The paper "External Factors of Consumer Decision-Making" is an engrossing example of coursework on category. In the current market situation, most organizations are experiencing great competition and challenges as they respond to the changes in the functions of society and the modes of working. The survival of organizations, their effectiveness, and competitive advantage depend on the market focus, research, and responsive activities of those organizations. Many organizations are changing the technologies they apply. In regard to this change, there are factors to consider which play an important role in the different market segments.
According to Han, Nunes & Drè ze (2010), external factors that influence consumers’ behavior are very essential for the organizations to manage the risks in the market and make innovations and change their marketing approaches. When any product development takes into account external factors that influence the consumer’ s decision making, it efficiently promotes the achievement of the objectives of the business. Many luxury products are being developed and entering the market to improve other available luxury goods. To market the luxury goods, communication channels are greatly involved to ensure that the existing and new consumers are reached on time and make the right decision to purchase them. Introduction Consumers always apply their decision-making skills before, during, and after buying products.
This is the same case with the consumers of luxury goods. They have to make choices due to the many choices available in the market. External factors play an important role during this decision-making process and also the consumer’ s final decision (Vickers & Renand, 2003). After the consumers have identified their needs, they go on to search for information that ultimately helps them to evaluate the alternatives in the market and then finally they make the decision to purchase.
The consumer’ s decision to purchase is affected by factors which they don’ t have control over. This essay combines various theories and concepts and external factors to decision making. This essay will look at how external factors play part in the consumer’ s decision to purchase. This essay will also focus on public policies and consumer protection. It will be focused particularly on luxury products.
Atwal, G., & Williams, A. (2009). Luxury brand marketing–the experience is everything!. Journal of Brand Management, 16(5), 338-346.
Belk, R. (1988). Possessions and Self. John Wiley & Sons, Ltd.(companies)
Belk, R. W. (1995). Collecting as luxury consumption: Effects on individuals and households. Journal of Economic Psychology, 16(3), 477-490.
Catry, B. (2003). The great pretenders: the magic of luxury goods. Business Strategy Review, 14(3), 10-17.
de Mooij, M., & Hofstede, G. (2011). Cross-cultural consumer behavior: A review of research findings. Journal of International Consumer Marketing, 23(3-4), 181-192.
Eng, T. Y., & Bogaert, J. (2010). Psychological and cultural insights into consumption of luxury western brands in India. Journal of Customer Behaviour, 9(1), 55-75.
Gentry, J. W., Putrevu, S., & Shultz, C. J. (2006). The effects of counterfeiting on consumer search. Journal of Consumer Behaviour, 5(3), 245-256.
Han, Y. J., Nunes, J. C., & Drèze, X. (2010). Signaling status with luxury goods: the role of brand prominence. Journal of Marketing, 74(4), 15-30.
Husic, M., & Cicic, M. (2009). Luxury consumption factors. Journal of Fashion Marketing and Management, 13(2), 231-245.
Nia, A., & Zaichkowsky, J. L. (2000). Do counterfeits devalue the ownership of luxury brands?. Journal of Product & Brand Management, 9(7), 485-497.
Okonkwo, U. (2009). Sustaining the luxury brand on the Internet. Journal of Brand Management, 16(5), 302-310.
Tynan, C., McKechnie, S., & Chhuon, C. (2010). Co-creating value for luxury brands. Journal of Business Research, 63(11), 1156-1163.
Vickers, J. S., & Renand, F. (2003). The Marketing of Luxury Goods: An exploratory study--three conceptual dimensions. Marketing Review, 3(4).
Wiedmann, K. P., Hennigs, N., & Siebels, A. (2009). Value‐based segmentation of luxury consumption behavior. Psychology & Marketing, 26(7), 625-651.