I need help with a 1,050-1,400-word summary in which you address the following:
Discuss how the following consumer behavior concepts are applied by answering the following questions:
1) What additional external factors or macro factors should be considered in your analysis.
2) What additional social and cultural factors would you consider in this scenario?
3) How do you account for variations in different geographic regions?what do you really look for? Why is there a difference?
4) Considering the importance of keeping existing customers, what methods can be used to encourage loyalty among existing customers in a service business?
Analyzing Buyer Behavior
Buyer Behavior refers to everything from a consumer's beliefs about a brand to the actions that culminate in the purchase of that brand. Factors ranging from cultural patterns, to income levels of consumers, to the nature and price of the product, can affect Buyer Behavior. This simulation illustrates the use of Buyer Behavior analysis to arrive at quantifiable information on which investment decisions can be based.
Consumer makes many buying decisions every day. As a marketer, it is very important for an organization to understand the choices and preference of consumers according to their behavior (Mourali, Laroche & Pons, 2005). There are many questions that are concerned with the behavior of consumers. Some questions are: what a consumer buy, where he buys, how and how much he buys, when he buys and why he buys, etc.
Consumers here mean individuals and households who buy or acquire goods and services for personal consumption. All the individuals and households who buy goods for personal consumption constitute consumer market (Kotler, 2002). Consumers around the world differ in age, income, education level and taste. They buy incredible variety of goods and services. How the consumers make their choices among various products embraces a number of factors.
Consumer behavior could be defined as the study of intrinsic qualities of consumers, such as, motivators, perceptions, personality and learning patterns (Foxall, 1998). Behavior of consumer is the concept of psychology. According to various theorists, it is the branch of knowledge, which studies behavior of an individual and its mental state. There are many factors which influence the behavior of a human beings and the buying process, which essentially begins from early childhood, remains through the teen years and adult life also (Kotler, 2002).
External Factors or Macro Factors that Affect Consumer's Behavior
Consumer behavior is a very complex process, as it involves not only the economic factors but also the emotional factors so it very necessary for businessmen's to study the consumer behavior. Environment is the external conditions, which affect the consumer behavior. Environment consists of both physical and social factors. Physical factors, also known as macro factors, include demographic, economic, changes in technology, political elements and globalization (Mourali, Laroche & Pons, 2005).
Economy of a country impacts the buying behavior of consumer in a great manner. High economy means high income level, which ultimately influences the consumer to purchases expensive and luxury items (Clark & Goldsmith, 2006). Due to the continuous changes in the technology, the world has become a global village, which provides a large variety of products and services to the ...
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