Goods and Services for the Satisfaction of Their Wants - Free Essay Example

Sample details Pages: 6 Words: 1662 Downloads: 9 Date added: 2017/09/18 Category Business Essay Type Argumentative essay Tags: Consumer Rights Essay Did you like this example? Consumer behavior Consumer behavior refers to the selection, purchase and consumption of goods and services for the satisfaction of their wants. There are different processes involved in the consumer behavior. Initially the consumer tries to find what commodities he would like to consume, then he selects only those commodities that promise greater utility. After selecting the commodities, the consumer makes an estimate of the available money which he can spend. Lastly, the consumer analyzes the prevailing prices of commodities and takes the decision about the commodities he should consume. Meanwhile, there are various other factors influencing the purchases of consumer such as social, cultural, personal and psychological. The explanation of these factors is given below. 1. Cultural Factors Consumer behavior is deeply influenced by cultural factors such as: buyer culture, subculture, and social class. †¢ Culture Basically, culture is the part of every society and is th e important cause of person wants and behavior. The influence of culture on buying behavior varies from country to country therefore marketers have to be very careful in analyzing the culture of different groups, regions or even countries. Subculture Each culture contains different subcultures such as religions, nationalities, geographic regions, racial groups etc. Marketers can use these groups by segmenting the market into various small portions. For example marketers can design products according to the needs of a particular geographic group. †¢ Social Class Every society possesses some form of social class which is important to the marketers because the buying behavior of people in a given social class is similar. In this way marketing activities could be tailored according to different social classes. Here we should note that social class is not only determined by income but there are various other factors as well such as: wealth, education, occupation etc. 2. Social Fa ctors Social factors also impact the buying behavior of consumers. The important social factors are: reference groups, family, role and status. †¢ Reference Groups Reference groups have potential in forming a person attitude or behavior. The impact of reference groups varies across products and brands. For example if the product is visible such as dress, shoes, car etc then the influence of reference groups will be high. Reference groups also include opinion leader (a person who influences other because of his special skill, knowledge or other characteristics). †¢ Family Buyer behavior is strongly influenced by the member of a family. Therefore marketers are trying to find the roles and influence of the husband, wife and children. If the buying decision of a particular product is influenced by wife then the marketers will try to target the women in their advertisement. Here we should note that buying roles change with change in consumer lifestyles. †¢ Roles and Sta tus Each person possesses different roles and status in the society depending upon the groups, clubs, family, organization etc. to which he belongs. For example a woman is working in an organization as finance manager. Now she is playing two roles, one of finance manager and other of mother. Therefore her buying decisions will be influenced by her role and status. 3. Personal Factors Personal factors can also affect the consumer behavior. Some of the important personal factors that influence the buying behavior are: lifestyle, economic situation, occupation, age, personality and self concept. Age Age and life-cycle have potential impact on the consumer buying behavior. It is obvious that the consumers change the purchase of goods and services with the passage of time. Family life-cycle consists of different stages such young singles, married couples, unmarried couples etc which help marketers to develop appropriate products for each stage. †¢ Occupation The occupation of a p erson has significant impact on his buying behavior. For example a marketing manager of an organization will try to purchase business uits, whereas a low level worker in the same organization will purchase rugged work clothes. †¢ Economic Situation Consumer economic situation has great influence on his buying behavior. If the income and savings of a customer is high then he will purchase more expensive products. On the other hand, a person with low income and savings will purchase inexpensive products. †¢ Lifestyle Lifestyle of customers is another import factor affecting the consumer buying behavior. Lifestyle refers to the way a person lives in a society and is expressed by the things in his/her surroundings. It is determined by customer interests, opinions, activities etc and shapes his whole pattern of acting and interacting in the world. †¢ Personality Personality changes from person to person, time to time and place to place. Therefore it can greatly influenc e the buying behavior of customers. Actually, Personality is not what one wears; rather it is the totality of behavior of a man in different circumstances. It has different characteristics such as: dominance, aggressiveness, self-confidence etc which can be useful to determine the consumer behavior for particular product or service. . Psychological Factors There are four important psychological factors affecting the consumer buying behavior. These are: perception, motivation, learning, beliefs and attitudes. †¢ Motivation The level of motivation also affects the buying behavior of customers. Every person has different needs such as physiological needs, biological needs, social needs etc. The nature of the needs is that, some of them are most pressing while others are least pressing. Therefore a need becomes a motive when it is more pressing to direct the person to seek satisfaction. †¢ Perception Selecting, organizing and interpreting information in a way to produce a m eaningful experience of the world is called perception. There are three different perceptual processes which are selective attention, selective distortion and selective retention. In case of selective attention, marketers try to attract the customer attention. Whereas, in case of selective distortion, customers try to interpret the information in a way that will support what the customers already believe. Similarly, in case of selective retention, marketers try to retain information that supports their beliefs. Beliefs and Attitudes - Customer possesses specific belief and attitude towards various products. Since such beliefs and attitudes make up brand image and affect consumer buying behavior therefore marketers are interested in them. Marketers can change the beliefs and attitudes of customers by launching special campaigns in this regard. READYMADE GARMENTS 1) Raymond’s 2) Van Heusen 3) Levis Strauss 4) Wrangler 5) Lee 6) Pepe Jeans 7) Wills Lifestyle 8) Westside 9) Spyka r 10) BlackBerry This particular service is purchased or selected as it is the most important and basic necessity of our daily life. Clothes are required to human being on an daily basis and now a days new and new companies are coming up due to globalization which further has effected this market a lot and had earned a lot of revenue in it. We require daily new varieties of clothes to wear to look different from others and as well as we have to go with fashion and world. As readymade garments sector is growing and it had a lot of options for everyone from men’s, women’s to children. A lot of stores or particular outlet have been opened if one has to buy of particular good he/she will check the quality, durability and comfort in whatever he/she wear. And preferably go with that and will stick to that particular store or outlet. Further these sector provides an immense type of performance as it is growing it takes full care of customers in fulfilling their desire a nd choice. These markets are full aware of what the customer need what are their preferences so as to keep them happy and maintain a bond and loyalty with them. Many customers has decided their particular outlet or store and now a days as the brands have came in the market they are playing an immense role in this particular sector. Brands have created their own image in front of the consumers as they provide with best quality product with durability customer service and satisfaction after buying. Example: In our day to day life its an individual behavior that he/she will go for brands most of the time as it gives their personality and a stand in the society. In metros brands have created a major role. Also its our human tendency to ask that where have you purchased this particular garment? Is that shop good and trustworthy? All this type of questions shows how the consumer is behaving with the market which is been provided to him. This industry or market provides a vital condi tion to the consumer as if ones the trust is broken then the outlet or a particular company from which the consumer was buying is out of the list from his choice and option. Thus they should provide service of better quality, safety and security of consumer durables as they have to maintain an relation with them. Goods or services rendered should be properly charged not too much high or expensive. If the relation is not maintained then the consumer can switch on to next brand or company or outlet. As the consumer wants change in his lifestyle also. Further he/she will try out different brand in the market which is providing them with better facilities and all the factors which are related for the consumer behavior and to satisfy their needs. The selection of stores or outlet is been done very carefully as it help later on in performing tasks and other functions. If it is not made of immense in nature then brand switching and loyalty will occur. Brand switching means changing o r shifting from one brand to another for satisfaction of goods and services. It also occurs because sometimes consumers get bored or frustrate by wearing the clothes of the same brand again and again. Further it disturbs the loyalty of the brand to which consumer is attached. If loyalty is not maintained then customer will not be benefited and will switch over to other brand or store. Consumer behavior reflects all the qualities which are required for establishing and choosing a company or brand. All the factors are kept in mind and the actions are taken accordingly. Don’t waste time! Our writers will create an original "Goods and Services for the Satisfaction of Their Wants" essay for you Create order