Consultative Selling – A Perspective
Consultative selling has been one of the most recent selling concepts that have evolved in the marketing field today. As Organizations have become customer oriented and service oriented, they have begun to realize that trying to sell their products or services to the Customers is not enough anymore. The salesmen are no longer just agents […]
E Marketing and Customer Relationship Management – Two sides of the same coin
Whenever one talks of E marketing strategy or plan, they normally include online selling, online promotions and advertising. However this could be a very narrow view or definition as applied to E marketing. Planning for Customer Relationship Management is as important as paying attention to online selling efforts. Let us look at understanding some of […]
A Comparison between Shareholder Ownership and Control
In previous articles, we discussed the roles and responsibilities of the shareholders. In this article, we look at the distinction between shareholder ownership and control and illuminate how this comparison plays out in the corporate world. To start with, many public limited companies have a large body of shareholders who have invested in the company […]
Advertising Budget and Factors Affecting it
“Money does matter a lot.” Advertising Budget is the amount of money which can be or has to be spent on advertising of the product to promote it, reach the target consumers and make the sales chart go on the upper side and give reasonable profits to the company. Before finalizing the advertising budget of […]
Facebook as a Digital Marketing Tool
Introduction Digital Marketing entails marketing of goods and services using digital technologies and digital mediums. In this context, it would be pertinent to note that with the advent of Web 2.0 or social media, marketers now have the chance to utilize the opportunities offered by digital marketing using social media like Facebook. This article explores […]
Consumer Behaviour helps us understand the buying tendencies and spending patterns of consumers. Not all individuals would prefer to buy similar products.
Consumer behaviour deals with as to why and why not an individual purchases particular products and services.
Personal Factors play an important role in affecting consumer buying behaviour.
The occupation of an individual plays a significant role in influencing his/her buying decision. An individual’s nature of job has a direct influence on the products and brands he picks for himself/herself.
Tim was working with an organization as Chief Executive Officer while Jack, Tim’s friend now a retired professor went to a nearby school as a part time faculty. Tim always looked for premium brands which would go with his designation whereas Jack preferred brands which were not very expensive. Tim was really conscious about the clothes he wore, the perfume he used, the watch he wore whereas Jack never really bothered about all this.
That is the importance of one’s designation. As a CEO of an organization, it was really essential for Tim to wear something really elegant and unique for others to look up to him. A CEO or for that matter a senior professional can never afford to wear cheap labels and local brands to work.
An individual’s designation and his nature of work influence his buying decisions. You would never find a low level worker purchasing business suits, ties for himself. An individual working on the shop floor can’t afford to wear premium brands everyday to work.
College goers and students would prefer casuals as compared to professionals who would be more interested in buying formal shirts and trousers.
Age and human lifecycle also influence the buying behaviour of consumers. Teenagers would be more interested in buying bright and loud colours as compared to a middle aged or elderly individual who would prefer decent and subtle designs.
A bachelor would prefer spending lavishly on items like beer, bikes, music, clothes, parties, clubs and so on. A young single would hardly be interested in buying a house, property, insurance policies, gold etc. An individual who has a family, on the other hand would be more interested in buying something which would benefit his family and make their future secure.
The buying tendency of an individual is directly proportional to his income/earnings per month. How much an individual brings home decides how much he spends and on which products?
Individuals with high income would buy expensive and premium products as compared to individuals from middle and lower income group who would spend mostly on necessary items. You would hardly find an individual from a low income group spending money on designer clothes and watches. He would be more interested in buying grocery items or products necessary for his survival.
Lifestyle, a term proposed by Austrian psychologist Alfred Adler in 1929, refers to the way an individual stays in the society. It is really important for some people to wear branded clothes whereas some individuals are really not brand conscious. An individual staying in a posh locality needs to maintain his status and image. An individual’s lifestyle is something to do with his style, attitude, perception, his social relations and immediate surroundings.
An individual’s personality also affects his buying behaviour. Every individual has his/her own characteristic personality traits which reflect in his/her buying behaviour. A fitness freak would always look for fitness equipments whereas a music lover would happily spend on musical instruments, CDs, concerts, musical shows etc.
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