Getting To Know the Technicalities of Online Business
Getting to know all about E Marketing and how business is transacted online is important for every student of business management as well as for professionals. Online selling is picking up and growing. More and more people are beginning to find it convenient to shop online. With robust systems for financial transactions in place, consumers […]
Usage of Quantitative Tools in Social Content
Social Media as a platform for marketing provides for continuous innovation, thanks to the evolving technology. No other medium gives you the kind of direct and interactive opportunity as do the Social Media Channels. Though the medium is seen to be belonging largely to the audience who discuss, participate and contribute to creating content, online […]
Social Media Channel and Tools
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Internet Marketing Strategy
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Consumer Behaviour – Meaning, Determinants and its Importance
Companies make investment in understanding consumer behaviour and implementing strategies, which will help them retain customers. Consumers can be categorized as an individual consumer and organizational/industrial consumers. Understanding their behaviour and buying pattern is important in ultimate survival of companies in the market place. Consumer behaviour consists of activities/process followed in making any buying decision […]
Consumer Behaviour is an effort to study and understand the buying tendencies of consumers for their end use.
Social factors play an essential role in influencing the buying decisions of consumers.
Human beings are social animals. We need people around to talk to and discuss various issues to reach to better solutions and ideas. We all live in a society and it is really important for individuals to adhere to the laws and regulations of society.
Social Factors influencing consumer buying decision can be classified as under:
Every individual has some people around who influence him/her in any way. Reference groups comprise of people that individuals compare themselves with. Every individual knows some people in the society who become their idols in due course of time.
Co workers, family members, relatives, neighbours, friends, seniors at workplace often form reference groups.
Reference groups are generally of two types:
Primary groups include:
All the above influence the buying decisions of consumers due to following reasons:
They have used the product or brand earlier.
They know what the product is all about. They have complete knowledge about the features and specifications of the product.
Tim wanted to purchase a laptop for himself. He went to the nearby store and purchased a Dell Laptop. The reason why he purchased a Dell Laptop was because all his friends were using the same model and were quite satisfied with the product. We tend to pick up products our friends recommend.
A married individual would show strong inclination towards buying products which would benefit not only him but also his family members as compared to a bachelor. Family plays an important role in influencing the buying decisions of individuals.
A consumer who has a wife and child at home would buy for them rather than spending on himself. An individual entering into marriage would be more interested in buying a house, car, household items, furniture and so on. When an individual gets married and starts a family, most of his buying decisions are taken by the entire family.
Every individual goes through the following stages and shows a different buying need in each stage:
A Ford Car in the neighbourhood would prompt three more families to buy the same model.
Each individual plays a dual role in the society depending on the group he belongs to. An individual working as Chief Executive Officer with a reputed firm is also someone’s husband and father at home. The buying tendency of individuals depends on the role he plays in the society.
An individual from an upper middle class would spend on luxurious items whereas an individual from middle to lower income group would buy items required for his/her survival.
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