Consumer Behavior
Essay Preview: Consumer Behavior
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Methodology:
Methodology in data mining for our project is subjective in nature. This comprises several methods that will help the qualitative research. This includes interviews, sampling, book readings and case study.
Interview:
The primary data collection for consumer buying process is through interviews. Interviews provide the information on three bases. That is unstructured interviews, semi-structured interviews and structured one.
Unstructured interviews begin by the subjects narration. In this type of interviews desired information is extract by general question and general opinion of the subject person.
Semi-structured interviews are those that not only contain the general questioning and opinions but also some specific question that takes directly to address the desired information.
Structured interviews are those which disclose the desired information instantaneously. Specific questionnaire is asked to the interviewee and measure the results on the basis of this interview.
Our primary focus will be on interviews. We have conducted more than five interviews for the purpose to understand and interpret the right information. In qualitative aspects, we are reached to the point where interviews and readings are the best methods for desired answers.
Sampling:
Sampling is not necessarily required as the customers for our selected product are rare in Lahore or in Pakistan. We will try to see some sample consumer buying process on various other individuals to benchmark our project.
Reading:
Reading from recommended text and from some information available on internet is used in enhancing our information. This reading material uplifts our information about the process as well as the best method in measuring the direction.
Case study:
Case study explains the practical expects of any process that not only helps in understanding the already occurred instances but also predictable. We will mention some examples for this purpose.
Objective:
The basic objective behind this project is to enhance our practical implications. This will not only helps in understanding how a purchase of an expensive product is made but also helps us in making our own decision in purchasing such type of product.
There are usually five steps involve in making any purchase decision. This includes need recognition, information search, determination of alternatives, purchase and post purchase behavior. Our objective is to thoroughly go through every aspect of this process. This also contains the information related to single step which will explore each step thoroughly in a beneficial manner.
There is a reason behind every single action, psychologically and practically. In actual, there is a motivation power behind the reason. This includes in our objective to reach approximately near to that motivational source.
Factors that influence the consumer in the purchase of product require attention. Being the student we are aware that in practical situation there are many factors influencing in any decision making. We are somehow part of the families that make decisions. The word attention is used for the purpose to explore some of these factors through our project.
There is an attitude after the purchase of any expenses product. This may be consonance or dissonance that reflects the opinion about product and the decision that was made. Usually this behavior is ignored or considered less essential task in business management. But the companies that pay importance to the post purchase attitude and behavior are more successful. For the consumer, post purchase opinion is worth to study. This can help predicting the purchase pattern of customer as well as discloses the perceived price of product by consumer.
Consumer buying behavior
The behavior of our selected consumer in purchase of Aurora pen is typically measured through the standard steps of consumer buying behavior. These steps are comprised of
Need recognition
Information search
Evaluation of alternatives
Purchase decision and
Post purchase behavior
Need recognition:
At the beginning of consumer buying process, need is recognized by identifying difference between desired and actual state. This can also be explaining in a way that when the need or want is unfulfilled than un-satisfaction drives to motivate consumer to satisfy it.
Need is usually aroused through many factors. Some are social factors, psychological factors, personality and perception about the product.
Information search:
After the need is recognized the next step is to search for the right information that helps in making right decision. In this step the actual action starts by reaching to the sources that may give beneficial information. These sources are usually social groups, different shopkeepers, internet search, words of mouth, past experience about making a purchase.
Evaluation of alternatives:
Evaluation of alternatives is the step in consumer buying process which is based on information search. When the information is collected for an expensive product, there are usually many options come. These options are usually classified into two categories that are the price and quality. Both are directly proportional to each other. When quality increases usually price increases as well. So the selection from alternatives is dependant on quality and price.
Purchase decision:
Purchase decision of high priced product relies on the evaluation of alternatives. When a product is selected it requires: the way to purchase, from which shop or store to buy, from which country to buy it.
Post purchase behavior:
How consumer feels about the product and the decision it made after the purchase? This response is vital for consumer as well as for Product Company. If the consumer is satisfied, it will not retain it but also become a promoter of the product as well and vice versa.
Profile of Bilal Yaseen:
Bilal yaseen is a young politician elected in Lahore couple of times. The