According to Roy Morgan Values Segments, the analyst belongs from Real Conservatism segments. The analyst always cautious about the new things and ideas. Apart from that, analyst is a strong believer of ‘learning and living' (Akbari, 2015). This consumer is fairer deal and something better minded. This assignment deals with the daily purchase of an individual and how the purchase decisions are impacted and influenced by the theories, models and concepts of consumer behavior. Apart from that, as a part of their conservative nature, it is a strong belief regarding the merits of savings that drives from the accumulate assets. Moreover, growing up in the old school they very much believe it's important to belong to the right crowd and doing 'the right thing.
This step records the daily purchases of the consumer over the span of an entire week. The consumer makes a few low involvement purchases (Barjolle, 2013). He makes the daily weekly purchase including food, milk, general grocery products, apparels, rent, fuel, entertainment purchases. Including these basic expenditures, the consumer's weekly purchase also includes a few household items and accessories like a toaster, vacuum cleaner, micro-oven, etc.
The nominated product is a high-tech smart phone.
The approaches adopted while studying the decision making behavior based on traditional psychology are Economic Man, Psychodynamic, Behaviouristic, Cognitive and Humanistic (Franco, 2014). Analyzing the chosen value segment of the consumer that is Socially Aware the approach that needs to be adopted is the Cognitive approach. In this cognitive approach, a consumer is perceived as an individual who processes available information (Keane & Wasi, 2012). The social experience and the role of the environment highly impact the consumers who seek stimuli that are social and environmental. These are inputs of information based on which the decision making process initiates. Cognitive psychology includes the processes of perception, learning, memory, thinking, emotion and motivation. The segment chosen deals with the consumer involved in vast learning and research processes.
Cognitive consumer behavior models include analytic and perspective driven models that include consumer decision model and theory of buying behavior; theory of reasoned action and theory of planned behavior respectively (Krysiak & Weigt, 2015). The hypothetical constructs go in sync with the value segment where the consumer is sensitive to information, has a perception biased and active search for information. There is heavy drawing on the theory of learning. The decision taken by the chosen consumer value segment is based on the following learning constructs:
The general motive influencing the ultimate action.
Decision mediators influence
Brand preference in evoked sets
Environmental and societal forces that are limited.
The Howard-Sheth model applies to the present scenario that is divided into EPS, LPS and RRS (Lahne, Trubek & Pelchat, 2014). In the present case the RRS that is routinized response behavior. When the belief and knowledge of the consumers about the band and its alternatives is established, and the customer shows a predisposition to the purchase of a specific brand, RRS occurs. In this stage, the consumer requires to research and gather very little information prior to the action of buying and the consumer undertakes the research at a fast pace (Lamdin, 2011). Thus, it goes with the consumer profile who has a busy daily schedule and prefers online shopping mostly.
The decision making process is highly impacted by the different and persuasive marketing strategies adopted and implemented by the marketers. In this case, the nominated product that the consumer buys is a smartphone.
Brand value enhancement strategies can be used by the marketers to influence the buying decision of the prospect customer (Li, Hayes & Ziegler, 2014). Brand equity or value is the customer's perception about the company's products and services based on their perception of the brand. Adding monetary value to a specific brand is not always possible. However, building and enhancing the brand value of a product harvests benefits in the form of credibility, awareness, reputation and customer satisfaction.
Here the consumer is willing to buy a smartphone. On a trail for value the consumer considers factors like research where the consumer purchasing journey is fully digital which means that he has detailed knowledge about which company provide what features of the product he wishes to purchase (Manaf & Lee, 2014). It is not sufficient to have a good product design. This customer follows online reviews and recommendations of social media and peer groups. Such customers seek a relation between their identity and the buying decision.
The consumer of the present scenario is planning an overseas holiday for his family. They are planning a Europe trip for a month. The family is planning to leave with his family for the trip in the month of October that is two months from now (Manzano, Rivas & Bonilla, 2012). They are planning to go with the Trafalgar travel company. The travel company, Trafalgar is designed in a manner that provides a differently impressing appeal to the generations ranging from grandparents to children. Since this customer has an inclination towards learning from every aspect of life he chooses a vacation package that would not just have entertainment elements but it will also be an educationally rich family trip.
On the trip to Europe a local specialist shall be provided to the consumer and his family who will take them for sight-seeing to places and ensure the enjoyment and enrichment of the children by telling them tales from the history of Europe (McGregor, 2015). There will be the scope for a few optional experiences which will involve visits to recently popular spots. Four to five starred hotel accommodation will be provided and luxury travel that will ensure that the consumer or his family will not stand in queue at every tourist spot and they will also not be required to carry their luggage bags (Melo, 2012). The family trip includes on every trip insider experiences, a separate driver, and a travel guide, selected four or five starred hotel accommodation, VIP entrance facility to many tourist sites, various optional experiences. Luxury rail coaches involving WI-FI facility in most countries of Europe, high quality breakfast and everyday meal are also included in the holiday package.
The consumer belongs to the socially aware value segment of the market. He is a mindful consumer and does detailed research before making a buying decision (Murphy & Dweck, 2015). Through the search, he gathers information about products as much as possible and anticipates the consequences of the purchases that he is about to make.
In the second step, an excel sheet records the daily purchases of the consumer over the span of an entire week. The consumer makes a few low involvement purchases. He makes the daily weekly purchase including food, milk, general grocery products, apparels, rent, fuel, entertainment purchases (Punj, 2013). Including these basic expenditures, the consumer's weekly purchase also includes a few household items and accessories like a toaster, vacuum cleaner, micro-oven, etc.
Here the consumer is willing to buy a smartphone. On a trail for value the consumer considers factors like research where the consumer purchasing journey is fully digital which means that he has detailed knowledge about which company provide what features of the product he wishes to purchase (Szmigin & Piacentini, 2015). It is not sufficient to have a good product design. This customer follows online reviews and recommendations of social media and peer groups. Such customers seek a relation between their identity and the buying decision.
Brand value enhancement strategies can be used by the marketers to influence the buying decision of the prospect customer. Brand equity or value is the customer's perception about the company's products and services based on their perception of the brand. Adding monetary value to a specific brand is not always possible (Vogt & Schaefer, 2012). However, building and enhancing the brand value of a product harvests benefits in the form of credibility, awareness, reputation and customer satisfaction.
The purchase behavior and decision making process of any customer is bound to differ from low capital involvement products to higher capital involvement products. Several factors influence the behavior depending on knowledge and experience. The involvement level is dependent on the quantity and the pace of gathering information. The customer engages himself in routine response behavior with limited information while buying the low involvements on a weekly basis. Low involvement decisions are taken for products that are brought as a part of the daily purchase routine (Wei, Ou, Ronnier Luo & Hutchings, 2013). In this case, the consumer exhibits habitual, repetitive, Variety-seeking buying behavior based on information gathered in the past.
However, when the customer buys the smartphone it is a high involvement product. High involvement and rational purchase involve high cost. The purchase decisions of such products take a longer time as compared to the low involvement purchase (Zhang, 2014). In most cases, it is seen that the consumer is confronted with cognitive dissonance. Despite the research and rejection of other brands before taking the decision he feels uncertainty about his choice of brand. The customer also faces risks of the psychological and the social. In an expensive purchase decision the cognitive dissonance is much higher than the otherwise and the buying decision becomes complex.
It has been discovered that the customer shows a complex buying behavior while purchasing an expensive and high involvement product. In case of the products that are brought on a routine basis the customer is not brand loyal and looks for variety and alternatives (Miller, 2014). Thus, to keep the customer loyal to the brand the marketers need to develop persuasive market strategies. The marketers can use brand value enhancement strategies. To keep the consumers loyal, the marketers have to think of innovative strategies and offers.
Low involvement products generate no excitement. The marketers of the brands of daily goods should not just stress on pricing and point of display issues but they must also give focus on building better stories and better promotional strategies to persuade the consumers and ensure loyalty marketing. The marketers can ensure that their channel employees buy their story as they can be the biggest ambassadors of the brand (Dixit & Vaish, 2015). Rewarding the repeat customers with special offers and attractive prizes can enhance brand value. Understanding the psychology of the most loyal customers as to why they buy products from a certain brand. These strategies can help persuade customers for low involvement purchases. The marketers in order to persuade the customers must stress on acquisition of data and not just repeat visits from customers, move the stepwise in the spend level by granting exciting rewards, strategically deselect the customer that are less profitable, increase customer lifetime value, build real time relationships with the customer and look into the success rate of loyalty initiatives.
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