CONSUMER BEHAVIOR Consumer behavior This is an interview report between me and a purchaser. The purchased item is a low-priced and utilitarian. What does the shopping experience represent for the consumer? The consumer’s attraction to purchases is most of the times governed by hedonic shopping motives and an optimal level of stimulation sought through seller’s price. Consumers are always rational and may be divided into segments that seek different levels of stimulation. These levels of stimulation are achieved through different levels of patterns. According to the consumer whom I had the honour to interview, he derives utility from the thrill of seeking out bargains.
Considering the fact that product in question is low-priced and utilitarian, the consumer argued that he had to see the product offered at full priced in order to experience the excitement of findings of the product. Another motivating factor according to the consumer is the optimal level of stimulation (OSL). I may link these motivating factors by resorting to some of Aristotle’s ideas on the nature of a happy and satisfying life. According to Aristotle, humans are rational beings and that a human life is basically rational activity.
This means that human beings live their lives by making choices based on reasons and then acting on those reasons. The interviewed consumer proved this argument by stating that his choice was motivated by beliefs and desires. How did you get the information about the product? Utilitarian goods are purchased and used frequently and are regular part of the consumer’s life. This allows the consumer to be price sensitive towards them. Basic needs, if not satisfied, result to inadequacy and deficiencies for an individual to meet his or her basic needs.
According to the theory of human good, consumers sometimes experience an involvement in the shopping process which far exceeds a detached effort desired products in an efficient and cost-effective manner. The consumer interviewed relates to this theory and claims that information about the product is guided by the basic needs. Therefore, he claims that he has nowhere particular to obtain the information about the good or rather he buys the good frequently as a way of satisfying his needs.
Basically, his argue to satisfy his needs forms the source of the information. What factors do you consider when evaluating the alternatives? Accessibility and availability deficits with iniquitous distribution have resulted to high prices for basic goods. As a result, there is existence of various alternatives in the quest for satisfaction of basic needs. According to the consumer interviewed, as much as the good he purchased is low-priced, sometimes he might be forced to go for high priced substitutes because of accessibility and availability. In other words, the concept of opportunity cost can be adopted, whereby the consumer goes for the next best alternative.
The consumer claims that he can sometimes be willing to pay more in order to satisfy his needs. However, being a rational consumer he has to evaluate all the alternatives and goes for the best product that will satisfy his need considering price and his level of want. How do you make you decisions and choice? There is considerable evidence that many decisions originates from significantly rational expected-value models of choice. According to the Prospect Theory, there are several departures from strict rationality.
The rational consumer tends to be relatively indifferent to small risks involved during the shopping process. If the consumer predicts a high-low retailer to offer a lower average cost of products that he/she typically purchases, he/she will prefer this shopping outlet compared to an alternative outlet which offers lower on-sale prices, but fails to provide deep sales to bring down average prices. According to the interviewed consumer, he is willing to shop with certainty that while he might not be subjected to the best price available in the area at the time, the price he pays for the product is likely be considerably less than those offered at competing stores only offering low prices limited, relatively unpredictable periods in time.
This is a fact because many sellers strongly indicate in their adverts that while no retailer can provide the lowest price on all times, they provide the lowest price on the overall basket of goods purchased. Therefore, the variable is the interest of the rational consumer. Considering all these factors, the consumer argues that his decision to buy the product was majorly influenced by the level of satisfaction he will receive. Post decision process Considering the fact that the good in question is a utilitarian good, the consumer does not have much to offer after the purchase or rather the consumption takes place.
The consumer argues that he will come back for the good whenever he wants to satisfy his needs. Work cited Hawknis, Del I, David L. Mothersbaugh, and Amit Mookerjee. Consumer Behavior: Building Marketing Strategy. New Delhi: Tata McGraw Hill, 2011. Print.