Discuss about the Consumer Behaviour for Learning and Memory.
The market recognition of the particular fashion brand depends on the buying behavior of the consumers in respective of the brand (Okonkwo 2016). It is the responsibility of the brand to identify the various factors that help in influencing the buying behavior of the individuals. The paper deals in demonstrating the understanding of the concept, models and theories of the buying behavior of the individuals. The paper deals in explaining the impact of the consumer behavior theories on the purchasing decisions of the customers. The project aims at categorizing the consumers on the basis of the various factors influencing their purchasing decisions. The categorization of the consumers includes them as the individuals and decision makers. The illustration of the consumers as the individuals includes the application of the various concepts, theories sand models which influences the consumers on an internal basis. The list of internal factors includes the perception, motivation and global values, learning and memory, personality and psychographics. These internal factors are responsible for influencing the purchasing decision of the consumers as the individuals for choosing the particular fashion brand being selected (Godey et al. 2012). The consumers can be again categorized as the decision makers wherein the project further, aims at applying with the various concepts, theories sand models which influences the consumers for selecting the particular fashion brand. The purchasing decision of the consumers is also being influenced by the culture and subcultures which have also been illustrated in the project.
Seduce is a fashion store located in Melbourne which deals in the selling of the fashion accessories all over Australia. The company is one of the premier fashion brands in the country and is one of the bets fashion dress store for women (seduce.com.au 2016). The company aims at providing high quality products based on the latest fashion trends. The past few years have seen the company to be facing some serious competition from its competitors including world famous brands Myer and The Iconic. Hence, as a result the market share of the company has been falling down owing to the fierce competition in the fashion industry.
The company is currently focused on increasing its competitiveness and profitability in the market. Hence, the company has been renovating its products on the basis of the recent trends in fashion such that to meet with the expectation of the customers. The company is planning to evaluate the factors which influence the purchasing decisions of the customers. This includes the categorization of the consumers on the basis of the various factors influencing their purchasing decisions. This evaluation of the various factors responsible for influence the purchasing intentions of the customers would enable the brand to improve on its productivity such that to maintain its market position and increase its market share in the future.
The internal influences of a potential customer to select a particular fashion store are:
The perception is the impression of a particular brand on the mind of the consumers in respective of a particular brand which is created by providing services that could be satisfying each and every requirement of the individuals (Johnson and Zinkhan 2015).
The learning and memory are the internal aspects of an individual which is created upon successful transaction between the consumer and a particular brand (Crowder 2014). The learning and memory helps in creating a perception of a particular brand on the mind of the consumers.
The purchasing intentions of the consumers mostly depend on the motivation for purchasing from a particular brand wherein they tend to evaluate the market position of the same on a global value (Kinzig et al. 2013).
Personality of the individuals is the major factor governing their buying behaviors which depend on the psychographics of the individuals (Sandy et al. 2013). These psychographics govern the purchasing intentions of the consumers which describes their perception towards purchasing a particular product from a particular brand.
Figure 1: Decision making concept of consumers while choosing a fashion store
Source: (Created by author)
While selecting an appropriate fashion store, the factors responsible for the purchasing decisions of the customers include:
The quality, diversity and availability of the products are the major factors that a particular customer tends to look for in a particular store (Shah et al. 2015). This quality, diversity and availability of the products in a particular fashion store would be influencing the consumers to select a particular brand for shopping.
The price of a particular product in the market determines the purchasing behavior of the consumers. Most of the retail stores tend to bring down the prices of their respective products in order to attract more customers in the process (Tariq et al. 2013).
The brand value is the most important aspect which influences the purchasing decision of the consumers. It is an attribute which is governed by the market recognition and reputation of a particular fashion brand by providing quality products to the consumers and satisfying their needs in the process (Romaniuk and Nenycz-Thiel 2013).
Promotional offers, discounts, rewards and redemptions points are the offerings as provided by the fashion retail stores that could be influencing the purchasing decision of the consumers (Edelman et al. 2016). These offers as provided by the companies tend to attract more customers and increase their respective sales in the long run.
A good customer care service would be helpful in creating a lasting impression on the minds of the consumers related to a particular brand. The customers require to get a standard customer care service from the brand that could satisfy their requirements each and every time.
Groups and social media
With the advancement of the digital age, more and more companies are utilizing the social media and networking sites as an effective platform for promoting their respective predicts in the market (Laroche et al. 2012). This utilization of the groups and social media helps them in creating brand awareness in the process.
Social class and lifestyle
The purchasing intentions of the consumers also depend on the lifestyle and social class of an individual under which he or she belongs. As for example, high society individuals would be buying products from a reputed global brand and would not care about the pricing of the particular products (Tariq et al. 2013). On the other hand, the consumers belonging to the middle or lower class society would probably worry about the pricing of a particular product in the market and hence, would be conducting surveys before purchasing a particular product.
It is the responsibility of Seduce fashion to identify the various factors that help in influencing the buying behavior of the individuals. From the analysis of the various factors responsible for influencing the purchasing intentions of the consumers, it can be evident that the brand should be providing quality and diversified products which should be made available to the consumers on a regular interval. Moreover, the brand should be providing its consumers with offers, discounts, rewards and redemptions points on a regular frequency such that to create a sense of loyalty on the part of its consumers. Moreover, the fashion brand should be implementing an effective marketing strategy that could be helpful in promoting its products in the market. The use of the social media and networking sites are the most significant media for the promotions of its products and offers that it would be providing to its consumers. This effective marketing strategy would also be helping in creating brand awareness about the company in the market which would be helpful in influencing the consumers to select the brand while buying fashion products.
Conclusion
The project deals in explaining the impact of the consumer behavior theories on the purchasing decisions of the customers. The project deals in demonstrating the understanding of the concept, models and theories of the buying behavior of the consumers. The project aims at categorizing the consumers on the basis of the various factors influencing their purchasing decisions for selecting Seduce fashion brand. The categorization of the consumers includes them as the individuals and decision makers who are shopping from their favorite fashion stores. The illustration of the consumers as the individuals includes the application of the various concepts, theories and models that could help in demonstrating the internal influences on the purchasing decisions of the consumers. The list of internal factors includes the perception, motivation and global values, learning and memory, personality and psychographics. These internal factors are responsible for influencing the purchasing decision of the consumers as the individuals for choosing the particular fashion brand being selected.
In the second instance, the consumers had been categorized as the decision makers. The object, further aims at applying with the various concepts, theories sand models which influences the consumers for selecting the Seduce fashion brand. The project also discusses about the groups and social media and social class and lifestyles and their influences on the buying behavior of the customers. The purchasing decision of the consumers is also being influenced by the culture and subcultures which have also been illustrated in the project. The project also helps in providing suitable recommendations for the brand such that to increase its market recognition and enhance its profitability in the future.
References
Crowder, R.G., 2014. Principles of Learning and Memory: Classic Edition. Psychology Press.
Edelman, B., Jaffe, S. and Kominers, S.D., 2016. To groupon or not to groupon: The profitability of deep discounts. Marketing Letters, 27(1), pp.39-53.
Godey, B., Pederzoli, D., Aiello, G., Donvito, R., Chan, P., Oh, H., Singh, R., Skorobogatykh, I.I., Tsuchiya, J. and Weitz, B., 2012. Brand and country-of-origin effect on consumers’ decision to purchase luxury products. Journal of Business Research, 65(10), pp.1461-1470.
Johnson, M. and Zinkhan, G.M., 2015. Defining and measuring company image. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 346-350). Springer International Publishing.
Kinzig, A.P., Ehrlich, P.R., Alston, L.J., Arrow, K., Barrett, S., Buchman, T.G., Daily, G.C., Levin, B., Levin, S., Oppenheimer, M. and Ostrom, E., 2013. Social norms and global environmental challenges: the complex interaction of behaviors, values, and policy. BioScience, 63(3), pp.164-175.
Laroche, M., Habibi, M.R., Richard, M.O. and Sankaranarayanan, R., 2012. The effects of social media based brand communities on brand community markers, value creation practices, brand trust and brand loyalty. Computers in Human Behavior, 28(5), pp.1755-1767.
Okonkwo, U., 2016. Luxury fashion branding: trends, tactics, techniques. Springer.
Romaniuk, J. and Nenycz-Thiel, M., 2013. Behavioral brand loyalty and consumer brand associations. Journal of Business Research, 66(1), pp.67-72.
Sandy, C.J., Gosling, S.D. and Durant, J., 2013. Predicting consumer behavior and media preferences: The comparative validity of personality traits and demographic variables. Psychology & Marketing, 30(11), pp.937-949.
seduce.com.au,. (2016). Seduce – Brands | Seduce. Seduce.com.au. Retrieved 22 September 2016, from https://www.seduce.com.au/brands/seduce.html
Shah, D., Kumar, V. and Zhao, Y., 2015. Diagnosing Brand Performance: Accounting for the Dynamic Impact of Product Availability with Aggregate Data. Journal of Marketing Research, 52(2), pp.147-165.
Tariq, M.I., Nawaz, M.R., Nawaz, M.M. and Butt, H.A., 2013. Customer perceptions about branding and purchase intention: a study of FMCG in an emerging market. Journal of Basic and Applied Scientific Research, 3(2), pp.340-347.
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