Buyer Behaviour – Branding - Loyalty Contents Purchase Decision Making Process p. 3 Approaches and Theories of Buyer Behaviour p. 6 Factors Affecting Buyer Behaviour p. 9 Brand Loyalty and Corporate Image p. 12 References p. 15 Purchase decision making process * When buying products or services‚ consumers typically follow this five-step process: 1. Need Recognition Need recognition occurs when a consumer identifies a need and thinks of a product
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and using economic and services‚ including the decision process that precede and determine these acts." (Engel et al‚ 1968‚ p 5) Buyer behaviour refers to "the acts of individuals directly involved in the exchange of money for economic goods and services and the decision process that determined these act. "(Engel et al‚ 1968‚ p 5). Both consumer and buyer behaviour differ amongst the population as people have different wants and needs. Therefore it is untrue to say that working women buy
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Motivation is both a psychological and physiological process. Individual behavior is directly correlated with motivation. There are two levels of motivation: one is to satisfy basic physiological needs‚ such as oxygen‚ food and water. The second level of motivation involves satisfying psychological needs. This second level is satisfied only after the first level is satisfied. These individual needs‚ both psychological and physiological‚ combined with group influences‚ shape customer perceptions
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Parry or Power Buyer Power Buying power is known as the bargaining power of customers. There are two types of buyer power. The first is associated with the customer’s price sensitivity. If each brand of a product is similar to all the others‚ then the buyer will base the purchase decision mainly on price. This will increase the competitive rivalry‚ resulting in lower prices‚ and lower profitability. The other type of buyer power relates to negotiating power. Larger buyers tend to have more leverage
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Behavior The marketing concept emphasizes that profitable marketing begins with the discovery and understanding of consumers. And their needs and then develops a marketing mix to satisfy these needs. Consumers/ buyers considered to be as one of the important element in a company. These buyers/consumers are the one that generates the company’s income. In order to established loyalty among its customers a company should understand first the buyer’s/consumer’s behavior. Consumer behavior is the mental
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Robinson Agenda • Recap: What we discussed yesterday ☺ • This lecture covers: –Research process –Research designs –Problem definition • We will also be forming groups for the project and discussing the project topic RMIT University© LR2011 2 RECAP You should remember from yesterdays lecture: • What is marketing research is? – Definition; Applied vs. basic research • What role does MR play in business strategy? • When should MR be conducted? • What is the difference between data‚ information
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TYPES OF BUYERS 1. The Silent Buyer Stays silent‚ apparently glum‚ who is probably more disturbing to a new salesperson. How to handle: - Ask questions‚ wait for feedback. - Make a selling point‚ repeat it twice ask their opinion. - Meet silence with silence‚ it forces prospect to say something. 2. The Phlegmatic or Imperturbable Buyer These are cool and calm buyers How to handle - Go on for simple presentation‚ explain everything and give remarks of close. He will reply. 3. The
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Fashion Buyer Fashion buyers use their sense of style‚ knowledge of fashion trends‚ and understanding of their target customers’ desires to create an attractive selection of apparel for retail stores. Due to the length of time it takes for a designer or manufacturer to fill all orders‚ buyers often make their purchases up to 1 or 2 years in advance‚ so it is important for fashion buyers to be able to understand past‚ present‚ and future fashion trends. Buyers must also be good at budgeting and
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Perception What makes customers prefer Coffee Bean compared to other café places like Starbucks? The answer can be found in the way customers perceive the available brands. Perception is the process by which an individual selects‚ organizes and interprets the information he receives from the environment. 3 Stages Of Perception The first stage that begins the whole perception is the select process; this is attending to the object or an event in the environment with one of more of the five
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Brand and products have become apart of our lives. What is a brand? You to a strange city‚ hungry and looking for a hotel‚ the hotel is also a lot of what you see is also a lot to look decent. But mostly unfamiliar names‚ except a McDonald’s you know. Here are a few hotels‚ would you please tell me your choice: Option one : McDonald’s (the taste was acceptable‚ but less food to enjoy) Option two: one decorated luxury hotels Option three: there are a lot of people queuing Option four :
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