The paper "Moderators of Consumer Gold Buying Behavior" is a great example of a Marketing Case Study. The buying behavior of consumers involves the processes that a buyer goes through in order to acquire goods and services (Onditi, 2013). The behavior involves a decision-making process whereby there is a pattern that precedes the process, determines the process and eventually succeeds in the process. The decision making enables customers to acquire products and services that ultimately satisfy their needs (Zeithaml 2012). There are different elements that altogether contribute to the process and these are such as psychological elements, sociological elements and economic elements (Kotler 2012).
This retrospect paper seeks to discuss the buying behavior of consumers who purchase gold. The retrospect paper is based on gender, personal income, and nationality as the moderators of gold buying behavior. Gold is a precious metal and it has been valued for years by different cultures, nations, and states for its purity and potential to generate wealth. Gold has been used and still continues being used as a form of currency and object of beauty.
The established buying power that gold possesses and its fundamental value characteristics make it a worthy investment. The demand for gold has been high for over thousands of years thus it is vital to appreciate the factors that moderate the trade of gold (Godbole 2014). Consumers usually go through a buying decision process which has five stages and is inclusive of the moderators discussed in this paper. A consumer recognizes a need that is present then searches for information regarding the need. The consumer then evaluates the alternatives that are available for the need presented and makes a decision to purchase a product or service that will satisfy the need.
The consumer then assesses the result of using the product or experiencing the service through post-purchase behavior. The following sections address the moderators of the buying behavior of gold. Gender and Gold Buying Behavior Based on factors such as psychological factors, biological factors, and social factors, men and women portray different types of behavior when buying. These are not the only factors that affect the buying behavior as the upbringing of different genders and the process of socialization with peers and other members of the society to a huge extent influences behavior.
Gender plays a vital role in the behavior of consumers as the needs, expectations and lifestyles of the genders have large variances. Females are more inclined to be risk-averse in that information is sought on the products and services that are to be bought and comparison with other products and with other people who have bought a similar product is usually made. Men, on the other hand, seek to use the minimum time possible to purchase what is needed and be done with the process (Gupta 2013).
Women mostly buy fashion-based items to enhance their appearances while men seek to buy clothing or other accessories because they are in need of them. As much as the factors of the cultural value of the item being bought and its economic aspect are put into consideration the reasons why the two genders buy gold greatly differ (Gupta 2013). Women mostly buy gold due to its fame and popularity and the fact that when adorned it adds a spectacular touch of class.
In India for instance, most festivities have decorations that are inclusive of gold and many families would thus be obliged to purchase them as a show of class (Godbole 2014). Men base their interest in the purchase of gold mostly as a form of accumulating wealth. They sometimes wear them as jewelry; throughout or during festivities. Most men also regard an interest in the larger investment of gold such as merchandising as it is among the most profitable jewel business globally.
These differences explain the varied decisions that men and women make during purchase such as the appearance of the metal (Godbole 2014).
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