Live Project on Consumer Buying Behavior on Soft Drinks BY Arijit Das Reg. No : 5027 And Nadim Ahmed Khan Reg. No : 5019 Of VISHWA VISHWANI INSTITUTE OF SYSTEMS AND MANAGEMENT Under the Guidance of Sunitha Ratnakaram Associate Professor A PROJECT REPORT Submitted to the FACULTY OF BUSINESS MANAGEMENT In partial fulfillment of the requirements For the award of the POST GRADUATE DIPLOMA IN MANAGEMENT November 2010 DECLARATION We Arijit Das and Nadim Ahmed Khan hereby declare that this project titled “Consumer Buying Behaviour”is an original work carried out by ous , under the guidance of Sunitha Ratnakaram(Associate Professor).The report submitted by ous is a bonafide work carried by ous of our own efforts and it has not been submitted …show more content…
Consumers usually have some sort of brand preference with companies as they may have had a good history with a particular brand or their friends may have had a reliable history with one, but if the decision falls between the Sony DVD or Toshiba then which one shall it be? It could be that the a review the consumer reads on the particular Toshiba product may have tipped the balance and that they will purchase that brand. 4. Purchase decision Through the evaluation process discussed above consumers will reach their final purchase decision and they reach the final process of going through the purchase action e.g. The process of going to the shop to buy the product, which for some consumers can be as just as rewarding as actually purchasing the product. Purchase of the product can either be through the store, the web, or over the phone. 5.Post Purchase Behaviour Ever have doubts about the product after you purchased it? This simply is post purchase behaviour and research shows that it is a common trait amongst purchasers of products. Manufacturers of products clearly want recent consumers to feel proud of their purchase, it is therefore just as important for manufacturers to advertise for the sake of their recent purchaser so consumers feel comfortable that they own a product from a strong and reputable organisation. This limits post purchase behaviour. i.e. You feel reassured
The first stage is problem recognition. This is where the consumer becomes aware that they need or want something. For example, say that the consumer is watching television and a commercial for new tennis shoes comes on, they now remember that they are in need of new shoes due to the fact their old ones are worn out. The second stage is information search. This stage is when the consumer thinks back to previous shoes that they have purchased, to get an idea of what they want their new shoes to provide for them such as comfort or style. The consumer also asks friends and family members what they prefer so the consumer can compare it to their preferences. Also, if the consumer wants to go into further research they can go to different stores and compare products and prices. The third stage is evaluation of alternatives. In this stage the consumer may decide they want sandals or dress shoes instead of tennis shoes. The fourth stage is purchase decision. This stage lets the consumer decide where they want to purchase their product and how they are going to pay for it, whether it is with cash, check, or credit card. The fifth stage is the official purchase and the sixth stage is the post purchase evaluation. The sixth stage is when the consumer tests the purchased product to decide if they are satisfied with the outcome. Although there are six stages of the consumer buying process that doesn’t necessarily mean
Kotler (1977 and 2001) believed that consumer buying behavior is the means by which people, gatherings and associations to choose, buy, utilize and transfer of items, administrations, thoughts or experience to take care of the buyers' demand. Purchasing conduct is the choice procedures and acts individuals required in purchasing and utilizing items which incorporates social and mental process.
Hoyer, W. D., MacInnis, D. J., & Pieters, R. (2012). Consumer Behavior, 6e, 6th Edition.
Solomon, M. R., Zaichkowsky, J. L., & Polegato, R. (2011). Consumer behaviour: Buying, having, and being (5th Can. ed.). Toronto: Pearson Prentice Hall
Understanding consumer buying behavior entails marketing, relationships, and consumer behavior. Consumer behavior comprises all the consumer decisions and activities connected with the choosing, buying, using and disposing of goods and services. Marketers must pay very close attention to consumer behavior that occurs before the purchase and after the particular product has been used. Studying consumer habits is one of the steps in marketing search and analysis. In addition to other basic principles of consumer buying habits, marketers also need to study the decision and actions of real people. Until recent history the study of consumer behavior was focused on generalized consumer decisions. With
Leon G. Schiffman and Joseph L Wisenblit. (2015). consumer behavior eleventh edition. United States of America : Pearson Education.
Marketing has a goal of reaching consumers in order have an influence on their purchasing decisions. According to Barone, Miyazaki & Taylor, “the influence on choice depends on the motivation brought on by the company” (2000). If you were to take a look around you, companies have been using different tactics to persuade the way that consumers view and choose products.
Consumer behaviour includes the studies of any behaviour, internal or external, mental and physical, that influence purchase.
A customer 's purchasing conduct is affected by social, social, individual and mental components. Shopper conduct is a piece of human conduct and by concentrating on past purchasing conduct, advertisers can appraise how customers may carry on later on when settling on obtaining choices. (Kotler & Armstrong 2010). The accompanying sections concentrate on the social, individual and mental qualities of purchaser conduct.
Almost all marketers must understand consumer behaviour because it allows marketers to understand and predict buying behaviour of consumers. Consumer buying behaviour (CBB) is crucial for marketers, at the same time it is a difficult subject to understand. CBB is not only about what consumers buy or what they are interested. CBB is all about why consumers buy it, where do they prefer to buy it, how they buy it, when they buy it and how often they buy it. CBB is a vast subject and marketers can use CBB for almost every business around the world. CBB can be influenced by culture, social class, family, personality, psychological factors and from his subculture. CBB is difficult and complex subject for marketers because CBB is evolving and thriving. CBB can be complex or simple mental process at the same time for marketers. In behaviour, human beings change directions of their lives. Environmental events are also other factor, which affects CBB. What happens in the external environment of consumers, also affects their buying behaviour. Marketers have the opportunity to understand and identify the CBB so that they can develop a significant strategy for their product or brand awareness. Advertisement is another important factor for marketers to convince and remind consumers about their product. Most of the time advertisements on
For example, if the person is not satisfied with their choice, they can return to the search phase. The fourth step is purchase decision, which determines the product, how well it’s packaged, the store, and method of purchase. Fifth stage of the consumer buying process is the purchase. The last step is the evaluation of the product, if the consumer is satisfied or dissatisfied. Besides the six stages of the consumer buying decision process, types of consumer behavior is vital as well. There are four types of consumer buying behavior routine response, limited decision making, extensive decision making, and impulse buying.
After the evaluation stage is complete, the customer would select a product according to the best of his judgments and the internal and external factors that may have contributed towards his buying decision. So after the product is selected, the job of the seller is to ensure that there is no hurdle whatsoever in the purchasing stage and that the purchasing process is simple and effective. Even at this stage the buyer can change his mind or cancel the purchase altogether or move on to a competitor 's product. Even if the consumer makes a purchase at this stage, and if there has been any negative or bad experience while buying the product, the consumer may stop buying the product from that shop or brand in the future. The company selling the product would need to make the process as simple, easy and enjoyable as possible to safeguard their customers for future purchases.
In the present era of globalization, companies are finding it difficult to attract the customers towards their offerings. Proper understanding of consumer buying behavior will help the marketer to succeed in the market. In India, with increase in purchasing power of people leading to the change in their life style, there has been a huge demand for
Since the1950s, the majority of consumer behaviour literature has been built upon two assumptions. The first is that consumer behaviours can be influenced and shaped by multiple factors, which can be generalized as (Engel, Blackwell, and Miniard, 1995):
Since the1950s, the majority of consumer behaviour literature has been built upon two assumptions. The first is that consumer behaviours can be influenced and shaped by multiple factors, which can be generalized as (Engel, Blackwell, and Miniard, 1995):