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Repeat Purchases, High and Low Involvement, Organizational Purchasing and Consumer Satisfaction - Assignment Example

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Repeat Purchases, High and Low Involvement, Organizational Purchasing and Consumer Satisfaction

Under business theory, there is always the threat of substitutes in a market, which means that other competing companies will often develop innovations that are similar to an existing product. One can take into consideration a technology brand such as a CD player. Substitute products in the market for this product include mobile smart phones that can sustain music selections or even Apple iPod. If the marketer is unable to get repeat purchases, then there is always the risk of defection to competing substitute products that will, over time, erode profitability. Additionally, establishment of brand loyalty is very important not only to ensure revenues from customer sales but also to outperform competition with similar product offerings and ensure that the life cycle of the product can be sustained. Under the product life cycle model, products move through an introductory stage, a growth stage, a maturity stage and a decline stage depending on how long the marketer can sustain demand for this product. When a product reaches the decline stage, as consumers no longer demand the product in high volumes, cash management and inventory control become a major strategic problem (Dooley, 2005). By being able to promote a desire to make repeat purchases, it has the ability to extend the life cycle of the product which gives the business opportunities to avoid restructuring its operations and marketing strategies, which can be very costly to the organization. Marketers can prompt repeat purchases in several ways. First, they can use psychographic segmentation and targeting strategies to create long-term connections with the consumer lifestyle, attitudes and behaviors. Some products are not easily differentiated because they have benefits and functions similar to other competing products. Therefore, they use positioning strategies to emphasize one unique characteristic that is different from competing products to let consumers know how the product can enhance their lives, such as focusing on premium ingredients in a food product. If the marketer illustrates to the consumer that its product has long-term benefits to enhance the lifestyle and it is promoted more effectively than competing products, there is a much greater chance that the consumer demand for the product will be sustained. For example, some companies will use celebrity endorsements as a means of promoting more interest in a product, using credible and attractive role models that fit the lifestyle characteristics of the target market. Under social learning theory in psychology, celebrity endorsements often promote repeat purchases when such lifestyle connections have been made (Pornpitakpan, 2003). High Involvement and Low Involvement Buying candy from the supermarket in the convenience section near the register represents very low involvement purchase decision-making. When making this decision, there was very little thought about what would be an appropriate product due to two specific factors. First, the time frame allowed while the checkout clerk is ringing up the product is very short and therefore, in order to get the product to the register in the allotted amount of time, a rapid decision must be made. Secondly, whether the buyer was hungry or not determines the size, flavor and ultimate choice of the candy product. A fast decision based on fast nutrition needs determines the volume of time selecting the product. A high involvement decision includes shopping for a new flat screen television set. I wanted to have specific features, resolution and was very focused on price as decision-making criteria in this high involvement purchase. During this decision-making process, I compared prices ...Show more
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Summary

It is crucial for marketers to ensure repeat purchases for profitability reasons and for ensuring long-term loyalty to a particular brand. As it is related to profitability, when a consumer is willing to repurchase a product, it ensures that there will be stable revenues. …
Repeat Purchases, High and Low Involvement, Organizational Purchasing and Consumer Satisfaction
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