Factors Influencing Customer Buying Decisions – A Case Study
Factors Influencing Customer Buying Decisions – A Case Study
Abstract
The term 'marketing' is not a new concept in the world. As a result, it has become a focal point for any business enterprise. It's impossible to move commodities from a production to a consumption point without putting the marketing machinery to work! Consumers, whether they are buying durables or non-durables, want to maximize their consumer surplus while also satisfying their wants. The marketers, on the other hand, are constantly striving to maximize their profit margins in order to ensure their long-term survival and growth. Producers and consumers must find a middle ground that allows for a profitable and satisfactory exchange of goods. As a result, marketers rely heavily on consumer behavior research studies to determine how best to position their product planning and development strategies.
Introduction
Successful profit-making is only possible for companies with an effective marketing strategy that provides the right marketing mix (product, price and promotion) to prospective customers for their products. When a company launches a new product, it is responsible for creating a suitable marketing mix. In this way, the product, whether it's long-lasting or not, becomes the most important part of any marketing campaign. In the meantime, it is difficult for any marketing manager to formulate and implement an appropriate marketing strategy for his products in a highly competitive (domestic or foreign) market. Compared to industrial markets, the ultimate consumer markets are more complex due to the size of the potential target markets and number of potential customers.
Conclusion
Consumer decision-making differs depending on the type of purchase. Durable purchases are likely to involve more buyer deliberation and more participants than complex and expensive purchases. Involvement in decision-making by buyers has a significant impact on the degree of differences and preferences among brands. Advertisement, previous experience, retailer recommendations, etc. are just a few of the many factors that cause consumers to make brand preferences among durables.
In this context, a study of consumer buying behavior, especially in the area of durables, is vital. To some extent, these efforts shed light on the process by which people decide what to buy or use and then dispose of in order to satisfy their wants, needs, and aspirations.
Comments
Post a Comment