The present study investigates men’s perception in buying decisions on branded shirts in Mumbai. The need to understand the emerging markets and consumers has become a big challenge for the corporate world especially in creating and managing a powerful brand. By developing a powerful brand, corporate can establish 'brand equity' and the equity assists firms in a variety of ways to manage competition and to maintain market share. Branding is one of the most effective competitive tools and it is a challenging task for the marketer to nurture a brand into a strong, profitable brand. They are everywhere on the TV hoardings, posters and print media. Brands while proclaiming their positive qualities pull down those of their rivals. Intangible assets such as brands, patents and know now have become increasingly dominant elements of company value. Brands are widely recognized as corporate assets but have been historically evaluated based on non financial attributes like awareness, recognition and perceived value. Every marketer instinctively knows that his or her brand is valuable. Brand value is represented by the premium price a company gets at the time of transfer of ownership. However, the value for ongoing business is determined by the important financial term “Goodwill”. Buying behavior of men on branded shirts is changing one. Number of people visits the showroom with a brand in mind because the quality and comfort of that brand are suitable for them. It is concluded in the study, that all the demographic factors and purchase pattern factors do not have significant influence on the buyer’s choice of retail outlet. An attempt is made in this study to assess the buying behavior in respect of men’s shirts in single brand showrooms or in multi brand shops.
Keywords: Buying behavior, Single Brand and Multiple brand
Consumer market for fashion apparel has become more diverse by designer brands, store brands, personalization, advertising, and ethnicity in the global marketplace. If manufacturers and retailers of fashion apparel can identify the target consumers' preferences, they may be better able to attract and maintain their target consumer group.
Consumer behavior is defined as “The dynamic interaction of affect and cognition, behavior and the environment b which human beings conduct the exchange aspects of lives”. IT means that the buying habits of the consumer are greatly affected by their thought process and their feelings experienced. Human beings are greatly influenced in their buying actions by various factors like opinion of others, marketing stimuli like product, advertising, packaging and product appearance.
Importance of Consumer behavior:
• Ever increasing intensifying competition.
• More aggressive competitors emerging with greater frequency. • Changes basis of competition.
• Geographic sources of competition are becoming wider.
• Niche attacks are becoming frequent.
• Pace of innovation is rapid.
• Price competition becoming more aggressive
• Product differentiation is declining.
As a principal, the marketing concept involves understanding the needs of the consumers and translating these needs into products or services to satisfy these needs. The basic objective in marketing is to achieve the goal of profit making through customer satisfaction. To do this, an organization should understand the consumer and be as close to them as possible.
As a consumer we are all unique and this uniqueness is reflected in the consumption pattern and process purchase. The study of consumer behavior provides us with reasons why consumers differ from one another in buying using products and services. We receive stimuli from the environment and the specifics of the marketing strategies of the products and services, and responds to these stimuli in terms of either buying or not buying products. In between the stage of receiving the stimuli and responding to it,...