A
consumer’s buying behaviour is influenced by cultural, social, and personal
factors.
1.
Cultural Factors
Culture
is the fundamental determinant of a person’s wants and behaviour.Each culture
consists of smaller subcultures that provide more specific identification and
socialization for their members.
2.
Social Factors
Social
factors such as reference groups, family and social roles and statuses affect
our buying behaviour.
3.
Personal Factors
Personal
factors include the buyer’s age and stage in the life cycle; occupation and
economic circumstances; personality and self-concept; and lifestyle and values.
Analyzing
the difference and difference in Marketing Approach
Marketing
Approach –
Marketing is a process in which we show our
customers a path to reach there aspiring personalities by using our
product/service.
Five ways of marketing approaches are
·
Décor
·
Merchandise
·
Product display
·
Product range
·
Pricing
Décor: It is a
multi–faceted profession in which creative and technical solutions are applied
within a structure to achieve a built interior environment. The interior design
process follows a systematic and coordinated methodology, whereby the needs and
resources of the client are satisfied to produce an interior space that
fulfills the project goals.
Merchandize: Behind the scenes, there is another factor at work.
Corporations and independent store owners alike are always trying to get the
edge on their competitors. One way to do this is to hire a merchandising solutions
company to design custom store displays that will attract more customers in a
certain demographic. It includes
every walk of life and therefore encompasses a enormous captive audience
for promotion features.
The
nation's largest retailers spend millions every year on in-store marketing programs that
correspond to seasonal and promotional changes. As products change, so will a
retail landscape. Retailers can also use facing techniques to
create the look of a perfectly stocked store, even when it is not. Increases as
the number of pertinent merchandise facts included in the advertisement
increases." –Charles Edwards – Leader
Product
display: The
way we display our store in whole market environment as well as the way we
display our products in store.
Product
range:
Different designs or variations of the same product platform that appeal to
different market segments. Complete portfolio of the products that a company
manufactures and or/ markets.
Pricing: This are
the few pricing strategy’s we follow to attract customers, based on the market
environment and the customers those who come to store,pricing strategy price
system is selected, PLC Mgt, Value
pricing, Product Sabotage, Price elasticity of Demand, Time based Pricing,
Suggested Retail Price, Purchasing power, Psychological Pricing, Options
pricing, Group Buy, Cost the limit of pricing.
Up-market shopping mall
Décor-
With today's
seemingly unlimited competition, numerous shopping centers are faced with
the need to critically examine themselves. Examine your shopping center as a
consumer or retailer would. Does the center look sharp and appealing? What
needs to be improved? Often this might include facade improvements, parking lot
repair, better signs, entrance/exit changes, lighting, new roof repair, store
fronts, beautification, and more. Physical deficiencies can loom large in the
consumer's mind if newer, more modern shopping centers are located nearby.
Merchandize- The way in which items attract
the public is changing into the technical age of Electronic Promotion.
This
evolution brings moving images and sound to the once static ad. board, it is
visually eye catching and provides far more data in a non pushy form. Patrons
just can’t help but put a stop to and watch the dynamic monitor, influencing
their selection of procure, which is what merchandising is all about.
Where these dynamic indoor (or out-of-doors) LCD TVs are
placed is evenly important as the item they portray. Often monitors are located
at the point of sale, where the shopper queue to pay for their purchase, but
can also be converted by the moving ads to pick up the advertised goods, on
screen next to them, and pay for it too whilst at the till point. Another
innovative way is to screen the display in the floor of the store, where
customers are attracted to the ads and are drawn to the electronic concept
along with the retailer’s shop floor layout.
This
is the way forward in a demanding world of sales, where every individual is a
prospective sale. It opens up a whole new concept for promoting merchandise and
visually communicates the advertisement to the consumer in a modern,
contemporary and unique way.
Product Displays – Focus is also paid in displaying different types of
consumer goods. Display cases in malls are designed for intelligent space
utilization that makes them very functional for the places like exhibitions
too. Available in different dimensions and shelf configuration, the structure
of the stands is modular making them perfect for easy installation.
Product Range - Mall includes almost everything you ever wanted under one
roof. It covers wide range of variety from apparels to accessories, beauty
products, health productions, electronic gadgets, recreational equipments, home
decoration and so on.
Pricing- With increase in the
price in the area acquired for the shop in mall, Brand names, air conditioning
, Appealing environment and offering recreational activities prices are higher
and
The products
are expensive. As a final aside, the larger stores and
shops in town will have price-marked goods, so haggling is generally not
possible.
Example- DLF Promenade, Select Citywalk, MGF Metropolitan.
Traditional Market
A marketplace is a location
where goods and services are exchanged. The traditional market square is a city square where traders
set up stalls and buyers browse the merchandise. This kind of market is very
old, and countless such markets are still in operation around the whole world. It is preferred
due to; a rooted habit of making purchases traditionally, the tangibility of
the product, more apparent communication with salespeople, stronger purchase
sensations and instant transactions.
Décor- Interior is
done making use of the space available.
Merchandizing- Banners
plays very important role in merchandizing
Product
Display-
Products are displayed in a way that it grabs the attention of consumers
Product
Range-
Wide range of product s are available.
Pricing- Prices are
flexible also includes bargaining.
Example- Janpath, Dilli Hart
Weekly Market
A Street market is an outdoor market such as
traditionally held in a market square or in a market town, and are
often held only on particular days of the week. Very similar markets, or bazaars can also be
found in large enclosed spaces, instead of on a street. It is full of great
treasures like handicrafts, shoes, clothes, CDs, movies and electronics, and
much more! Here the selection is endless and the prices are rather cheap,
especially with the help of a few bartering techniques .Here you will
find a variety of items ranging from blown glass, ceramics, jewelry,clothes,
footwears, accessories and much more. As in many markets, you will also be
entertained as you shop with street performances, and there is always a chance
to stop for ice cream or snack to make time for more shopping!
Décor- It is
restricted by the restriction in infrastructure development
Being
an outdoor market with limited space decoration is not of prime importance.
Merchandizing- All the trading activity takes place
without any banners or hoardings. And the method adopted by them is to promote
through word of mouth. It can also be found from the study that the
accessibility plays a very crucial role. The market which is accessible by motorized road
functions better.
Product
Display-
Because of lack of space products are displayed or aligned in a manner where
consumer is able to see the product’s presence and can choose accordingly.
Product
Range- It
includes unbranded products like household items, vegetables, fruits often used
by the masses.
Pricing- Prices are
low. Although you will probably get a great price anyways, don’t forget to
negotiate for the best price!
Example- Monday market Tilak Nagar, Malka
ganj.
Local Retail Shop
Retail consists of
the sale of goods or
merchandise from a fixed location, such as a department store, boutique or kiosk. Shopping generally refers to the act of buying products.
Sometimes this is done to obtain necessities such as food and clothing;
sometimes it is done as a recreational activity.
Recreational shopping often involves window shopping (just looking, not buying)
and browsing and does not always result in a purchase.
Décor-Interior
of the local retail shop is of not of prime importance as comparatively the
area size is larger than the malls and they make sure to use the entire space
effectively. On special occasions decoration takes place mainly at the entrance
or the place where it can grab customer’s attention. Entire shop is furnished
in the way it is required.
Merchandizing-
Hoardings , Posters promoting particular brand and also giving offers as given
by the manufacturer.
Product
Display-As per the furnishing in the shop products are arranged according to
their usage, more selling products are kept in front.
Product Range-Offers
huge variety from health care, personal care,ice creams, eatables, stationeries
and so on.
Retail pricing-The pricing technique
used by most retailers is cost-plus pricing. This involves adding a markup amount (or
percentage) to the retailer's cost. Another common technique is suggested retail
pricing.
This simply involves charging the amount suggested by the manufacturer and
usually printed on the product by the manufacturer.In Western countries,
retail prices are often called psychological
prices or odd
prices. Often prices are fixed and displayed on signs or labels. Alternatively,
when prices are not clearly displayed, there can be price
discrimination, where the sale price is dependent upon who the customer
is. For example, a customer may have to pay more if the seller determines that
he or she is willing and/or able to. Another example would be the practice of
discounting for youths, students, or senior citizens.
Example- South Extension, Vasant Kunj
ASPECTS OF CONSUMER BEHAVIOUR
|
Processes that
are likely to precede the purchase
|
Purchase act
|
Activities
which often follow the purchase
|
|
Clarification
of wants media exposure
|
Actual purchase
No. of items
brought at one time
|
Who uses the
product
Storing and maintaining
the product
|
|
Examinig
alternative products
|
Timing of the
purchase
|
Setting where
the product is typically used
|
|
Searching for
information
|
Place where
purchase was made
|
Evaluating the
products performance
|
|
Shopping
|
Price paid
|
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|
|
Talking with
others
|
How Purchased-
Cah/Credit
|
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|
|
Processes that
are likely to precede the purchase
|
Purchase act
|
Activities
which often follow the purchase
|
|
Clarification
of wants media exposure
|
Actual purchase
No. of items brought
at one time
|
Who uses the
product
Storing and
maintaining the product
|
|
Examinig
alternative products
|
Timing of the
purchase
|
Setting where
the product is typically used
|
|
Searching for
information
|
Place where
purchase was made
|
Evaluating the
products performance
|
|
Shopping
|
Price paid
|
--------------------
|
|
Talking with
others
|
How Purchased-
Cah/Credit
|
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|
