory) or the consumer may expend considerable effort to locate information from outside sources (e.g., net income search, talk with others, etc.). How often sequences effort the consumer carry ons toward searching depends on such factors as the importance of satisfying the need, familiarity with available solutions, and the get along of time available to search.3. estimate OptionsConsumers search efforts may result in a set of options from which a choice can be made. It should be noted that there may be twain levels to this distributor point. At level champion the consumer may execute a set of possible solutions to their needs (i.e., product types) while at level two the consumer may be evaluating particular products (i.e., brands) within to each one solution. For example, a consumer who needs to replace a television has multiple solutions to call for from such as plasma, LCD and CRT television.4. corrup tIn umteen cases the solution chosen by the consumer is the equal as the product whose rating is the highest. tho, this may change when it is actually time to make the purchase. The intended purchase may be altered at the time of purchase for many reasons such as the product is out-of-stock, a competitor offers an incentive at the point-of-purchase (e.g., store salesperson mentions a competitors offer), the customer lacks the necessary funds (e.g., reference card not working), or members of the consumers reference group take a negative view of the purchase (e.g., friend is critical of purchase).5. After-Purchase Evaluationin one case the consumer has made the purchase they are faced with an evaluation of the decision. If the product performs beneath the consumers expectation so he/she will re-evaluate satisfaction with the decision, which at its entire may result in the consumer returning the product while in less extreme situations the consumer will retain the purchased ite m but may take a negative view of the product. Such evaluations are to a greater extent likely to occur in cases of expensive or highly authoritative purchases. To help ease the concerns consumers have with their purchase evaluation, marketers need to be undecided and even encourage consumer contact. Customer service centers and follow-up market research are useful tools in helping to address purchasers concerns.TYPES OF CONSUMER PURCHASE conductConsumers are faced with purchase decisions nearly every day. But not all decisions are treated the same. Some decisions are more(prenominal) embarrassing than others and thus affect more effort by the consumer. Other decisions are fairly routine and require little effort. In general, consumers face quaternion types of purchase decisions* Minor New Purchase these purchases represent something new to a consumer but in the customers mind is not a very of the essence(p) purchase in terms of need, money or other reason (e.g., status wi thin a group).* Minor Re-Purchase these are the most routine of all purchases and often the consumer returns to purchase the same product without giving much thought to other product options (i.e., consumer is brand loyalty).* Major New Purchase these purchases are the most difficult of all purchases because the product being purchased is grievous to the consumer but the consumer has little or no previous experience qualification these decisions. The consumers lack of confidence in making this type of decision often (but not always) requires the consumer to engage in an prolonged decision-making process..* Major Re-Purchase these purchase decisions are also important to the consumer but the consumer feels confident in making these decisions since they have previous experience purchasing the product.For marketers it is important to understand how consumers treat the purchase decisions they face. If a company is targeting customers who feel a purchase decision is difficult (i.e. , Major New Purchase), their marketing strategy may vary greatly from a company targeting customers who view the purchase decision as routine. In fact, the same company may face both situations at the same time for some the product is new, while other customers see the purchase as routine. The implication of buying behavior for marketers is that different buying situations require different marketing effortsConsumer Buying Decision ProcessNothing is more difficult and therefore, more precious, than to be able to decide is quoted to be the words of Napoleon. This is amply true in the case of consumer too. It is for this reason that the marketers are shore to have a full k right offledge of the consumer buying decision process.However it should be remembered that the actual act of purchasing is only one stage in the process and the process is initiated at the several stages prior to the actual purchase. Secondly even though we find that purchase is one of the concluding links in t he chain of process, not all decision processes caterpillar track to purchase. The individual consumer may terminate the process during any stage. Finally not all consumer decisions always include all stages. Persons engaged in extensive decision making usually employ all stages of this decision process. Where as those engaged in limited decisions making and routine response behaviour may omit some stages. The consumer decision process is composed of two parts, the process itself and the factors affecting the process.SURVEY BY THE MARKETING TEAMA persuasion conducted by the marketing team of shoppers stop Ltd. Reveals the psychography of the modern shopper.Acordingly the survey classifies customers in to the four segments namely* Convenience Shoppers* Value Shoppers* Image Shoppers* be intimate ShoppersConvenience shoppers for instance ,are people who consume relatively less amount of time while shopping. Also they play out for the width and sagacity of the range they purchase and conduct their annual shopping at one shot.Value Shoppers always hunt for value for money Prefer smell reassurance and benchmark offerings among other related attributes.Image Shoppers are fashion- conscious and look out for the latest trends and labels.On the other hand , Experience Shoppers are attentive and prefer personalized services look out for the cover ambience, prefer giving personal advice on clothing at the time of purchase , and prefer not to buy at one sold. scotch FACTOR AFFECT THE BUYERS BEHAVIOUR1.Disposal personal income The economists made attempts to establish a congressship between income and disbursal. Disposal personal income represents potential purchasing top executive that a buyer has. The change in income has a direct carnal knowledge on buying habits.2.Size of family income The size of family and size of family income affect the spending and parsimoniousness patterns. Generally large family spend more and short family spend less, in comparison. 3. Income expectations The expected income to receive in future has a direct relation with the buying behaviour. The expectation of higher(prenominal) or lower income has a direct effect on spending plans.4.Propensity to consume and to save This goes to the habit of spending or saving with the disposal income of buyers. If the buyers give importance to present needs, then they dispose of their income. And buyers spend less if they give importance to future needs.5. runniness of Fund The present buying plans are influenced greatly by runniness of assets i.e., cash and assets readily convertible into cash, eg bonds, bank balances etc.,6. Consumer Credit Buy now and pay later plays its role effectively in the rapid suppuration of markets for car, scooter, radio, furniture and the like.Economic model suggests behavioural hypothsis * Lower the price of the product, higher the sales.* Lower the price of substitute products, lower the sales of this product* high the real income, highe r the sales of the product.* Higher the promotional expenses, higher the sales. home(a) influences of buyers* psychographics (lifestyle),* personality, motivation, knowledge,* attitudes,* beliefs, and* feelings.* demographics,consumer behaviour concern with consumer need consumer actions in the direction of satisfing needs leads to his behaviour behaviour of every individuals depend on thinking process.EXTERNAL INFLUENCES OF BUYERS* culture,* sub-culture,* Locality,* royalty,* ethnicity,* family,* societal class,* reference groups,* lifestyle, and* market mix factors.