Describe about the Marketing Consumer Behavior for Purchasing Pattern.
Consumer behavior is the analysis of the people or the organization regarding their purchasing pattern. The idea for purchase is directly related with the sociology and psychological satisfaction with the consumer. It focuses on understanding decision-making behavior of a consumer under variable circumstances. It gives a special preference to the characteristics of an individual while making buying decisions (Close, 2012). The individual buying pattern is judged on different parameters. There are various attributes which are necessary to be considered while taking any buying decision. Every commodity has a different utility level. Consumer behavior studies the individual inclination towards various needs (Kardes, Cronley & Cline, 2014)
The recent time has witnessed a rise in the online buying pattern. Customers are more likely focused on buying the goods online. The report is based on the study of the online behavior pattern of Mr. Liam. Further it reflects the individual buying pattern and help in judging his purchasing pattern.
Research methodology tools are used to make an inference regarding the needs which are attached with the buying pattern of G.I Joe which is majorly done through the online purchases. The various research tools to study the market behavior is the Theory of Reasoned Action, Engel, Kollet, Blackwell (EKB) Model, Motivation-Need Theory, and Hawkins Stern Impulse Buying model. These tools help in deciding the individual buying pattern while considering the variable factors. The various tools are used to judge the buying patterns which are seen in the consumers (Four Consumer Behavior Theories Every Marketer Should Know, 2016).
G.I Joe is a toy company owned by Hasbro which is famous among kids for offering the action figure. It represents American value of bravery, valor and ethical standards. The toys and the movie series is famous not among the children but also among the adults.
The toy purchasing behavior is highly influenced by the kids. The changing behavior outline depends upon various consumer patterns like economic, social, cultural differences. The different behavior of the consumer depends upon the economy of the country. The various attributes affects the changing consumer behavior at the present scenario. It depends upon the product and the utility attached with it. Every product has a different level of satisfaction. Some products are essential for the basic necessity. The product like and dislike is attached with the individual behavior towards the product.
Cultural factor
Culture plays an essential role while deciding the behavior of an individual. A person is influenced by the end number of factors throughout his life. There is a constant interaction with the society which affects the individual needs and desire for a product. For any brand it is necessary to take into record the various cultural factors which may influence the desire for buying the brand. Here the customer Liam has a hobby to collect vintage toys which are affected by the cultural needs and desires which are attached to the product. As a child he was fascinated by the comic characters which added to his desire for collecting the toys (Kotler, 2010).
Social group are large number of people whose behavior is attached with each other. It is in the form of social hierarchy. There is a similar pattern of buying seen in the large groups which affects their buying patterns. Beyond a common thread there are varieties of people who do not buy things which there counter-part is doing. In the case of Liam, the toys are not a part of the social need but the childhood influence pattern has affected the pattern for purchase. He has a desire to buy toys which is due to the outside needs. His need for collecting the toys is affected by the number of factors like mental satisfaction rather than social needs. Every individual buying patterns are different and depends largely on the individual choice (Turban et al, 2015)
There is a need of a product due to individual desire. Every consumer exhibits a different buying pattern. Two people at a different age show a different buying style. Factors like individual lifestyle, hobbies, and habits affect the consumer behavior. Personal individual needs do affect the buying trends in an individual. In case of Liam he has a desire for the product which added variance in his behavior. His hobby has made him buy the toys for collecting vintage toys (Dlabay & Scott, 2010).
Maslow hierarchy needs give special importance to the psychological needs. A major part of buying nature depends upon the buying nature of an individual. A person only buys the good if it gives him a mental satisfaction.
Liam behavioral pattern are highly influenced by the mental satisfaction. His online buying pattern is influenced by the desire to collect the toys. The buying patterns of the customer are influenced due to desire for the toys (Torelli, 2013).
The individual buying patterns are affected by the different behavioral patterns. The individual buying pattern of Liam reflects his online buying patterns of a consumer which vary from individual to individual. Liam has a hobby for online purchase which is shown.
The Fishbein model is a model that helps to study the behavior of the consumer. This model is also known as the theory of planned behavior or the theory of reasoned action. Fishbein model helps to explain the attractiveness and choice of the product and service by the consumer. In this model, the entire attribute related to the object is considered. This model also assist to understand the decision making process used by the consumers. It is one of the effective models to study the consumer’s behavior and suggest many ways to influence the same (Williams, 2014).
The formula of calculation of Fishbein model of consumer behavior is:
Ao=∑i=1nBiEi
The attitude of the consumer helps to know about the particular behavior of them for nay product or service, people, company, brand, or to other things. Such behavioral intentions help to proceed to actions (Shoham & Gavish, 2016).
Market research tools
Now days, market research tools has become very relevant in for the success of brands and products. It initiates from planning for customers’ service needs to the final production. As we know, that the situations of the market is not constant. G.I. Joe, first have to study the needs of their customers and then they have to planning in accordance with the needs and demands of the customers. Market research is the best way to know what the customers want. The managers of GI Joe were asked about the tools of market research. Here’s the tool suggested by them(See the appendix)
It is way in which the surveys are created by the company and sent out to millions of customers through email. In this present study, the researchers asked only one customer Liam, who loves to buy toys of GI Joe. This technique helps to save time and money as it is the most effective and efficient technique used by the companies (Outreville & Desrochers, 2016).
One-on-one conversations take place when two parties talk to each other directly using, phone calls, video conferencing or face to face conversation. It is the most effective way to collect data as it helps to understand the potential of the customers. It also help o dig in to the mind of him.
Customer case study refers to the study of pattern of purchasing the product by the customers. It gives you in-depth knowledge about the customers and his/her purchasing habits. Under this study, the marketer research on the Liam’s purchasing pattern.
Social media is one of the strongest tools used by many companies as well as GI Joe for the market research of its products. In this approach, direct messages and information is sending to the influencers. Advertisements are posted on very social networking site that showcase the products. Afterwards, an analysis is done on the results from the research (Mandel, Rucker, Levav, & Galinsky, 2016).
In today’s fast moving world, there is a shortage of time in everyone’s life. There are various factors due to which Liam prefers to buy products online. It is very important to understand the psyche of the online buying customers. Companies have to understand what the customers actually want. They have to plug into the thinking of customers and find ways to attract the customers. It can be done through competitive smartness, pricing of precuts, customer service, etc. Online shopping gives them a freedom to shop in pajamas. They can also buys products in better prices and of better quality (Murphy & Dweck, 2016).
Reasons due to which Liam purchased GI Joe toys online are
It is convenient for Liam to purchase online as he is a 26 year old man who has lots of responsibilities on him. Online purchasing helps him to save his time.
As we know that there are many types of discounts and other benefits are available in online purchasing. Due to this reason, many customers prefer to do online shopping (Reny, 2015).
Online purchasing allows Liam to first observe all the variety of toys available in GI Joe and then make a purchase accordingly. Online purchase has the caliber to showcase variety of products.
As we know that online purchase does not charge much. We just have to pay only for home deliver or shipping. Even the price for home delivery and shipping is very reasonable that anyone can afford (Dahl, 2013).
In online purchase, you can compare the quality, price, quantity, discounts and other benefits. It gives you privilege to purchase the best bit out of all.
Many people do not like to face the uneven crowd of market place. In this situation, online purchase is one of the best ways to get rid of such situations.
In online shopping, the buyer only buys the relevant products.
Consumer behavior is a vital term for every company as the growth and success of any company depends on its customers. GI Joe is a toy making company which manufactures toys and sold them through retail stores and online also (Paul & Rana, 2012).
From the above study, we learnt many things about the behavior of customers. This study tells that how one customer is affected by the attributes of consumer behavior. There are various attributes that includes the behavior of the consumer like cultural, social, psychological and personal. These all attributes affect the decision making of the consumer. Liam is one customer of GI Joe products who are very much influenced by these factors. He has some connections with the toys produced by GI Joe. We also learnt about the various models that help to study the behavior of customer. We deeply studied, Fishbein model that assist us the ways to calculate the pattern of customer’s purchasing (Briesch & Rajagopal, 2010).
In this study, we study that how online purchasing helped Liam to buy toys from GI Joe. Many factors are discussed about the online shopping like price, delivery, convenience, variety, quality, etc. (Pham, 2013).
These all elements help to generate ideas and information about the customer behavior. GI Joe should understand the behavior of their customers. This survey will help them to understand
I noticed that the decision making process and buying behavior is a subjective view. In my view, Liam is not a typical customer. Instead o this, he is very creative and unconventional who have very fascinating imaginations. He is not an ordinary buyer. In this way, we can understand that different customers have different views (Pham, 2013).
The company has many competitors too like Funskool that is a very famous brand. But somehow GI Joe has competitive advantage as they have unique products and the customers are also personally attached to the products of GI Joe. This company can provide satisfaction to their customers. For example Liam, who is a very reliable customer of GI Joe? The brand not only makes toys but also portrayed thrill and action into the lives of their customers. The concept of brand used under this company is armed and forces that shows the power of the brand and toys. Every customer of this company can relate sweet memories through its products (Griskevicius & Kenrick, 2013).
Recent change in the economy has seen a change in the buying pattern of the customers. A rise in the living standard has allowed people to spend money on the goods apart from the necessity goods. Large part of New Zealand buying behavior is done through online purchases. Online trends shows customers inclination towards buying the goods from the online shop which they find is convenient and easy. A large section of the economy is dependent upon the online shops. The world is seeing a transition, the general consumer behavior patterns. While buying a toy online it is generally seen that the customer decisions are influenced by the price. While studying the individual consumer pattern it can be seen that even at 26 he has a hobby to collect toys which reflects that consumer buying patterns depends upon his satisfaction level.
Increase in an online buying pattern has affected the consumer decisions. There are end numbers of websites where the similar goods are available at a different price. In this case the customer has made the maximum number of purchase through the online website. The time taken for delivery of goods is more than the general shopping. The G.I Joe toys are imported from the USA which may affect the consumer intentions.
While online shopping there are issues related to buying authentic goods and at the same time it is generally seen the goods which are sold are sometimes not delivered in time. Most necessarily the consumer individual wants the good to be delivered in a fine condition for which they have paid.
The goods which are sold online reach customer in an ordinary pattern. The seller must focus on creating a fascinating packing which attracts the customers. They should strive hard on the online packaging as most of the customers are kids. Retention of customers is necessary to achieve the goals. G.I Joe is a renowned toy brand which is selling their toys and video-games through online sale.
Consumer behavior varies from individual to individual. The study of the behavior of Liam shows that the individual tastes and preferences vary depending upon the satisfaction the product is giving to its buyers. By studying the behavior pattern of Liam it is concluded that the individual buyer have different. Price and time are the two different aspects which affects the individual consumer’s pattern. The major consumer behavior of him is his childhood memories. The buying pattern of individuals depends upon their needs. Every individual shows variety of trends while making a purchase (Consumer behavior in heavily influenced by large social networks that allow consumers to have crowd clout, 2016).
The market behavior is subject to flux. It is largely seen that every customer has different preferences while comparing it with other factors. Liam behavior exhibits a psychological need. Maslow hierarchy model focuses on the satisfaction of the need which is necessary for an individual to succeed. Study of Liam’s individual behavior focuses on the study of individual level of satisfaction which differentiates from person to person under different circumstances (Yojoe.com. 2016).
Though the company has a good position in the toys industry but still there are many improvements that need to be done to achieve a remarkable position. There are various ways by which the GI Joe can attain the position of one of the best company in the toys industry. There are many competitors I the market from which this company have to fight every day. The company can attain a competitive advantage through analyzing the consumer behavior. This will help them to understand the needs and wants of the consumer and manufacture the products in accordance with the same. The toys industry also has to face the fear of substitutes as there are many elements by which one can entertain itself. This fear of elimination can be cover u through expansion of business into other Ares like online app of games, game zones in malls, advertisement, promotions, free vouchers, etc. in this way GI Joe will become what they dreamt for.
Conclusion
The report shows the online buying pattern of Mr. Liam. He has a hobby to collect the vintage G.I Joe toys. It basically shows the buying pattern of an individual under different circumstance. A consumer behavior is influence by variety of factors which vary from person to person. The study of consumer behavior through Fishbein model has helped in understanding the buying pattern of Liam which is necessary to be taken care while making any significant inferences. The report has discussed major attributes which played an essential role while deciding the buying pattern. The various consumer behavior patterns are essential to study the general consumer behavior. The study further discusses the recommendation made to the seller for increasing the online buying patterns. Globalization has changed the buying patterns of the consumer’s .The Customers living at different part of the world shows different shopping behavior which is accompanied with different pattern like social, economic, and cultural differences.
References
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