Review ofsession 1 and 2Consumerinsights – It helps in understanding the consumer behaviour and reasons behindthat behaviour.
This helps us to find their demands, pattern, certainbehavioural traits.Buyer blackbox – It is the place where decision is formed. Buyers decision is based on thecharacteristics and the decision process. There are 2behavioural aspects – Macro perspective and Micro perspective. Macro focuses onthe social differences and Micro focuses on cultural differences.Brandsymbols come from the culture and study of these symbols is known as Brandsemiotics. For example: Mother dairy name is derived on basis of culturalfactors. Macro perspectiveincludes social class differences (reaction to stimuli by different socialgroups).
Microperspective includes 4 factors – Motivation, Attitude, Perception and Learning.For example: There is a hidden motive in pursuing MBA or any otheractivity. Attitude is again dissectedinto 2 parts – Beliefs and Values. Beliefs are hold by individuals and Valuesare hold by group/s.
Perception is factored into 2 parts – Brand and Essence.Consumer behaviouraccounts consumer’s perspective and marketer’s perspective. Pre-purchase issues helps to find how consumerdecides the need of a product, sources of information. For marketeer, it helpsto consumer attributes toward the product, their changing behaviour and findcues do customers use to choose superiority of the brands. Purchase issuesspeak about the customer experience with the product and marketeer gets to knowthe situational factors such as peak and odd season which affects consumerchoices. Post- purchase issues help to find the experience of customer with theproduct and problem faced in the functionality; marketeer will find the satisfactionlevel with the brand/product; rebuy chances and experience sharing will also becounted of this.
Consumer behaviouris affected by market place, emerging new developments, cultural differences,consumers and subcultures, individuality. The change in the consumer demography,access to new products/brands, psychological factors, social factors andpersonal factors. Consumer usepersonal, commercial, public and experimental sources as an inference tocompare product/ brand over other. Personal sources include family, friends andneighbours; commercial sources include advertising, sales people, retailers/dealers,packaging; public sources include newspaper, radio/ television, consumer organizations,experimental sources include handling, examination, using the product. Theextent of the information depends on ability, motivation and opportunity;extensive search for high involvement, high risk products; consumer demographyand product type.Changes inthe lifestyle also affects the choices of the customers and it can be the sweetspot for the retailers in terms of offering new services and products. For example,change in the life of tier 1 and tier 2 cities is increasing the opportunityfor the retailers .
Consumerdecision process accounts need recognition, information search, evaluation ofalternatives, purchase decision, post purchase behaviour. Post purchasebehaviour is very relevant to find the customer need at the next time. Highinvolvement of customer will lead to more energy, money and time and viceversa.Consumerscan get following values after the product – better functionality, less usageefforts, less time consumption, safety, great design, less spacing, monetarysaving.ITC e-chaupalunderstood the requirements of the farmers and helped in eliminating themiddleman; it helps them in getting a better price and allows them to grow.
Itprovided multi-lingual support to the farmers.So, consumerinertia leads to brand loyalty and it is very difficult to get changed. Changesin consumer behaviour takes time.New valueproposition for fashion, quality, reliability and convenience over price arefocused by the customers while evaluating various alternatives for a purchase.Research reveals Indian consumer is emerging to be more trend conscious with modernlifestyle. The current urban middle and upper class is influenced by thewestern culture and practices, it is reflected by their purchase and preferencechoices.
There is an increase affinity towards the western culture. People areturned more experimental and open- minded with their approach towards productsand services.For example –Pepsodent gauged consumer expectations by helping oral care awareness programmeand use dentists to certify the pepsodent. It targets at mothers through kidseating habits and the product ability to kill the germs.
Company understood theactual target market and they placed their product accordingly.Consumersare continuously changing, segments are blurring and raising new challenges forthe marketeers. New customers, needs and money expenditures are the mainconcerns and focus of the marketeers.Tounderstand the Indian market and consumers: psychography of the Indian consumer,analysis of the spending patterns of product and activities, decision makingprocess of brand, personality, emerging trends and price point, comparativeanalysis of the rural and urban consumers spending on various productcategories will be very helpful.