Consumer buying behavior can be defined as the decision processes and acts of consumers involved in buying and using the product also referred to the buying behavior of the ultimate consumer. Under the umbrella of consumer buying behavior, we have to study following issues
Reason behind a particular purchase by the consumer
From a firm’s perspective study of consumer buying behavior is of profound importance because:
It is going to decide the buyer’s reactions to a firms marketing strategy which will leave a great impact on the firm’s success.
In order to design a consumer oriented marketing strategy, it is imperative for firms to analyze the consumer’s buying behavior.
It would be easier for the marketers to forecast the reaction of consumers.
2.7.1 Consumer Buying Process
There exists Six Stages of the Consumer Buying Decision Process. Actual buying is only one among the six stages of the process. Every decision process may not lead to a purchase necessarily. It’s not mandatory to have all the six stages in a decision process (Cunnigham, Gerlach et. al., 2005). This is a general process. The 6 stages are:
Figure 7 Buying process. Need Recognition & Problem Awareness
Need recognition may be self accessed or can be noticed by means of someone else’s. This someone will be one among the reference groups of the consumer. Here, celebrity endorsement comes into the scene. Many a times need assessment by us is just because our favorite stars are using or consuming it. Also for information search and alternative evolution will be swept from our buying decision process whenever celebrities of our choice are associated with the marketing communication. Thus, a celebrity being associated by any means influence our decision of buying.
2.7.2 Types of Consumer Buying Behavior
Purchasing decision involves risk in it. This risk can be personal, social or economic in nature. Influenced by the risks involved in the decision a consumers buying behavior can be fragmented in following types:
Routine Response/Programmed Behavior: Such behavior can be noticed in buying low cost items with a low degree of involvement. Such purchases need very little search and efforts, e.g. soft drinks, snack foods, milk etc.
Limited Decision Making: Such behavior will be for occasional buying. When you want to obtain information about untried brand in a common product category, perhaps. This requires a reasonable amount of time for information gathering. E.g. Out fits; know product class but no idea about the brand.
Extensive Decision Making: Here it involves a complex, high involvement, unfamiliar, expensive or infrequently purchased products. High degree of risk is involved in such buying, like economic/performance/psychological risk. E.g. cars, homes, computers, education. A lot of time will be spent on information search. Information from the reference groups, such as companies MM, friends and relatives, store personnel etc., will be gained. Then will follow all six stages of the buying process.
Impulse buying: In such buying no conscious planning is done prior to the purchase.
Any buying decision of a buyer will be effected by following factors:
Taking into consideration the above stated factors, while preparing Marketing strategies is very important for its being appropriate (Ferrell and Hartline, 2010).
These are unique factors of any individual. Factors like sex, race, age etc. are included in it. These are going to decide the target segment of the marketer.
By understanding the buying behaviour of the consumer, marketers could offer higher satisfaction to the consumers. (Utility maximisation) Marketers by celebrity endorsement, target the psychological factors. By celebrity endorsement a firm tries to influence the consumers’ just by framing the product image in accordance with the target consumer’s lifestyles, personalities, attittudes and perceptions (Consumer Buying Behavior, n.d).