Consumer behaviours refer to the dynamic interaction of both affect and cognition as well as the behaviours of consumers in their context. The interaction defines show human beings carry out the exchange aspect of their beings. Consumer behaviours essentially focus on the thought process and feelings of the consumers as they interact with their immediate environment as they consume goods and services.
The effect of pricing strategy on my purchasing behaviours
The festive season buoyed by the religious and cultural factors prompted me to buy some goods without rethinking my financial status. The last festive season was best seasons for the marketers as they known how to leverage their knowledge about the consumer’s behaviours to maximize their sales (Duffy, 2005).
The past festive seasons was the worst for me because this is the time that I got involved in compulsive buying. For example, I spent half of my salary on clothing, and a quarter of my salary on shoes that I never planned to buy for another one years. The rest of the money I spent on buying liquors. While I could have resisted the temptation, there were a number of factors that lead to my impulse buying. The factors include unique pricing strategy, which allowed me quantity discount for any expensed above $4000 on clothes. I spent over $4000 on clothes with the intention of cashing in on the discounts only to realise that the discount was negligible.
Subculture and Social Class
Secondly, I took loan to buy a car that was being sold in strategic location with other offer including free unlimited mileage for one year and monthly car fuel valued at $200. Finally, I changed my liqueur bran to a new brand that was just introduced in Kuwait. I can attribute this brand switch to intelligent marketing (Peter and Olson, 2005)
Reference Groups and Family
Finally, my purchases during the previous festive season was influenced by my reference groups and family, For example, my brother whom I adore particularly told me to try a new restaurant in town that I thought was beyond my budget. However, after that visits, I have been going there more often thanks to the influence of my brother who was also influenced by the company’s positioning, promotion and pricing strategy (Peter and Olson, 2005).
The specific elements within the strategies that had the most influence on my personality include:
- Product positioning- products was positioned as a high-end wine which appealed to my reference group.
- Pricing – quantity discount on clothing (buy one get one free)
- Promotion- aggressive marketing through friends and family
- Products- new wines in my country
How do you think such strategies may have worked within another culture, region, or country?
In the developing countries where consumers want themselves to be associated with high product and with wealthy lifestyles (Pride and Ferrell, 2010). The company should have packaged its predicts uniquely to attract the middle income and low-income people.
Companies should have priced its products slight above the price level similar products to position their wines as high end. Finally, had the company known that it will be selling to the deeply religious Arabic customers in Dubai; the company should have labelled its product as Halal To appeal their religious connotation, and organic to appeal to the health conscious people.
Peter, J. and Olson, J. (2005). Consumer behavior and marketing strategy. New York: McGraw-Hill.
Pride, W. and Ferrell, O. (2010). Marketing. Australia: South Western Cengage Learning.
Duffy, D. (2005). The evolution of customer loyalty strategy. Journal of Consumer Marketing, 22(5), pp.284-286.