MARKETING PRINCIPLES AND
GLYNDWR LONDON SCHOOL OF MANAGEMENT AND SCIENCE
Date: 20th July, 2012
Every individual is a consumer. They consume and buy products for daily use based upon their needs, preferences and buying power. They may be consumable goods, durable goods, specialty goods and industrial goods. Different consumers have different choice, perception; set of concept, social and cultural values, personality and social class which effects on the consumers buying decision or behaviour. What, how, where and when they buy depends upon these factors. Consumers from different cultural background have different needs and perceptions which influences in their buying behaviour. In Asian culture, mainly Hindu Religion, Cow is prayed as Goddess; therefore, killing cow is strictly prohibited whereas in Western culture beef products are mostly consumed (www.newagepublishers.com). There are different factors that influence the behaviour of a consumer while buying a laptop. As the consumers buying behaviour varies from one to another according to the age, economic situation, occupation, beliefs and attitudes, social class and technology. Personal Factor: The buying behaviour of a consumer is different according to the age. For example, a teenager might prefer mac book whereas a middle age family man would just look for a laptop with basic functions. Occupation level has also a great impact on buying a laptop. If a consumer is a business person he might look for a laptop with variable features with Wi-Fi and lighter in weight. Psychological factor: It also influences a consumer buying decision. If a person has brand belief that a HP laptop is durable and has a long battery life he will buy the HP laptop even other good brands have a competitive image and better deals. Technological factor: As the development of new technology is growing and people like to use new technologies rather then what they actually need, they are ready to pay higher prices. For example, even the Mac book is expensive people are buying it because of its fats speed and other advanced features ignoring the price. A consumer goes through five different stages on making a decision to buy a product to actually buying that product and finally satisfying his need. Among these five processes Problem Recognition is the first stage. In order to buy any product the consumer first should recognise his/her need of the product or the problem occurred in absence of that product. Problem recognition is the most important factor which works as a catalyst to encourage a buyer to buy the product. Let’s take an example of a consumer who is just enrolled for a Undergraduate Business Course identifies the need of a laptop to do his research works, submit assignments, to save documents for future reference, to access electronic library. These are the problems which he realises can only be solved by buying a laptop (www.slideshare.net). Information search is the next stage of consumer buying decision process. After he recognises the need for a laptop he tries to gather information as much as he can. He can acquire information through both internal and external sources about laptop brands such as Dell, Accer, Mac, HP and Toshiba. Internal sources include self-knowledge, memory to recall previous knowledge. Research on external sources should be done because self-knowledge is not sufficient. One can make a wrong purchase decision if he does not carry out research on external sources before making a decision to buy a product. External sources includes collecting knowledge about laptop of different brands from friends and relatives, commercial sources like advertisement, public sources like magazines, newspapers and radio. Evaluating of Alternatives is the third stage, at this stage a consumer evaluates product in accordance to its quality, price, warranty and durability....
Please join StudyMode to read the full document