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Example consumer behaviour
Example consumer behaviour
Case study on market penetration and staying competitive
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Recommended: Example consumer behaviour
B: Consumer Buyer Behavior
Types of buying decision
There are 3 types of consumer buying decision which include: Routine, Limited, and Extensive. There are 5 criterions that determine consumer’s type of buying decision: Involvement, Time, Cost, Information search and Number of Alternatives.
As mention above, Casio G-Shock GB-X6900B inherit Casio’s successful market. The company has the ability to develop innovative products and has adopted and aggressive marketing strategy that use to its full advantage. From the beginning, Casio was determined to penetrate all possible markets, and today sells a wide range of products in hundreds of countries all over the world. GB-X6900B is an example of Casio’s ability to develop product that new to the marketplace. The watch is completely different with better quality from anything the competitions offer. The tactic is to offer a low price and work to sell as many units as possible. Target of the watches for each sub group is clear and focused. Casio has sponsored events in the area of sports that can prove beneficial to the brand image. In additions, Casio works closely with retailer, and it has paid off. The company has sold 60 million watches around the world. It is a winning strategy: high tech, low price, and flood the market.
For the criterion:
Involvement is the amount of time and effort a potential consumer invests in the search, evaluation and decision processes. Customers don’t have to involve a lot while buying the product as they can find a lot of information online or their friends, relatives. (Low)
In term of Time for consumer to decide, GB-X6900B offers good quality with reasonable price compare to other smart watch from Samsung or Apple. (Low to Moderate)
In term of Inf...
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...hey need.
4. Purchase: choose buying the preferred brand, includes product, package, store, method of purchase etc.
Most of the Casio watch user have a long-term commitment to the product. All four factor (Cultural, Social, Individual, and Psychological) can affect this stage of decision making.
5. Post-Purchase Evaluation: outcome o Satisfaction or Dissatisfaction o Cognitive Dissonance: have they made the right decision?
This can be reduced by warranties, for example.
Almost all of the customers are satisfied with the watch as it brings so many advantages to its users. Buyer will feel like they have got more for what they have paid for.
Psychological and Social factors can influent this stage of decision. As they hear good introduction about the watch from their friends or relatives. Consumers can be inspired after that and then they decide to buy the watch.
While looking at many different reviews people posted online, customers of lululemon athletica seem to be very pleased with the wear and tear of their products. Many different sources say that lululemon athletica’s clothing lasts for an extremely long time therefore people feel that their getting their money’s worth. lululemon athletica is a trend in itself because many consumers want to show off that they work out and wear an expensive clothing line while doing so and love flaunt
From Hans Wildorf's Rolex company to Ben Clymer's specialist online magazine over a century later, we remain fascinated with watches to this day
Developers at Apple have combined the convenience of digital watches with cellphone technology to create a watch that user cannot not only keep time with but also makes phones calls, set calendar reminders, check the weather, and track their activity level.
There are over 100 different running watches. Every single watch has its own characteristics but most of them have the same ones. All of these watches however, are set for different people. Many have setups that not every athlete needs. The best running watch so far as tested is the Garmin Forerunner 620, this running watch is full of many surprises and abilities all together, which for most, is the perfect and a great athletic watch.
The consumer decision process consists of these six steps. First, problem recognition: Awareness of an unmet need. Second, information search: Search for alternatives that will meet your needs. Third, alternative evaluation: Evaluate the alternatives. Forth, purchase decision: Decide on the best alternative for you based on your criteria. Fifth, post-purchase behavior: Determine if you are satisfied with your choice. Sixth, disposal of product: Determine if you will keep it, upgrade it, or get rid of
All of these factors are important to monitor as this will directly affect the decision making process. Bike size and price range will help to determine the size of the market as far as existing competitors and estimate the base price in each market segment. Product dimension sensitivity and preference indicates the expectation of the products from our consumer’s viewpoint. It is important to interpret the market segment reports and to analyze how the segments are influenced by advertisement such as televisions, magazines and internet. It is important to invest money in advertisement media to attract consumer in each market segment without over spending or under spending. The media viewing habits help to determine the best way to reach the customer for each segment.
Consumers with brand loyalty are indifferent with too many choices in shopping as they tend to ignore other brands and chooses product from their preferred brand.
This report aims to provide a mix review of theories and personal case study. I will apply two consumer behaviour theories in relation to my own purchase decisions.
Consumer Decision Process From buying a hamburger to buying a house people use a process in order to make a decision on what to buy. (book cite) describes this as the consumer decision process (pg.175). Utilizing a consumer decision process model, marketers are able to better understand how consumers are purchasing products and services. The five step consumer decision process model includes need recognition, information search, alternative evaluation, purchase, and post purchase.
Consumer Decision Making Process A key factor in successfully marketing new/existing products or implementing a product Extension is a thorough understanding of the motivation, learning, memory, and decision Processes that influence consumers purchasing behavior. Consumer purchasing behavior theories have found their way into managerial decision making to help companies more effectively develop and launch new products, segment the market, determine market entrance and in brand management. Therefore, a better understanding of how consumers decide what to purchase is critical to the success of a product. There are numerous theories and models describing the consumer purchasing decision process.
The first influence is in reference to product knowledge. Product knowledge “refers to the amount of information a consumer has stored in her or his memory about particular product classes, product forms, brands, models, and ways to purchase them” (Peter & Donnelly, 2013). Product knowledge can influence the type and how much information a consumer wants, and how quickly their decision-making process can go. The second influence refers to product involvement. Product involvement is “a consumer’s perception of the importance or personal relevance of an item” (Peter & Donnelly, 2013). In simpler terms, the more interest there is for a product, the more consumers want to know about the product which will also increase the time they take to complete the decision-making
A. Consumer behavior comprises all the consumer decisions and activities connected with choosing, buying, using, and disposing of goods and services.
Every company wants to understand why people decide to buy its products or others. Firstly, we have to understand why people buy certain kind of product. People buy products because they need them. A need is activated and felt when there is a sufficient discrepancy between a desired or preferred state of being and the actual state. (Engle£¬Blackwell and Miniard. 1995. p407 ) For example, when you feel hungry, what you needs is some food. It is very important for marketer to understand the needs of consumers. All the consumers may have the same needs, but the ways which they satisfy what they need are different. Here is a example, Chinese people would choose rice when they feel hungry, whilst British people may choose bread to satisfy their needs.
A watch is a timepiece worn on one’s wrist fastened by a strap or band. They are a common item of purchase for men, women and children. I noticed that there are fewer people wearing watches; most if not all rely on electronic devices for the time, such as mobile phones and tablets. Personally, I feel bare without a watch. My wrist is aware of the absent weight. “For everyone who falls in love with a watch, a watch is the one item that goes everywhere with you, so that even in that lonely motel room on a business trip, or sitting as I am right now stranded in an airport, you can look at your watch and feel a sense of comfort. A watch is your best mechanical friend, wherever you go.” (Stone, 2006)
There can be many things that might factor into the want to buy something. There are many steps that a customer takes before actually buying a product.