Factors’ influencing Mr. Patel’s buying the tractor
1.Cultural Factors: Mr. Patel wants to be better off financially and wants to move up social classes. 2.Social Factors: Friends had bought the tractor and told him it was beneficial to do the same. No elders in the family to consult and advice on the issue. 3.Personal Factors:
i)Economic Factors: Initial success in pump business encouraged him to turn to farming ii)Personality: Confident, organized and risk taking. Wilson tractor seen as reliable, sturdy and worth the money. 4.Motivation:- Financial Security
Buying Decision Process
1.Problem Recognition: Yield not optimum, increased land means increased expenditure on labor. Buying a tractor will reduce these costs and improve yield. 2.Information Search:
i)Public- Saw ads in agricultural magazines and bill boards on highways. ii)Personal- Approached farmers who had the same product
3.Evaluation of Alternatives:
4.Purchase Decision: People lining up at Wilson outlets, friends praising the tractors may have let to Mr. Patel wanting to conform to his peer group. As the tractor was seen as sturdy and worth the money, he did not see any risk in buying the tractor. As this was a high involvement product, Mr. Patel took his time(about 6 months) to consider the tractor he wanted to buy, visiting people who had bought the tractor seeking their advice, considering the benefits the tractor would provide and how the loan obtained for the tractor could be repaid. He had a detailed plan of the benefits and the costs involved. We also see that Mr. Patel has segregated his gains. He is not discouraged by the waiting period for the tractor, and feels that the extra Rs. 4000 paid for the tractor was worth it.