Consumer Buying Behavior and Influencing Factors

Abstract

In this paper, three important aspects have been discussed in detail i.e. factors that have their influence on consumer buying decision process, the companies which are using the most successful techniques of marketing, and the ones which are poorly marketing their brands. So overall, this paper is based on consumer behavior and the role of advertisement in generating more sales, and other factors which influence the buying decision have been discussed in detail.

Consumer behavior is a phenomenon in which consumers go to market, evaluate different alternatives for their needs, and then choose the final product to buy. But this is not a simple process as it seems to be, there are a lot of factors that influence the buying behavior of consumers. These factors initially include attributes like price, color, size, shape, aesthetics, design, packaging, etc. Dalal, Lee, and Sabavala, (1984) suggest that awareness of various consumer preferences is one of the first steps in understanding the factors which have a direct impact on consumer behavior, and the efficient designing of the product. So, the purpose of this paper is to examine the relationships that exist among customer’s experiences, preferences, perceptions, and the final choice to purchase chosen products.

Along with the primary factors which influence the consumer’s behavior certain secondary factors take part in the final decision of the product purchase and these are brand name, market value, content or ingredients, opinion of other buyers, accessibility, etc and all these factors play a significant role during the process of decision making for buying any specific product.

These days, advertising is considered a multi-billion industry, which employs thousands of individuals, and they keep on affecting billions of consumers globally. Why they are doing so? Because they know that advertising plays a key role in generating sales of any specific product. The advertising field has boosted tremendously in the last few years and is more influential than ever. It has become the biggest challenge for the companies to differentiate themselves from their competitors by creating even more influential, attractive, entertaining, and innovative advertisement messages for their customers. Examples of these companies which spend huge resources on their marketing strategies in order to be a dominant player in their industry include the Coca-Cola Company, PepsiCo, Mc Donald, KFC, Domino’s, etc.

All these companies are using extensive marketing strategies for the success of their products in their target markets (Wu and Chen, 2000). Their marketing techniques are so powerful that customers can’t avoid repurchasing products of these companies. The basic factors may include quality assurance, customer satisfaction, product customization, ontime deliveries, etc. All these aspects including other related aspects are evaluated and enhanced each year in order to increase the effectiveness of their marketing techniques. By having acknowledgment about these factors, companies can gain a full understanding of several international and local factors affecting consumer preferences in a market.

Some companies don’t pay proper attention to their marketing and promotion segment. These companies may include Caway Golf Company, Cost plus.Inc, and Elanex, etc. Although these companies are running in the US still don’t pay attention to utilizing proper marketing techniques for the success of their products, even though they know that by using those techniques their products might sell much quickly as compared to the existing statistics of its sales.

Worldwide advertisement, promotion, and global sponsorship persuade the consumers’ target group in diverse ways, but they also influence international brands in a way that affects brand equity and brand image. Furthermore, relying on a segment based on consumer’s age, customers analyze brands in different ways, but also in combination with advertisement and other attributes of the products as mentioned earlier. Mutually, all these factors influence the way in which the products are perceived and consequently influence consumer buying decisions.

Reference

Dalal, S., Lee, J., & Sabavala, D. (1984). Prediction of individual buying behavior: A poisson-bernoulli model with arbitrary heterogeneity. Marketing Science, 3(4), 352-367

Wu, C. & Chen, H. (2000). Counting your customers: Compounding customer’s in-store decisions, interpurchase time and repurchasing behavior. European Journal of Operational Research, 129(1), 109-119.

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NerdyRoo. (2021, November 21). Consumer Buying Behavior and Influencing Factors. Retrieved from https://nerdyroo.com/consumer-buying-behavior-and-influencing-factors/

Work Cited

"Consumer Buying Behavior and Influencing Factors." NerdyRoo, 21 Nov. 2021, nerdyroo.com/consumer-buying-behavior-and-influencing-factors/.

1. NerdyRoo. "Consumer Buying Behavior and Influencing Factors." November 21, 2021. https://nerdyroo.com/consumer-buying-behavior-and-influencing-factors/.


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NerdyRoo. "Consumer Buying Behavior and Influencing Factors." November 21, 2021. https://nerdyroo.com/consumer-buying-behavior-and-influencing-factors/.

References

NerdyRoo. 2021. "Consumer Buying Behavior and Influencing Factors." November 21, 2021. https://nerdyroo.com/consumer-buying-behavior-and-influencing-factors/.

References

NerdyRoo. (2021) 'Consumer Buying Behavior and Influencing Factors'. 21 November.

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