Consumer Purchasing Behavior - Coursework Example

Consumer Behavior University Student Id Course Date Part A Introduction The understanding of the feelings and reasons for making purchases by the consumers are crucial in formulating marketing strategies. The behavior of consumers is influenced by cultural factors, media, and the environment among other factors. Organizations have to ensure that all members got sufficient knowledge concerning the behavior of the consumers in the market when shopping. The knowledge concerning the purchasing behavior of the consumers can include the knowledge concerning how the consumers do rank the products when making purchasing decisions. As a result, marketing strategies adopted in organizations need to consider the purchasing behavior of the consumers (Hawkins, Best, and Coney, 2010). Considering the purchasing behavior of the consumers can be crucial in ensuring that the marketing strategies adopted can achieve the set objectives. The consumer behavior is dynamic making it necessary for organizations to conduct market research aiming at gaining sufficient knowledge concerning the purchasing behavior of consumers. Consumer purchasing behavior Marketing strategies of organizations do consider the purchasing behavior of the consumers in the market to be aware of the strategies that they can employ to assist in increasing the sales volume and market share. Failing to know the purchasing behavior of the consumers can easily result in loss of market share as the set objectives cannot be achieved. Many organizations have been ensuring that research is conducted to assess the changes in the purchasing behavior of the consumers (Koufaris, 2002). Ensuring that the purchasing behavior of the customers is known in the process of coming up with marketing strategies can assist in making organizations competitive in the market. This is because they can be in a position to deliver products that can meet the needs of the consumers. Besides, the brand image of the company can be improved by ensuring that an organization satisfies the expectations of the consumers that can be possible by considering the behaviors of the consumers when they are making purchases. The increased level of competition in the market can be attributed to the need for an organization to ensure that the purchasing behavior of customers is known. Companies are using the purchasing behavior of consumers to achieve competitive advantages (Nelson, 2002). The consideration of the purchasing behavior of the consumers has led to changes to the marketing strategies as many organizations are now tailoring their strategies to accommodate the changes in the purchasing behaviors of the consumers. The technological changes in the market are also affecting the consumer purchasing behavior as the preferences of the consumers is changing. The rapid changes in the purchasing behavior have been the major problem with the marketing strategies. The changes can be attributed to the increasing technology adoption by many organizations leading to changes in the products and services. Competition has intensified as many organizations are coming up with innovative ways of meeting the needs of the consumers (Hawkins, Best, and Coney, 2010). As a result, the consumers purchasing behavior has been changing due to many products that are being launched in the market by organizations in the process of gaining a larger market share. Many features that are competitive are designed in the process of achieving competitive advantages making the consumers have various factors they consider in products before making purchases. As a result, the marketing strategies are being changed to meet the changes in the consumer taste for products. The previous research on consumer behavior has not been considering the effects of changes in the preferences of the consumers on their purchasing behavior. Despite the impacts of the changes in the consumer preferences and purchasing behavior on the marketing strategies, little has been done by previous researchers. These changes taking place in the consumer preferences have been affecting the buying behavior of the consumers hence creating the need to consider these changes in the process of formulating and implementing the marketing strategies (Koufaris, 2002). For instance, in the service industry quality has been affecting the consumer purchasing behavior of the consumers are now looking for the organizations that are offering high-quality products. As a result, the marketing strategies of many organizations are now considering the quality aspects of products. Besides, the consumers are looking for the organizations that can guarantee excellent service encounter and realize the value of their money. The marketing strategies that have been failing to consider the consumer preferences are likely to result in poor performance of organizations. Conclusion Therefore, the marketing strategies in organizations are being affected by the purchasing behavior of customers as the changes in the consumer behavior are considered in the market strategy formulation. The changes taking place in the consumer behavior has led to the dynamism of the marketing strategies were organizations adjust their marketing strategies to meet the changes in the consumer needs. Organizations are considering the purchasing behavior of the consumers in the process of achieving increased market share. The increased in the market share and competitive advantages by the organizations considering the purchasing behavior of the consumers can be associated with the resulting benefits. For instance, considering the purchasing behavior of the consumers in marketing strategies can assist in building the brand image of the organizations as such organizations can be in a position to deliver products that are demanded. It is through the knowledge of the purchasing behavior of the consumers that an organization can ensure that it is aware of the products that are needed in the market. As a result, an organization can adjust its marketing strategies to deliver products that meet the expectations of the consumers. Part B The purchasing behavior of the consumer does affect the marketing strategies in organizations. However, the purchasing behavior of the consumers is said to change with the age of the consumers. For instance, the young consumers are likely to get interested in the products that are luxurious hence organizations that do target the young generation ought to ensure that they offer products that are luxurious. Failing to offer such products can make the marketing strategies irrelevant in the targeted market leading decrease in the market share. A target market comprised of 18 to 25 years old females is likely to be characterized by the need for stylish products. As a result, the companies targeting such customers are forced to ensure that they market stylish products that are demanded by the targeted customers (Hawkins, Best, and Coney, 2010). Besides, the young females within that age bracket are looking for products that can meet their level of social status due to their personality. As a result, the companies that are targeting the female customers who are between the ages of 18 years to 25 years need to ensure that they are in a position to market products that are suitable for the target market. For instance, the companies targeting these customers need to tailor their products meet the needs of these customers by offering stylish and classic products. Besides, keeping pace with the changes is crucial in ensuring that the products offered to the customers are relevant in the market. These targeted customers are likely to affect the marketing strategies employed in various ways that can be affected by the various factors affecting the purchasing behavior of the customers (Solomon, 2014). Some of the factors that affect the purchasing behavior of these targeted female customers between the ages of 18 years to 25 years can include cultural, personal, social, and psychological factors. These factor affecting the purchasing behavior of the customers do affect the marketing strategies, as companies need to consider these factors in the process of formulating and implementing their marketing strategies. Cultural factors Culture involves understanding individuals’ needs and behaviors and with an individual’s influence by family, friends or cultural environment, they are taught behaviors that are common to their culture. Sub-cultures in the society are considered by brands of market segmentation to adapt product or communication plan in its values and needs (Nelson, 2002). In social classes, people differ in their desires and patterns of consumption where this disparity causes purchasing power difference. Cultural trends affect consumer behavior and shopping habits leading to release of new products or be a source of brand innovation. Social factors In social factors, reference groups do influence individuals’ interests to be in this group like members or intends to buy same products. Social roles and status influence the behavior of the consumer and purchasing decision of the consumer (Koufaris, 2002). The family also plays a role in the socializing environment for an individual by shaping his personality, acquiring values, and developing his opinions and attitudes on various subjects. Personal factors Considering age and way of life, Consumers behavior and lifestyle evolves throughout the life, and he will not buy the same products or services in all years. The disposable income determines the purchasing power of an individual (Seminar, 2007). Personality and self-concept influence individual by making choices of being in daily life and also purchasing habits as a consumer. Psychological factors Motivation drives consumer’s morale by pressing him on want to satisfy the purchasing behavior. Learning changes individual’s behavior by acquiring information and experience (Peter, Olson, and Grunert, 2009). Beliefs and attitudes influence consumer’s buying behavior and also develop behavior against similar objects and ideas. References Hawkins, D.I., Best, R.J. and Coney, K.A., 2010. Consumer behavior. Implications for marketing strategy, 5. Koufaris, M., 2002. Applying the technology acceptance model and flow theory to online consumer behavior. Information systems research, 13(2), pp.205-223. Nelson, P., 2002. Information and consumer behavior. Journal of political economy, 78(2), pp.311-329. Peter, J.P., Olson, J.C. and Grunert, K.G., 2009. Consumer behavior and marketing strategy (pp. 122-123). London: McGraw-Hill. Seminar, C.B., 2007. Affect generalization to similar and dissimilar brand extensions. Psychology and Marketing, 4(3), pp.225-237. Solomon, M.R., 2014. Consumer behavior: Buying, having, and being. Engelwood Cliffs, NJ: prentice Hall. Read More