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Consumer Behavior - Essay Example

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Consumer Behavior Table of Contents Introduction 3 Consumer Personalities 3 Consumer Perceptions 5 Consumer Decision Making Process 6 Conclusion 7 References 8 Bibliography 9 Introduction Organizations around the globe try to target the consumers in terms of their internal characteristics…
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Consumer Behavior

The process by which consumers gathers information about a product by the internal stimuli and interprets can be defined as the perception of a consumer (Williams, 2008, p.27). Decision making about the purchase of a certain product by problem findings, information search and expected outcome evaluation can be defined as Decision making process of a consumer (Hoyer and Maclnnis, 2008, p.62). The study will uncover the effects of consumer personalities, perception and decision making process towards LG washing machine. For the purpose of study LG the company has been selected. The company initially headquartered in Korea, produced TVs, Radios, Refrigerators, Washing Machines and Air-Conditioners. LG is a Merge of two Korean Companies Lucky and Goldstar. Presently LG is a leading electronics company worldwide. Consumer Personalities A company may have to deal with seven consumer personalities to its products. 1) Customers of “Child-Like” personality is always are open to every sales pitch. To sell a product to them is much easier. 2) The “Judgmental Authority figure” is the second personality spectrum. They are also open to sales pitch and moreover they believe in company’s promotional strategy. It is easy for a company to sell them the products. 3) “Socializes” is the third type of personality spectrum, who used to develop a good relationship with the marketers; they never argue but avoid the sales coordinators. It is little tricky for the marketers to sell them the products. 4) The fourth spectrum of personality is the “Relaters”. These types of customers have the tendency to agree with the marketers about the Products’ knowledge. It is much easier for the coordinators to sell the products. 5) The fifth spectrum is the “Argumentative Barterer” who used to negotiate with the marketers. According to company to sell them product is little difficult. 6) The sixth spectrum, where the main problem arises to the company, that is the “Bargain Hunter” who use to negotiate little bit harder. The personality of these consumers is to make a better deal. 7) The last type of consumer personality is “Mature Hunter”. It is very difficult for marketers to close a deal with the consumers as they use tricky negotiations (Hanan, 2011). Basis on LG French Door refrigerator the marketers have to face consumers such as personality of child-like consumer and Judgmental Authority. LG is a leading electronics brand globally. The unique features in the refrigerators, implementation of advanced technology and the easy and time consuming accessibility will attract the consumers. As a result the company does not have to face unfavorable consumer personality. Consumer Perceptions Consumer perception includes price perception, quality perception and risk perception. Price perception is all about the difference of actual price and the perceived price of products. The consumers perceive about the price basis on the product accessories, size features and other existing products of the company. Quality is an intangible factor that may affect the products. The advertisement, promotional strategy helps the customers to perceive about the product quality. Quality perception is the difference between actual and perceived quality of the product. Risk perception depends upon the situation, people, product and culture, brand value of the company. Here consumers make the decision to buy a product without thinking about ... Read More
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