There are a number of factors that influence consumers to purchase specific products or services?
In entirety, the consumer buying process is relatively complex depending on their products involvements. High value products involves a lot of deliberation and time as compared to low value product
1). Identify and analyze the consumer behavior related to the purchase process of this type of product (i.e., product category).
Stage 1 – Need recognition- the consumer understand that they need the jewelries, and other valentine’s gifts for the Valentine’s Day or any other special occasion?
Stage 2 – Information search- the consumer will first search over the internet for the nearest jewelers, ask friends or their reference groups
Stage 3 – Alternative evaluation- generate alternative shops for potential search if the first option does not work
Stage 4 – Purchase decision- the consumer makes up his mind to purchase the jewelry
Stage 5 – Post-purchase behavior- after the purchase, the consumer may either be pleased with the purchase of displeased with the purchase.This is called post purchase dissonance
2). Evaluate the aspects involved with the purchase process that are significant to the selected organization.
- Information search- the organization must provide adequate information to the potential clients.
- The organization must understand their consumers, their level of products involvement and their ability to purchase. The organization therefore relies on the consumer information to make their marketing mix.
3). Evaluate the consumer behavior implications, issues, and considerations that the organization must address concerning its marketing strategy.
- New strategies- The companies need to develop new strategies based on emergent issues such as social media, cultural factors, generational gaps that have highly affected the consumer behaviors
- Segmentation- the market is no longer homogenous as before, the companies need to segment further based on different demographic variables and decide on the target market to strategies for.
- Find new market- most companies are going global this means that with proper understanding f the consumer, the companies can expand to newer markets
- Emphasize value – the company should relook and evaluate their brand portfolio to determine if they are actually delivering value
- Distribution channels- the company needs to redefine its destruction channels based on the subtle factors that influence the consumer behaviors such as cultural factors, social cultural factors, reference groups, sub cultural as well as personal factors.
Educate the consumers through marketing communication- more consumers are bombarded with a lot of information that they find it hard to settle on one brand, the company should design more educative marketing messages.
- Go digital/ technology are fast changing and more consumers are turning to the internet through various devices for faster access to products information. Companies need to develop a digital, marketing strategy.
- Consumer engagement- the company should engage the consumers more through all their customer contact points as this increase the chance of purchase intention and actual purchase
Identify and analyze the organization’s marketing strategy for inclusiveness of consumer behavior considerations.
- The company usually collected consumer data. Online consumers purchase data are collected using cookies which are then used to analyze the consumer purchase pattern.
- The company also conducts market research to determine their consumer’s attitudes, preferences, beliefs, culture, values and perception as all these affects the consumer’s purchased behaviors
- The company has market place diversity policy that requires it to collect data and study the impact of demographics identities, social identities as well as other factors that influence business to consumer and consumer to business interacts.
- Currently, the company’s inclusive patterns involves the use of cross cultural marketing strategy development
- The company has designed a competitive marketing strategies based on data collected
- The company has also relied on meaningful and attractive combination of products benefit aimed at meeting the consumer’s needs
Evaluate the overall effectiveness of the organization’s marketing strategy regarding the consumer purchasing decision.
- The company’s lead conversion rates have improved by ensuring that any purchase intention is actually turned into a product.
- The company has also realized high products involvement as the consumers search for information about the product online more often as can be determined form the website hits
- The company has ensured that Product Involvement, Knowledge, and Perceptions are all integrated into the company’s marketing plan.