Implementing Integrated Marketing Communication Plan
Integrated marketing communication plan blends essential components of marketing mix to promote brands effectively among end-users. Integrated marketing communication plan integrates various methods of marketing such as advertising, public relation, promotion through social networking sites and so on to create awareness of products and services among target audience. Brand communication methods instead of being used […]
How is Social Media Different from Other Media
Social Media Network and the different channels have caught on the fancy of young and adults alike and this phenomenon has spread all over the globe. Every minute there are thousands of people logging into the internet and engaging in conversation using one or the other channels of online communication. Similarly there are millions of […]
Social and Economic Significance of Retailing
The retailer acts as a link between the customer and the marketer, who is responsible for selling the ultimate products and services to the customers. In the entire complicated process of marketing, retailer acts an intermediary in the complex marketing & distribution channel. Though manufacturers can directly sell their products and services to the end […]
Identifying Market Segments and Selecting Target Markets
Market for product is big and diverse making it difficult for companies to be able to satisfy every customer. Companies need to identify a certain set of customer within a market and work towards satisfying them. This set of identification is market segment. Companies further need to understand the intricacy of how this segment behaves […]
Product Positioning Process – Steps in Product Positioning
The process of creating an image of a product in the minds of the consumers is called as positioning. Positioning helps to create first impression of brands in the minds of target audience. In simpler words positioning helps in creating a perception of a product or service amongst the consumers. Example The brand “Bisleri” stands […]
For understanding the buying behaviour of the customers in retail stores it is very important to analyze the customer psychology, the factors which influence a customer for buying certain products/services from the stores and also an analysis of the customer’s response towards a sales promotion is very critical.
Before analyzing the customer’s buying behaviour, let us first understand the basic differences between a customer and a consumer. A consumer is the ultimate user/beneficiary of the product/service whereas a customer is the one who purchases the product or a service. For example, a mother buys a chocolate for her son, the mother, in this case, will be considered as the customer as she has purchased the product and the son will the consumer as he will be using the product. In certain cases, a customer also becomes the consumer of a product, and their purchasing decisions are based on a number of factors like personal need or requirement, buying capacity, etc.
A lot of times it is nearly impossible to identify the actual customer or the real decision maker who will be going ahead with the purchase of a product/service. Hence, all who enter the retail store are considered as the customers. An understanding of the composition or the origin of the actual customers will help in the analysis of the customer’s buying behaviour in a much better manner:
A customer’s buying behaviour is largely governed by the needs, preferences, and tastes of the consumers for whom the product/service is ultimately purchased. Numerous patterns influence the buying behaviour of the customers:
Retailers should adjust their work hours as per the peak time availability of the customers, which includes giving adequate consideration to various factors such as weather, seasonal variations, and the customer location. The product purchase frequency will largely depend upon the following factors:
For example, an average middle-income group Indian customer may have the capacity of going ahead with the decision of purchasing a car for not more than three times across his/her lifetime, whereas an average middle-class customer of USA will buy cars and replace it more frequently.
This involves an analysis of the following factors such as:
Various sales promotion methods increase the impulsive buying behaviour of a customer as and when a customer enters the shop. The retailers depend upon the following sales promotion techniques for influencing the buying behaviour of their customers:
It is believed an urban customer will have a different buying pattern as opposed to a rural customer. Urban customers have a fast lifestyle as a result of which they will have a preference for electronic gadgets or appliances such as Microwave ovens, mixer grinders, etc. for cooking the food faster. They will naturally be opting for ready to cook food over the raw food, but the rural customers usually come from a relaxed and a laid-back background, they have self-sufficiency in farming and would definitely prefer raw food or food grains.
Similarly, past few researches have proven that if a couple visits a store for shopping, they will usually be tending towards buying more than what is required as they will spend more time in the store, compare prices and look for the substitute/alternatives and find out newer products as well.
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Challenges to the Retail Sector (As per Michael Porter s Five Forces Model)
February 12, 2025
