Consumer Behavior on Furniture
Executive Summary
As the economic conditions is tough and challenging in recent years. Cost of living is increasing, especially for those new home starters, like new couples, families with new-born member, or moving out of parents home.
For the general new home starter, money terms and financial issue is a big concern on their everyday life. The need and purchase of furniture would be an inevitable process as they need to start building up and furnishing their new home. They would opt for products that offer the benefits of good living standard, but without sacrifice too much of their earning or income.
In the situation and target group we focus on in this analysis, IKEA and Pricerite would be more likely be the choice to be made in the final decision.
Purchasing off-the-shelf product, rather then tailor-made, good customer value and affordable price are a few major criteria in such case. However consumers would have different consideration for their decision depending on their individual factors.
From having the wants and demand to the step of making purchase decision and consumption. There are different factors that would influence and affect the consumer decision.
External Influences
There are two sources that influence buying behavior. The first one is formal sources which are kind of well-planned and paid sources.
The second source is informal, which is kind of a not pre planned and non-paid sources like family, informal sources, social class and culture etc.
Marketing Efforts
Product
IKEA offer product with Scandinavian design and attractive appearance, IKEA provide an extensive range of choice in terms of product category, models, colors and materials to suit the many different needs and precise preference. The large catalogue of choice in products maximise the chance of finding products to your needs.
Pricerite
As the economic conditions is tough and challenging in recent years. Cost of living is increasing, especially for those new home starters, like new couples, families with new-born member, or moving out of parents home.
For the general new home starter, money terms and financial issue is a big concern on their everyday life. The need and purchase of furniture would be an inevitable process as they need to start building up and furnishing their new home. They would opt for products that offer the benefits of good living standard, but without sacrifice too much of their earning or income.
In the situation and target group we focus on in this analysis, IKEA and Pricerite would be more likely be the choice to be made in the final decision.
Purchasing off-the-shelf product, rather then tailor-made, good customer value and affordable price are a few major criteria in such case. However consumers would have different consideration for their decision depending on their individual factors.
From having the wants and demand to the step of making purchase decision and consumption. There are different factors that would influence and affect the consumer decision.
External Influences
There are two sources that influence buying behavior. The first one is formal sources which are kind of well-planned and paid sources.
The second source is informal, which is kind of a not pre planned and non-paid sources like family, informal sources, social class and culture etc.
Marketing Efforts
Product
IKEA offer product with Scandinavian design and attractive appearance, IKEA provide an extensive range of choice in terms of product category, models, colors and materials to suit the many different needs and precise preference. The large catalogue of choice in products maximise the chance of finding products to your needs.
Pricerite