...Demographic and psychographic researches are important components to a brands marketing strategy. First of all a brand has to understand who is buying their product. This is very detailed process and covers a wide range of attributes from family size to annual income to education and the list can go on. Psychographics is considerably more difficult to determine since “it deals with beliefs, interests, hobbies and things that are important to us” (Brauer, 2014). IHOP’s demographic pool is hard to determine company wide since the brand is franchised. However, despite this difficulty the brand’s demographic pool is primarily made up of the baby boomer generation and Hispanic families with children. The psychographic makeup of the IHOP consumer includes but is not limited, to those who are more health conscious and find value important. IHOP’s understanding of the demographic and psychographic makeup of their consumers allows them to know who their target audience is. When a brand understands their target audience they are then able to formulate a marketing strategy designed for that specific audience. When a consumer is considering a purchase they go through a process known as the consumer buying process. The consumer buying process is “a mental state that a consumer enters into when they are about to make a purchasing decision (Brauer,2014) Within this process there are 5 steps the steps are as follows 1. Problem/Need Recognition- When you are hungry or thirsty or even have a...
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...1. What are some of the factors that influence consumers’ buying behavior? Income is one of the factors that influence buying decision of consumers and this depends on income elasticity what to purchase or not. Second factor will be price, a fall in the price of item will result gain in the quantity of a product purchase. Third factor, reference for their judgment, value and behaviors, that will shape the taste and first choice of an individual, credit availability influence the buyers’ behavior. If you have a balance in your credit, you still can afford to purchase expensive items either you are a low income or not. It will keep going, buyers needs of satisfaction example chocolate, emotional attachment like products arouse such feelings means fun, pride and pleasure also this will influence their buying decisions. 2. Have the purchasing habits of your parents and/or grandparents influenced your buying behavior? They could have influence my purchasing habits if I was brought up in developed country, as we see purchasing habits are different from developed and not developed countries. The needs of product are different. For example growing up I have seen my parent going for food shopping once a month and has to last for entire month feeding dozen. Income is the major and the only factor for buyers’ behavior within those countries. 2. If you were to open your refrigerator and cupboards and compare the contents with those of your parents, would you find some brands in common...
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...DEFINITION OF BUYING BEHAVIOR Buying Behavior is the decision processes and acts of people involved in buying and using products. Consumer behavior refers to the selection, purchase and consumption of goods and services for the satisfaction of their wants. Need to understand: • Why consumers make the purchases that they make? • What factors influence consumer purchases? • The changing factors in our society. Consumer Buying Behavior refers to the buying behavior of the ultimate consumer. Consumer’s buyer behavior and the resulting purchase decision are strongly influenced by cultural, social, personal and psychological characteristics. An understanding of the influence of these factors is essential for marketers in order to develop suitable marketing mixes to appeal to the target customer. CULTURAL FACTORS include a consumer’s culture, subculture and social class. These factors are often inherent in our values and decision processes. SOCIAL FACTORS include groups (reference groups, inspirational groups and member groups), family, roles and status. This explains the outside influences of others on our purchase decisions either directly or indirectly. PERSONAL FACTORS include such variables as age and lifecycle stage, occupation, economic circumstances, lifestyle (activities, interests, opinions and demographics), personality and self concept. These may explain why our preferences often change as our `situation' changes. PSCHOLOGICAL FACTORS affecting our purchase decision...
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...“AN EXTENSIVE STUDY ON CONSUMER BUYING BEHAVIOUR WITH SPECIAL REFERENCE TO FAIRNESS CREAMS FOR MEN” Synopsis of the project report to be submitted in partial fulfillment of the requirement for the degree of master of business administration. SYNOPSIS Title: “AN EXTENSIVE STUDY ON CONSUMER BUYING BEHAVIOUR WITH SPECIAL REFERENCE TO FAIRNESS CREAMS FOR MEN” Introduction: Till the last decade it was almost unimaginable that there would be a fairness cream for men among male grooming products. As it turned out, men contributed significantly to consumption of fairness product. That shouldn't be surprising as we live in a society which is obsessed with fair skin. This phenomenon was not restricted to women and, unknown to marketers, had influenced Indian man as well. The size of Indian skincare market including creams, moisturizers and cleanser is estimated at Rs 4,750 crore. Of the total skincare market, the fairness cream market in India is estimated at Rs 2,200 crore plus. In the past few years, the men's grooming market has grown exponentially with brands launching not just the run-of-the-mill shaving gels and foams, but fairness creams, moisturizers, face washes and other grooming products targeted specifically at men, with fairness creams leading the pack. One of the major reasons behind this is that over the years, Indian male became more and more conscious of his looks, not just in the business world but also in society. A lot depended on how he presented...
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...Consumer buying process As consumers, the process nvolved in our decioin making process is a great and crucial influence to our purchase decisions. According to belch et al 2012, there are 5 fundamental stages that us as consumers go through when purcgasing a product or a service. By understanding this processes marketers inturn complement each stage with corresponding psychological aspects thus in a way guiding our product awareness to our customer loyalty. These five stages factor in two of the service buying decision making process buying models.i.e 1. The howard and sheth model 2. Kotlers buyer black box model The following are the stages for a consumer during the decision making process if one wished to acquire a new alarm system. Problem recognition The first stage would be problem recognition. This is the initial stage when a consumer perceives a need and becomes motivated to solve the problem. In this case for instance, the consumer realizes that the rate of insecurity in a certain neighbourhood has drastically increased thus perceiving the need that a an alarm system is necessity for their house. As mentioned earlier each stage has corresponding aspects that are used by marketers to get consumer attention in terms of loyalty and interest. The corresponding psychological aspect for problem recognition is motivation. Motivations are internal impulses that when stimulated initiate some type of response. Motivations can influence a consumers decision making process...
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...potential for the economy. The liberalization policies have led to continuous increase in competition which has ultimately resulted in modernization in line with the global standards as well as in substantial cut in prices. Aggressive marketing by the auto finance companies have also played a significant role in boosting automobile demand, especially from the population in the middle income group. Presently many international brands like Honda, Suzuki, etc. are competing with Indian brands such as Bajaj, Enfield etc. to capture Indian markets. These aggressive marketing strategies have resulted in making the consumer the major key for success in the industry. Each product offering is now designed to meet and exceed the expectations of the consumer. But understanding consumer behavior and knowing consumers is never simple. And it is more difficult that to understand what a consumer perceives about the product. Customers may say one thing but do another. They may not being touch with their deeper motivations. They may respond to influences that change their minds at the last moment. THEORETICAL BACKGROUND OF STUDY Market The term market may be considered as a convenient meeting place where buyers and sellers gather together for the exchange of goods and services. Market means a group of people having unmet wants, purchasing power to make their demand effective and the will to spend their income to fulfill...
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...What is Consumer Buying Behavior? Definition of Buying Behavior: Buying Behavior is the decision processes and acts of people involved in buying and using products. Need to understand: * why consumers make the purchases that they make? * what factors influence consumer purchases? * the changing factors in our society. Consumer Buying Behavior refers to the buying behavior of the ultimate consumer. A firm needs to analyze buying behavior for: * Buyers reactions to a firms marketing strategy has a great impact on the firms success. * The marketing concept stresses that a firm should create a Marketing Mix (MM) that satisfies (gives utility to) customers, therefore need to analyze the what, where, when and how consumers buy. * Marketers can better predict how consumers will respond to marketing strategies. Stages of the Consumer Buying Process Six Stages to the Consumer Buying Decision Process (For complex decisions). Actual purchasing is only one stage of the process. Not all decision processes lead to a purchase. All consumer decisions do not always include all 6 stages, determined by the degree of complexity...discussed next. The 6 stages are: 1. Problem Recognition (awareness of need)--difference between the desired state and the actual condition. Deficit in assortment of products. Hunger--Food. Hunger stimulates your need to eat. Can be stimulated by the marketer through product information--did not know you were deficient? I.E., see a commercial for a...
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...CONSUMER BUYING BEHAVIOR Factors which affect a consumer's buying behavior includes Social factors are those factors which are induced by other people with whom the consumer is in contact with by one way or the other and have affect on the consumers buying behavior. These social factors can arise from culture, subculture, family and roles, reference groups and social class. Psychological Factors Psychological factors are an important part of the decision process. These are inherent to an individual and usually generate forces which affect his buying behavior. These forces include perception, motives, attitudes, learning and personality. Personal Factors Personal factors are those factors which are unique to an individual. These have been acquired over a period of time by the consumer and influence a person’s buying behavior. PURCHASE PROCESS A buying process of a consumer is quite a complex matter wherein several internal and external factors come into play together to form a buying decision. While consumers may not think too much while buying low valued products as those products are bought on an impulse, but for higher valued products, customers would go through several stages which are discussed as below. Sometimes, the process can be quite lengthy and may many different social, psychological and personal factors. Impulsive buying on the other hand are spot on and the companies behind such low valued products that generally trigger an impulse buying may...
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...MARKETING I GROUP ASSINGNMENT [1] UnderstandingConsumer Buying Behaviour through Observation Report Submitted to: Instructor: Prof. Saral Mukherjee Academic Associate: By: Group 12, Section C RishabhBhansali Srishti Shaw Darla Sravan Rahul Dalia Ravish Vasan PrashantYadav On 13 August 2012 OBSERVATION OF CONSUMER BUYING BEHAVIOUR CATEGORY #1: Multi Brand Store SHOP: Croma, Himalaya Mall, Ahmedabad The retail shop had a wide range of products including electronic items, mobile phones and home appliances. The section dedicated to mobile phones featured handsets of major brands like Apple, Samsung, Nokia, HTC, Sony and Motorola. Customers had a wide range of models to choose from in each of these brands. Individual brands were segregated from each other and within most brands the price of handsets varied considerably ranging from a few thousands for the low end phones to nearly half a lakh for the latest models of the premium brands. We observed the buying behaviour of some customers in the showroom, summary of which is given below: * Some college students had arrived in groups. They dabbled with the latest models of different brands. They appeared to be cognizant of most of the newer features in the brands they were looking at. However, it was quite clear that they had no intention of buying anything. They did not enquire about the prices, spent not more than 5 minutes on a particular brand and mostly seemed interested in the cursory features of the handsets...
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...Netherlands. Keywords Internet marketing, Worldwide web, Online operation, Consumer behaviour, Buying behaviour The consumers” buying behavior has been always a popular marketing topic, extensively studied and debated over the last decades while no contemporary marketing textbook is complete without a chapter dedicated to this subject. The predominant approach, explaining the fundamentals of consumer behavior, describes the consumer buying process as a learning, information-processing and decision-making activity divided in several consequent steps: (1) Problem identification. (2) Information search. (3) Alternatives evaluation. (4) Purchasing decision. (5) Post-purchase behavior (Bettman, 1979; Dibb et al., 2001; Jobber, 2001; Boyd et al., 2002; Kotler, 2003; Brassington and Pettitt, 2003). A distinction is frequently made between high and low involvement purchasing, implying that in practice the actual buying activity can be less or more consistent with this model, depending on the buyer’s perceived purchasing risks. High or low degree of involvement is also a question of buyer experience; products purchased for the first time, in general, require more involvement than frequently purchased products (Boyd et al., 2002). Next to identifying the steps of the buying process and the potential role of marketing in each stage, marketers are eager to comprehend how purchasing choices and decisions are made, how consumers are likely to react to innovation and how to predict the outcome of...
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...AFFECTING CONSUMER BUYING BEHAVIOR. OVERVIEW The discussion in this part focuses on the critical literature review on the study of the factors affecting consumer buying behavior. Matters addressed in this discussion are, introduction on the relevant terms, significance of the consumer buying behavior to performance of business, theoretical and empirical literature reviews on the study as well as the conclusion which contains what has not been done by other researchers. INTRODUCTION Consumer Buying Behavior is the tendency of consumers to buy products from a company. It determines the various factors that influence a consumer to make a decision of buying the company’s products. Buyer Behavior is a process, which through inputs and their use though process and actions leads to satisfaction of needs and wants Consumer buying behavior has numerous factors as a part of it which are believed to have some level of effect on the purchasing decisions of the customers It is worth noting that consumer buying behavior is studied as a part of the marketing and its main objective it to learn the way how the individuals, groups or organizations choose, buy use and dispose the goods and the factors such as their previous experience, taste, price and branding on which the consumers base their purchasing decisions. We study consumer buying behavior...
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...A Study on How Celebrity Endorsers of Bench and Penshoppe Affect the Buying Behavior of Assumption Communication Students A Thesis Presented to The Department of Communication Assumption College In Partial Fulfillment of the Requirement For the Degree of Bachelor of Communication Major in Advertising Stephanie Rae D. Galeos Rameya Christelle C. Ramoso February 18, 2013 Chapter 1 The Problem and the Review of Related Literature Background of the Study Advertising is predominant to everyone. People are bombarded with advertisements. They rely on it; it makes their lives easier. Easier because they can get information from all the types of advertisements they see and hear everyday – print, billboards, online, television, radio, etc. Advertising can be perceived as an answer to one’s needs (basic and daily necessities) and wants (what they buy, but they do not need). Each of us is different, so we all have our perceptions toward a brand/product or other advertisements we see or hear. However, companies still look for the real reason why consumers buy, what they buy, and when they buy. This is because it will help them know what brand/product or service to offer in order to satisfy them, and possibly maybe, let them become loyal buyers/users. Consumers buy as they aim to satisfy their needs and wants. Consumer needs are their basic and daily necessities, while wants are the things they buy, but they do not really need, those which will improve/enhance...
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...As we prepare for our annual elections I thought I would give you all a little background on the RLI training, as you are aware, the training sessions scheduled for this year was cancelled due to low registration numbers. So what is RLI? The Rotary Leadership Institute (RLI) is a multi-district, grassroots leadership development program of member districts organized into regional divisions in various parts of the world. What is the mission of the Rotary Leadership Institute? To strengthen Rotary clubs through quality leadership education. It is not an official program of Rotary International and is not under its control. The Institute seeks to have Rotary Clubs in member districts identify those Rotarians who seem to have the potential for future club leadership (not necessarily as club presidents) and, provide those so identified with a quality education in Rotary knowledge and leadership skills. In fact all active Rotarians are encouraged to participate in the training. It is agreed throughout the Rotary world that the success or failure of a Rotary Club primarily depends on the quality of the club’s leadership. The RLI offers Rotary knowledge courses in three sessions which are designed to provide leadership skills while advancing Rotary knowledge and understanding. There are three parts. Part I - “THE ROTARIAN” – focuses on your introduction to the RLI experience. The emphasis is placed on providing an overview of Rotary programs. Part II -...
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...6 | June 2013 • ISSN No 2277 - 8160 Research Paper Management Consumer Buying Behaviour towards Agriculture Culture Inputs: An Empirical Study in Rural Area of Bardoli Dharmraj Solanki Nilay V. Panchal Pratik Desai ABSTRACT Asst. Prof., Department of Management, B.V.Patel Institute of BMC & IT, Uka Tarsadia University,Tarsadi,Bardoli. Asst. Prof., Department of Commerce, B.V.Patel Institute of BMC & IT, Uka Tarsadia University,Tarsadi,Bardoli. Asst. Prof., Department of Accountancy, DRB Commerce College,Veshu,Bharthan,Surat. This paper aims to identify the factors that affect consumers purchasing behavior towards Agriculture inputs like fertilizer, seeds, agrochemicals, oils and lubricants etc. Buying behavior refers to the act of consumers obtaining and using goods and services and the decision process that determines these acts. Buying decision is a set of many decisions which may involve a product, brand, style, quality, dealer, time, price and mode of payment. Price is the most important consideration at the time of purchasing agriculture inputs followed by packaging and branding, fair billing and home delivery are considered relatively less important. An attempt had been made to find out the problems faced by the farmers and this study will also help to understand the factors affecting the buying behavior of farmers toward Agriculture inputs. KEYWORDS: Agriculture Inputs, farmers, buying behavior INTRODUCTION Agriculture inputs are broadly classified into...
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...Market research on Consumer buying behavior Of Lipstick Submitted by Group 3 Shikha Ashwitha Harini Jayanth Pradeep Shreyas Index 1. CONCEPT * Consumer Behavior 2. RESEARCH METHODOLOGY 3. DATA ANALYSIS * Understanding Consumer Behavior * Understanding Brand Preference * Other observations 4. RECOMMENDATIONS 5. Bibliography CONCEPT CONSUMER BUYING BEHAVIOUR: What influences consumers to purchase products or services? The consumer buying process is a complex matter as many internal and external factors have an impact on the buying decisions of the consumer. When purchasing a product there are several processes, which consumers go through This model is important for anyone making marketing decisions. It forces the marketer to consider the whole buying process rather than just the purchase decision (when it may be too late for a business to influence the choice!) The model implies that customers pass through all stages in every purchase. However, in more routine purchases, customers often skip or reverse some of the stages. For example, a person buying a favourite hamburger would recognise the need (hunger) and go right to the purchase decision, skipping information search and evaluation. However, the model is very useful when it comes to understanding any purchase that requires some thought and deliberation. The buying process starts with need recognition. At this stage, the buyer recognises a problem or need (e...
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