How To Study Consumer Behaviour – 2 MARKET OBJECTIVES The market aims to meet and satisfy the needs of target customers and wants to be better than competitors. Marketers look for emerging consumer trends that highlight new market opportunities Especially with the advent of mobile phones, especially teenagers and young adults, marketers are rethinking their practices.
3 Consumer Behavior A study of consumer behavior enables marketers to understand and predict consumer behavior in the marketplace. It’s not just about what consumers buy, but also why, when, where, how and how often Consumer research is a method used to study consumer behavior and is conducted at all stages of the application process before, during and after purchase.
- 1 How To Study Consumer Behaviour
- 2 Solution: Consumer Behaviour Wikipedia
- 3 Consumer Behaviour Study Notes
- 4 Importance Of Studying Consumer Behaviour
- 5 Conceptual Caption Consumer Behavior. Business Showcase Study Of How Individual Customers Interacts With The Brand Blank Whiteboard With Laptop Placed On Top Of Table With Chair. Stock Photo By ©nialowwa 489532662
How To Study Consumer Behaviour
The market in India goes through 3 different phases: 1. Before independence – business was operating in a continuous economy. The imperial government controlled production and purchasing power was very low Vendor Marketing, Product Orientation Consumers have few choices, branded products are rare
Man A Study On Consumer Behaviour Towards S Aruna By Impact Journals
6 2. Phase II – Immediately after independence there was socialism and the public sector dominated ownership of large enterprises, determined by partitioning and limited production quota systems. Sellers are protected by the government and competition is limited Great Indian middle class – education and wages – supported by land tenure Urban markets are consolidating and improving The distribution network has been strengthened Great urban-rural divides have emerged with flawed savings and business models coupled with poor rural infrastructure related to transport and communication.
There has been a change in the Indian urban market. Large middle class with stable and regular income, adequate savings, agricultural income and benefits of welfare state, consumption and demand of various products. The power of this market is enhanced by consumer rights and reform measures introduced by the government (use of mass media in advertising and marketing and strengthening intermediaries).
Brands and products are meaningful in the social context and counterfeit culture has emerged in the Indian market
9 3. The third phase of liberalization was conducted in the early 1990s Roles in the public sector are limited to several sector functions and the market is open to both domestic and multinational players. The repeal of the MRTP Act allowed the company to grow unhindered. M&As helped in the emergence of large companies Foreign equity participation was also allowed and joint ventures became widespread Major multinational companies such as HL, P&G, LG Electronics, Ford, Mitsubishi, Honda and Samsung have entered with advanced technology and more financial muscle.
Solution: Consumer Behaviour Wikipedia
10 Local and foreign financial institutions provide support to the industry through long-term debt and similar facilities Customers benefit because the company’s market power and survival are directly related to efficiency, quality and value proposition Indian industry has responded positively by offering better products and services. When urban markets are volatile, marketers bridge the gap between urban and rural, rich and poor, offering products and services at all prices.
11 Distribution networks have strengthened, concepts such as supply chain management and just-in-time technology have emerged. Comprehensive access and products available for all pockets are up Shorter production cycles have emerged than products that conform to global standards, with options offered to many customers through installment plans from banks and other financial institutions.
Consumers began to pay for products and services for a comfortable life and religious beliefs flourished in society This cost-conscious consumer approach has given rise to a growing service sector The digital and telecommunication revolution has accelerated this process
Indian consumers are today’s voters, judges and marketers producing juries However, the gap between the rich and the poor is widening and a large section of the society is far from this development This suggests the need for a developmental approach from marketers to enter untapped pyramid markets. However, initiatives such as HUL Project India and Shakti Project, ITC e-Choupal, are indicative of marketers recognizing the need for deeper penetration in rural markets.
Factors Influencing Consumer Behavior
In 1998, Huell’s own product unit launched Project India, the first and largest rural-household operation ever organized by a company. The project covered 13 million rural households by the end of 1999 During the operation, Hull visited villages across the country and distributed sample packages that included low-cost shampoo, talcum powder, toothpaste and lotion. 15 in Rs.000 Crores.This is to create an understanding of the company’s product range and the affordability of the product.
The ITC e-Chopal business philosophy embedded with social goals e-Chopal is designed to empower farmers and drive a virtuous cycle of higher production, higher income and skill development to manage farmer risk. Productivity
17 ITC’s e-CHOPAL ITC e-CHOPAL is an innovative market-led business model designed to enhance the competitiveness of Indian agriculture. E-Chopal harnesses the power of information and digital technology and the Internet to connect small and medium farmers with a range of services including transparent access to know-how, best practices, timely and relevant weather information and information. Even more. E-Chopal not only connects farmers to markets, but also enables virtual integration of supply chains and creates significant efficiencies in traditional systems.
18 These interventions have helped transform village communities into vibrant economic organizations by raising incomes and creating common markets. ITC e-Chupal serves 40,000 villages and 4 million farmers, making it the world’s largest rural digital infrastructure set up by private enterprises.
Consumer Behaviour Study Notes
People’s aspirations and attitudes acquired through the process of socialization with family and other important institutions Copyright © 2009 Pearson Education, Inc. Prentice Hall Edition
22 Growing children acquire values, ideas, preferences, and attitudes through the family and other important institutions. Example: A child growing up in a middle-class Indian family traditionally holds the following values: respect and care for elders, honesty and integrity, hard work, success and achievement, humanity and dedication.
23 Subcultures Each subculture has subcultures that provide specific identities and socialization for their members.
Companies create a marketing program to serve them Most popular marketing programs are the result of market research that shows that different ethnic and demographic markets do not always respond favorably to mass market advertising.
The Influence Of Ethnicity On Consumer Behaviour
26 Social Class All human societies present social classifications, e.g. A caste system in which members of different castes are raised for specific roles and cannot change their caste membership Or social classes are a uniform and enduring division in a hierarchical society Members share common values, interests and attitudes
Upper Level Lower Level Upper Level Middle Level Middle Level Working Class Upper Level Lower Level Lower Copyright © 2009 Pearson Education, Inc. Printed as a meeting hall
Based on the SEC (Socio-Economic Classification), the combination of education and occupation in eight major classes: A1, A2, B1, B2, C, D, E1 and E2. (A1 has the highest purchase probability and E2 the lowest).
29 In rural areas, the occupant’s occupation, base and house type are used to divide into 4 broad categories ranging from R1 to R4 in order of purchase potential.
Importance Of Studying Consumer Behaviour
Within a class, people tend to behave according to social class by showing a perception of low or high status, class can be indicated by variables (occupation, income, wealth). Copyright Pearson 2009 Pearson Education, Inc. Prentice Gallery Publications
Clothing, home decor, recreational activities and cars In media hobbies – high-end consumers prefer magazines and books, and low-end consumers prefer television Even in media such as television, upper-class consumers prefer news and drama, and lower-class consumers prefer opera and sports programs.
34 Reference Groups An individual’s reference group is all groups that have a direct (inverse) influence on their behavior and attitudes. Directly influential groups are called membership groups Some of these are primary and frequent and informal contacts with family, friends, neighbors and colleagues Other groups are minorities, such as religious, professional, and commercial groups—union groups that are less frequent and with whom interactions are more formal.
1. They introduce a person to new attitudes and lifestyles 2. They influence their own attitudes and thoughts 3. They create pressures for conformity that can influence product and brand preferences
Conceptual Caption Consumer Behavior. Business Showcase Study Of How Individual Customers Interacts With The Brand Blank Whiteboard With Laptop Placed On Top Of Table With Chair. Stock Photo By ©nialowwa 489532662
An aspirational group is a group that one hopes to belong to An alienated group is a group of values or behaviors that individuals reject
37 Opinion Leaders While influencing a referral group is powerful, marketers must determine how to reach and influence the group’s thought leaders. An opinion leader is someone who provides informal advice or information about a particular product or category, such as some of the best brands or how to use a particular product.
Opinion leaders are always highly confident, socially active and relevant to the category Marketers try to reach opinion leaders
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