The 1990s have borne witness to dramatic shifts in the marketplace triggered by sharp changes in the lifestyle patterns of the past and present and the radical revolution in the telecommunication technology. Time tested concepts on Brand loyalty and Mass Marketing, are being turned on their heads as they fail to gauge the Behaviour of new generation customers. The behaviour is characterized by the uniqueness of individual expectations, the preference for multiple options, propensity to abandon Brand loyalty and switch to competition Brands that give higher (perceived) value. The new breed is even willing to import to satisfy specific requirement. It is difficult to classify this generation by conventional Demographic factors and unless their thought process and buying behaviour are fully understood, decisions on product designs and packaging, Branding and Distribution channels are likely to be misplaced. With the inevitability of change looming large over the horizon, Indian companies must learn from their western counterparts; not only to identify the sources, timing and direction of the changes likely to affect India, but also the new competencies and perspective that will enable them to respond to these changes, comprehensively and effectively. Companies offering Product or Services will need to understand this new face of the customers. The changing Demographic profile of the population in terms of education, income, size of family and so on, are important by what will be more substantive in days to come will be the Psychographics of customers that is how they feel, think or behave. Markers will have to constantly monitor and understand the underlying Psychographics to map their respective industries are moving and decide what needs to be done, by way of adding value that motivates customers to buy the company’s products and influence the future industry structure.
AWARENESS : This means to know... [continues]
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