Analyzing Business Markets

Organizational Buying is often supposed to be more rational and less emotional than consumer purchasing behavior

Participants in the Business Buying Process:

1. Initiators: People from the Organisation who request or convince to buy; Salesmen, Marketers
2. Users: The Buyers
3. Influencers: People who influence the Buying Decision; Budget decision maker
4. Deciders: People who decide on product requirements; can be kids or elders who dirty their clothes, can be homemakers who keep a check on supplies
5. Approvers: People who agree or approve the buying
6. Buyers: buyers might include high-level managers
7. Gatekeepers: People who disrupt the buying.

Consumer Behavior 

 Factors affecting consumer behavior

1.       Cultural Factors :

Culture helps us in choosing what kind of product we want to buy.  Family, relatives all play an important role in deciding consumer behaviour. When it comes to kitkat cultural factors do to some extent affect the consumer behaviour.

2.       Social Factors:

Factors like reference groups, family and role models have direct or indirect impact on the consumer’s attitude and behaviour. There are aspirational groups and dissosative groups which too affect the buying behaviour of the consumers.

3.      Personal Factors :

Factors such as age and the stage o life in which you are , economic conditions do play an important role in the buying behaviour of the consumer. Personality of that person does affect his behaviour of choosing or selecting a product.

4.      Psychological Factors :

There are key five psychological factors that the buying decisions of the consumers. Those are as follows

·         Motivation:  This is explained by three theories: FRUED’S THEORY, MASLOW’S THEORY, and HERZBERG’S THEORY. These theories explain how needs become motive after a certain point of time. These carry different implications for consumer analysis and marketing strategy

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·         Perception: consumers have different perceptions of the same product or an object. It is a process by which a consumer selects, interprets and organises information inputs to come to a conclusion or a decision

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·         Learning: Learning is an internal process which comes by its own. by the process of learning one gains experience and by this span of time. There are two popular approaches to learning those are : classical conditioning and operant conditioning.

·         Memory: there is two types of memory that is short term memory (STM) and long term memory (LTM). Memory helps in making a consumer recollect a brand and how does the consumer associates the brand with itself.