Review factors and personal factors. Consumer use personal, commercial,

Review of
session 1 and 2

Consumer
insights – It helps in understanding the consumer behaviour and reasons behind
that behaviour. This helps us to find their demands, pattern, certain
behavioural traits.

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Buyer black
box – It is the place where decision is formed. Buyers decision is based on the
characteristics and the decision process.

There are 2
behavioural aspects – Macro perspective and Micro perspective. Macro focuses on
the social differences and Micro focuses on cultural differences.

Brand
symbols come from the culture and study of these symbols is known as Brand
semiotics. For example: Mother dairy name is derived on basis of cultural
factors.

Macro perspective
includes social class differences (reaction to stimuli by different social
groups).

Micro
perspective includes 4 factors – Motivation, Attitude, Perception and Learning.
For example: There is a hidden motive in pursuing MBA or any other
activity.  Attitude is again dissected
into 2 parts – Beliefs and Values. Beliefs are hold by individuals and Values
are hold by group/s. Perception is factored into 2 parts – Brand and Essence.

Consumer behaviour
accounts consumer’s perspective and marketer’s perspective.  Pre-purchase issues helps to find how consumer
decides the need of a product, sources of information. For marketeer, it helps
to consumer attributes toward the product, their changing behaviour and find
cues do customers use to choose superiority of the brands. Purchase issues
speak about the customer experience with the product and marketeer gets to know
the situational factors such as peak and odd season which affects consumer
choices. Post- purchase issues help to find the experience of customer with the
product and problem faced in the functionality; marketeer will find the satisfaction
level with the brand/product; rebuy chances and experience sharing will also be
counted of this.

Consumer behaviour
is affected by market place, emerging new developments, cultural differences,
consumers and subcultures, individuality. The change in the consumer demography,
access to new products/brands, psychological factors, social factors and
personal factors.

Consumer use
personal, commercial, public and experimental sources as an inference to
compare product/ brand over other. Personal sources include family, friends and
neighbours; commercial sources include advertising, sales people, retailers/dealers,
packaging; public sources include newspaper, radio/ television, consumer organizations,
experimental sources include handling, examination, using the product. The
extent of the information depends on ability, motivation and opportunity;
extensive search for high involvement, high risk products; consumer demography
and product type.

Changes in
the lifestyle also affects the choices of the customers and it can be the sweet
spot for the retailers in terms of offering new services and products. For example,
change in the life of tier 1 and tier 2 cities is increasing the opportunity
for the retailers .

Consumer
decision process accounts need recognition, information search, evaluation of
alternatives, purchase decision, post purchase behaviour. Post purchase
behaviour is very relevant to find the customer need at the next time.

High
involvement of customer will lead to more energy, money and time and vice
versa.

Consumers
can get following values after the product – better functionality, less usage
efforts, less time consumption, safety, great design, less spacing, monetary
saving.

ITC e-chaupal
understood the requirements of the farmers and helped in eliminating the
middleman; it helps them in getting a better price and allows them to grow. It
provided multi-lingual support to the farmers.

So, consumer
inertia leads to brand loyalty and it is very difficult to get changed. Changes
in consumer behaviour takes time.

New value
proposition for fashion, quality, reliability and convenience over price are
focused by the customers while evaluating various alternatives for a purchase.
Research reveals Indian consumer is emerging to be more trend conscious with modern
lifestyle. The current urban middle and upper class is influenced by the
western culture and practices, it is reflected by their purchase and preference
choices. There is an increase affinity towards the western culture. People are
turned more experimental and open- minded with their approach towards products
and services.

For example –
Pepsodent gauged consumer expectations by helping oral care awareness programme
and use dentists to certify the pepsodent. It targets at mothers through kids
eating habits and the product ability to kill the germs. Company understood the
actual target market and they placed their product accordingly.

Consumers
are continuously changing, segments are blurring and raising new challenges for
the marketeers. New customers, needs and money expenditures are the main
concerns and focus of the marketeers.

To
understand the Indian market and consumers: psychography of the Indian consumer,
analysis of the spending patterns of product and activities, decision making
process of brand, personality, emerging trends and price point, comparative
analysis of the rural and urban consumers spending on various product
categories will be very helpful.