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Consumer and Buying Behavior - Research Paper Example

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Consumer and Buying Behavior

Marketers are using different means to analyse the factors that affect the consumer behaviour of the target market audience so as to ensure that their product mix is largely in tune with the needs and wants of the consumers. Marketers spend billions towards conducting surveys and reviews and also try to analyse the purchase behaviour in order to capture the mindset of the customers and underline the aspects that help analyse the consumer behaviour of the target market audience. The present study would also try to analyse the consumer behaviour of the customers for the online game ‘Dragon Nest’. The study would particularly try to analyse the factors that customers analyse while making the purchase decision for this type of a product. Literature Review Consumer behaviour is largely a psychological aspect that involves understanding the psychology and the thought process of the consumer undertaken in the minds of the consumer while making a purchase decision. Researchers often use the term determinants that are essentially independent variables that effect consumer behaviour. These factors include personality, income levels, level of education, lifestyle as well as peer groups and other social contacts. In addition to this situational aspects form the most important of the aspects that affect the consumer behaviour. Situational aspects include the physical surroundings as well as task definitions and the other physical aspects. These have a critical role in the thought process of the consumers and determine their needs and want and also determine the factors that are evaluated by consumers while making a purchase decision (Shaw, 2001, p.85-90). Figure 1: Determinants of Consumer Behaviour (Source: Shaw, 2001, p.89) The process of purchase decision largely involves the steps of recognising the problem that is succeeded by searching information on the available options, attitudes and lifestyles of the consumers, aligning the information with the aspects of personality and lifestyles and behaviours and finally evaluating the various available alternatives and options available before them and making a final purchase decision. The behaviour and attitude towards a brand or a product does not end with the final purchase but also includes a post purchase evaluation. This is very important in the present competitive environment where the success of a firm not only comes from its ability to attract new customers but to also retain the existing customers. This aspect also assumes considerable significance in the online social networking age where reviews and feedbacks of peer groups are very pivotal in affecting the psychology of the new and potential customers (Kardes et.al, 2010, p.189). In order to deeply analyse the purchase decisions and consumer behaviour, the Black Box Model of Consumer behaviour can be applied. The figure below shows the model in conceptual form. Figure 2: The Black Box Model of Consumer Behaviour (Source: Sandhusen, 2008, p.240) The Black Box Model as illustrated above in Figure 2 largely proposes the mindset of the consumer as a black box and includes the characteristics of the consumer as ...Show more

Summary

Consumer and buying behavior Table of Contents Consumer and buying behavior 1 Table of Contents 2 Introduction 3 Literature Review 3 Research Methodology 7 Analysis and Discussion 8 Conclusion 10 Recommendations 10 References 12 Annexure 13 Appendix 1: Questionnaire for Interview 13 Introduction The age of competition has largely accentuated the need to ensure better branding and positioning in order to create a distinction in the minds of the target market audience…
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