Factors Affecting Consumer Purchase Decisions
Discuss about the Consumer Behavior for Case Study of Red Bull.
Brands having customer based models focuses on the various influences of the brand on this generation. Since the generation Y is the biggest and largest today most brands like Red Bull is trying to capture it. Basically for any service or a product, it is crucial to know what are the factors that will influence its consumer behavior. It is related to the study of how individuals, groups or organizations choose, purchase, use, recommend, share and dispose of certain goods and services and what are their behavioral patterns (Miller, 2005).
Culture – Culture plays an important role in our purchase decisions. From country to country this varies. The marketers research on different culture and promote their products in a manner that is pleas able for an individual culture. Then only it will be accepted by the society.
Social – Some of important social factors influencing customer purchase behavior are referrals from groups, family, friends, status, affordability and role.
Personal – Personality, preference, age, economic condition, occupation, situation and occupation are some of the personal factors influencing purchase decisions (Anonymous, 2013).
Red Bull, the successful energy drink brand was initially successful in building up a great satisfied customer base. The company arouses and instills in customers emotions to drive them purchase their energy drinks. Basically it offers customers a solution to their problems and hence gains its popularity by being a problem solver. When most of us lack in energy and are enormously tired end of the day it is a dream to still have fun and happiness. The product places itself as an energy booster which will make you be active even after a hard day’s work.
However, there can be instances when customers stop wanting to use Red Bull. These can be the contractual groups or reference groups of consumers who has a direct connection with the product and with a huge number of friends or groups. Certain groups have their own negativities (Gates, 2015).
Suppose, the customer who drinks Red Bull regularly associates himself with a group of people who does not use or support using this particular drink. One very reason can be age and health. So, this consumer who was initially procuring the drink will get influenced and will also stop using it.
With age customers move towards beverages of a more mature nature. With age and increasing health problems some are restricted to have artificial drinks. This can make them stop using Red Bull. However this can once again be changed if they are made to believe that Red Bull is a healthier option than something else which they are presently procuring. Basically by putting forward the good points of the product you can convert negative consumer purchase behavior to a positive pattern with time (Hawkins, 2014).
Miller, K. (2005), Examining the Role Brand Fit Plays in Generation Y’s Propensity to Purchase, Retrieved from https://eprints.usq.edu.au/3744/1/Miller_ANZMAC_2007.pdf
Anonymous, (2013), Red Bull Marketing Diary, Retrieved from https://manansilawat15.wordpress.com/2013/09/09/buying-decision-process-and-consumer-behavior-2/
Gates, C. (2015). Strategic Marketing Analysis: Red Bull GmbH, Retrieved from https://www.linkedin.com/pulse/strategic-marketing-analysis-red-bull-gmbh-gates-mba-candidate
Hawkins, C. (2014), Red Bull Case Study, Retrieved from https://www.slideshare.net/crissyhawkins3/red-bull-case-study-40089144
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