Loyal customers will purchase their favorite brand regardless of convenience or price. Brand loyalty is most successful when it addresses the values that are most important to their customers. Customer loyalty leads to repeat customers and increased profits.
Some of the external factors that influences consumer behavior are as follows: Besides the internal factors, external factors also influence consumer behaviour. These factors are not individualistic and are external to the individual.
These factors include culture, subculture, social class, reference group and family influences.
They are associated with the groups that the individual belongs to and interacts with. Culture refers to the traditions, taboos, values and basic attitudes of the whole society within which an individual lives.
It is essentially associated with a certain nationality or religious identity of an individual. Cultural norms are learnt by an individual from childhood and their influence is so ingrained that it is invisible in daily behaviour.
Culture teaches an individual the acceptable norms of behaviour and tells him the rights and wrongs. When an individual deviates from acceptable norms, certain sanctions are imposed on him.
Cultural values affect how business is conducted. Culture also affects consumption behaviour. Cultural influences can be seen in the food habits and dressing style of people. It also influences communication languageattitudes and values that influence consumption patterns.
For instance, attitude towards future security and prosperity affects the propensity to save and consume and also affects decisions about possessions.
Cultural influences are highly conspicuous in communication messages. Use of colours, symbols, language and message sources reflect culture. The main aim of the multinational brands is to tune their messages according to the cultural specifications of various regions that they operate in.
Social class refers to the hierarchical arrangement of the society into various divisions, each of which signifies social status or standing. Social class is an important determinant of consumer behaviour as it affects consumption patterns, lifestyle, media patterns, activities and interests of consumers.
However, this may not be true. Income differences do contribute to differences in social status, though they may not be the sole cause of differences in consumption patterns or lifestyles. For instance, two consumers earning the same income may differ considerably in lifestyle when one has professional qualification at the post graduate level and is employed at the senior management cadre of a multinational, while the other is self employed, with education confined to a few years of schooling.
Preferences regarding product and brand purchases, media consumption patterns, interests in pursuit of various leisure time activities vary a lot among these two consumers. Such revelations through the years have prompted marketers to measure social class as a composite variable that reflects not just income differences, but other indicators such as educational qualifications, type of profession and designation, material possessions, etc.
Social class may fail to distinguish between contrasting consumption patterns though it remains an important discrimination of consumption patterns.
Social class should be used with other measures such as life stage and life cycle.The success of a product in India is not predictable as it is very difficult for market researcher to understand the buying behavior of a consumer in India as their purchase decision is entirely different form needs stated.
3 Kevin Lane Keller is the E. B. Osborn Professor of Marketing at the Tuck School of Business at Dartmouth College. Keller's academic resume includes degrees from Cornell, Duke, and Carnegie-Mellon universities, award-winning research, and faculty positions at Berkeley.
values, brand identity/images, and marketing practices have an impact on brand equity of the original brand (the acquired one) in terms of various elements such as perceived quality, brand associations, etc.
The purpose of this study is to examine the impact of brand image and advertisement on consumer buying behavior in the general public at Gujranwala city. Questionnaire survey was used to collect the data by using non probability convenient sampling technique.
Published: Mon, 5 Dec “The Coca-Cola Company is established in by the pharmacist Dr. John Pemberton in Atlanta, in the beginning it was sold as a medicine.
Demand Curves.. Total demand for a product results from adding the demand for each consumer. Some consumers will have high levels of demand, or low elasticity, and others will be highly price elastic.