An Analysis Of The Modern Day Consumer
An effective marketing strategy begins with understanding your consumer and the behavior that leads to there decision making. Most importantly, being able to understand the thought process that leads them to making a purchase and the internal and external influences that guide them along the way.
Economic Need
Most consumer are thought to be economic buyers which means that they base there purchases off the cost of the product and will oftentimes substitute brands based on how much they are. An example would be buying a name brand product as compared to the cheaper generic brand. Marketing managers must be able to understand what leads to a consumer purchasing the more expensive Heinz Tomato Ketchup as compared to the cheaper option being the Market Pantry Tomato Ketchup. Being able to understand how consumers weigh the price and quality is a major advantage for marketing managers.
Psychological Variables
Another driving factor that influences the consumers decision making process when it comes to making a purchase are phycological influences. Everyone is motivated based on there wants and needs and when effectively used by a marketing manager you can oftentimes encourage a consumer that a want is actually a need. These psychological factors could lead a consumer to purchasing a more expensive vehicle simply because it will satisfy more of there expectations.
Social Influences
Consumers are also driven based off of Social Influences which mostly includes family dynamic and social status. Schwan’s home delivery has helped to satisfy a need by delivering food products along with complete meals to households. Different family dynamics especially in dual career families highlight how social influences can lead to decision making. This service eliminates the burden of running to the grocery store and having to cook dinner after a long day of work.
Culture & Ethnicity
Culture and Ethnicity are another driving factor when it comes to consumer behavior and decision making. Oftentimes consumers will purchase things that they are familiar with and have grown up around. A great example is that Goya Coconut Milk is used quite often in Hispanic cooking, especially around the holidays. Many marketing managers understand this and will highlight this in advertising to appeal to that market segment. Another brand that has implemented a marketing strategy to target the Hispanic market is Nestle. They have started bringing flavors popular in Mexico and South America to the United States which has been popular and attracted more of the Hispanic market.
Purchase Situation
Another influential factor that can affect the consumers purchasing behavior is the Purchase Situation. Oftentimes the consumer will take into account the purpose, how much time they have available, and the location where the purchase is being made. A great example that fits this category is the Christmas season when you are shopping for gifts. Most people seem to forget the price tag and focus more on the sentiment, oftentimes they are in a rush with the long lines and make quicker decisions as well.
For more information on the importance of studying consumer behavior and decision making check out the link below!