Consumer buying behavior means buying behavior of individuals who buy goods and services for their own consumption. Consumers take decisions and buy different products every day. For companies, consumer decisions are a great source of information about consumer, which means what, where, when and why consumer buy.
Individuals and Organizations buy industrial products for further ultimation in the business operation or may use in other products. The main objective of industrial products is to use the products in business operation and earn profit. Following are the types of Industrial products, Materials & Parts and Capital items
Consumer buying decision process has five stages, Need Recognition, Information Search, Evaluation of Alternatives, Purchase of decision, Post Purchase Behavior, Marketers should focus on buying decision process rather than purchase decision. Need recognition is the first stage of buying decision process, buyer identify a need or a problem
Consumer products are those, which are used by the customer for consumption or for household use. Consumer products are further classified and divided in: Convenience Products, Shopping Products, Specialty Products, Unsought Products. The consumers have enough knowledge about such type of products
Product can be define with two ways: 1. Narrow Sense (Classical Approach and 2. Broad Sense (Modern Approach). A product is a set of basic characteristic assembled in an identifiable form or product is a set of tangible, physical and chemical attributes assembled in identifiable form. Such as personal computer, steel, pen etc.
In today’s competitive business environment, customer has become very quality conscious. Most of the customer will no longer tolerate something less than high quality products and services. Companies have, therefore, been compelled to adopt total quality management.
Conventional Marketing System comprises of an independent producer, wholesalers and retailers (2level). Each is a separate business, seeking to maximize its own profits, even if it reduces profit for the system as a whole. No channel member has complete or substantial control over others.
The task of creating strong customer loyalty is called relationship marketing. It embraces all the steps that companies undertake to know and serve their valued customer better. Basic Marketing. The scales person simply sells the product, Reacting Marketing. The sales persons sell the product and encourage the customer to call if he/she has any comments, question or complaints.
Companies seeking to grow their profit have to boost their sales. This requires exploring new markets and broadening their customer base. They then make vigorous effort to attract new customers. For this purpose, they do all out effort ranging from advertising in the target market to personally keeping in touch with customers.
Marketing or Distribution Channels are sets of interdependent organizations involved in the process of making a product or service available for use or consumption. These are one of the most critical decisions.