Consumer Behaviour (Other (Not Listed) Sample)

CONSUMER BEHAVIOUR
EXECUTIVE SUMMERY
Consumers’ willingness and decision of buying a commodity are affected by many factors thus determine the behaviour of the consumer. In the, market determining and understanding the behaviour of the consumer is significant in ensuring that you offer what they want at the right time and place. Determining the behaviour of consumer in the market is so challenging and tedious. Rigorous research was done in coming up with valid conclusion.
From the market analysis of the consumer, it was found that there are factors that influence the decision reached by a consumers and he mainly uses a combination of more than one factor during the decision making process. They included both personal factors, external factors, time of the day and the day of the week. The type of commodity also influence the time taken in decision making. The conclusion for the analysis identified the consumer to represent a target group who value the product, depends on daily consisted supply as they are regular buyer and have impulse buying habit.
The finding from the research will help marketers in providing the right commodity to the consumer thus certifying the consumer needs as well as improving his own profit margin.
INTRODUCTION
Consumer purchase different commodity as a result of different motivations and aspirations that guide him or her. The motivations and aspiration that guide him vary from one individual to another. Determining the factors that influence the behaviour of a consumer though is challenging in practice will be of importance in development of an effective and efficient marketing mix strategy i.e. putting the right product in the right place, at the right price, at the right time. CITATION Chr06 \l 2057 (Grönroos, 2006)
Purpose
The report was to identify the challenges of understanding the consumer and relating that to his or her behaviour in buying commodities. It also intended to identify the different factors that influence the consumer behaviour and how they are explained in the different consumer behaviour theory. The relevance of the conclusion made from the practice in the market and how it will be of use to the different market managers.
Format of the report
The report will comprise of:
* consumer description
* categorisation of purchase
* analysis of the overall purchase
* list of nominated products
* factors that influence the nomination above
* comparison and contrast of the two analysis
* References
THE CONSUMER.
The consumer is a 24 year old male, married to a wife who is a full time college teaching assistant for an year and expecting a child by the end of the year, works as a full time marketing manager, prefers high value branded products and like to visit shopping centres and boutiques regularly to buy new fashioned products as well as searching and purchasing commodities online. The consumer is passionate about sports. Eating is his hobby thus likes taking most of his meals at the restaurants .He is a very outgoing individual and loves to take his wife for tours and outings regularly. The consumer is a dedicated Christian and lives in accordance to its values as he is from a rich Christian family. He loves travelling and all forms of activities for enjoyment and pleasure. The consumer lies in the market segment of young optimism that values achievement and works to improve their status and that of the society.
CATEGORISATION OF PURCHASE USING THE SPREAD SHEET
The data collected for the seven days was recorded in an excel sheet under their respective categories. The categories used were based on broad perspective of the factors that influenced the consumer purchasing decision. Each of the categories had a list of variables that were used in data collection and testing the degree of importance to the purchasing power of the consumer. The category were:
* Time of the day- this assessed the time the consumer purchased the product i.e. was it in the morning, afternoon or evening.
* Days of the week- this assessed the day of the week the purchase was undertaken.
* External factors-this assessed purchases influenced by external factors. The external factors considered were family, product visibility, loyalty, previous use, restaurant review and taste, weather, known supplies, sale price, floor advertising, other recommendation and friends.
* Personal importance: in this, the purchases made on the basis of the consumer preference due to the importance of the product to him were assessed.
* Time taken to purchase commodity. This category assessed the speed at which a consumer makes the purchases
* Personal context- this assessed how the different personal factors influence the purchase of the different commodities. Here culture, Personal Worth, social class and Institutions/Group were considered.
* Market value- the market value influence the purchasing of the consumer.it was looked in terms of user, payer and buyer perspective.
The product purchased were ranked into three main category based on their importance to the consumer. This were:-
* Most important purchase that was give 7 – 9 value of important
* Moderate important – 4 to 6 value
* Least important assigned 1 to 3 value.
ANALYSIS OF OVERALL PURCHASE BEHAVIOUR
The influence of the different variables used to assess the behaviour of the consumer were analysed and compared to each other under their respective subcategories. The result of analysis were presented in the form of charts, bar graphs and tables. The result were given value of importance using a range of 1 to10 scale with 10 being of most importance and 1 the least importance. The analysis compared the different variable in each respective category with the total number of purchased undertaken in the time duration of the study.
The categories selected in the analysis and their finding are as follows:
Time of the day: - from the analysis, time of the day influence the consumer behaviour. With reference to the chart, the consumer did more purchasing during the morning hours rather than afternoon or evening.
Days of the week: the consumer buys most of his commodity during the weekdays rather than during the weekend.in respect to the day of the week, the consumer purchases the most on Thursday followed by Friday, Saturday, Sunday Wednesday, Monday and finally Tuesday respectively.
External factors: many external factors influenced the consumer purchasing and each factor carries different weights. The factor with the highest influence was family followed by product visibility, loyalty, previous use, restaurant review and taste in that order. The rest i.e. weather, known supplies, sale price, floor advertising, other recommendation and friends had the same influence.
Personal importance: generally the consumer preference to purchase was based on the value at which he personally assign to the different commodities. The more the important a product was the more the likelihood of it to be purchased.
Market values: the market values affected the purchase of commodity.it was influenced by performance, social emotion in user perspective, credit, financing and price in payer perspective and personalisation, convenience and service in in buyer perspective.
Personal context-this influenced the purchase through culture, institutions, personal worth and social class. From the analysis, culture influenced high purchases on moderate important goods followed by least important and finally most important. This was similar in institution and social class. On the personal worth factor, moderate commodity were highest followed by most important and finally the least importance.
Influencing criteria on purchases: this was determined using the price, health quality, convenience, Alternative, incentives, taste and services as variables. Price had the highest influence while change and incentive had the lowest influence.
The consumer buying behaviour falls under the target group who visit the market area at the morning hours, values goods of personal importance, consider the value of the commodity in terms of quality rather than the price, takes a short time in making decision and purchasing decision is mainly influenced by external factors. This insights are important to any marketer seeking to venture in the area of providing product to such a group. S/he should provide goods of the right quality and value to such groups. The products should reflect the social class of the customers, well displayed and consistent in supply. The consideration of the market value to venture in will also help the marketer in choosing the right product to bring into the market. (Grönroos, 2006)
From the analysis it is evident that different factors influence the consumer purchasing decision differently but they are all considered by a consumer before choosing what to purchase and the quantity. The same factors affect the time taken by the consumer in making decision on which commodities to be selected. The behaviour of the consumer thus is governed by the factors that he considers before purchasing a commodity and the value which he assigns to different commodity.
LIST OF NOMINATED PRODUCT
Sports car-As a young man the sports car is a symbol of social elega...