Consumer Behaviour Major Factor in Marketing

Question: Describe about the Consumer Behaviour for Major Factor in Marketing. Answer: Introduction Consumer behavior is the major factor in marketing of products as well as a business. It is defined as a study of customers acceptance or rejection towards a certain product. It is a research of their all the methods of choosing, buying, utilizing and disposing of the products, conducted on individuals, groups and on organizations (Hoyer MacInnis, 2010). Their satisfaction and need for the product, its effect on the individual and on society as a whole can be learnt from it. their suggestions can be applied to develop the product or service. Thus , a brand becomes known to the mass. The report above will be carried out in order to understand the factors that directly affects the acceptance of brand amongst the consumers. The suitable theories and models will be taken in by the researcher to explain and understand how a brand gets accepted by the buyers (Weilbacher, 1993). There exist some factors which influence consumers behavior directly, which are- communal factor, financial factor, cultural factor, physiological factor and personal factor. These factors bring up the question that a buyer may think before deciding on buying a product and then selecting the same brand for a long term. Since, the customers are the spine of marketing, such factors have to be noticed to learn their needs (Graybeal, 1942). The factors that drive acceptance of a brand across an entire segment. Brand acceptance is something that decides the future of a specific brand as well as the manufacturing organization. It is directly related to customers loyalty. Their loyalty has to be won to develop the brand through marketing and delivering. Buyers notice every well-known or widely famous brands very easily, therefore the new ones have to make their place in the market very skillfully. Some customers gets attracted to a certain brand due to some emotional reasons, though rational reasoning is more common in customers while deciding. Advertising takes a major part in this. If the company can advertise their products, and deliver as promised, it is much likely that customers will be satisfied with it. besides, the faces that are used for advertisement such as celebrities and personalities, it also catches their attention towards the brand. The people also follow the icons, or leaders of those brands as their voices can be persuasive. The leaders ay use their personality features to get through the mass and understand what and how they want it (Li, Jervis, Drake, 2015). peer influence is also a huge deal in the purchasing decision and it has increased a lot in the past few years. As the media grows, the peer pressure on people about brands become more effective. Also, personal relations and fellow workers can talk someone into buying a product or opting for a brand. Economical or financial factors have an extreme role in cosumers decisions. As long as a brand is reachable for the bigger proportion of the population in a specific location, it will get recognized and attract more customers in the near future. The prices of products and services have to be reasonable so that the people with medium wages can also buy them and use them as well as the upper class families. The values can be in a wide range along with different qulaiites so that every class can be satisfied. the main and the most important role in this is of ones personal expience with it. no other f actor will effect on buying decision that their own experience with the brand after purchasing it (Li, Jervis, Drake, 2015). Rogers model as explanation of brand acceptance: Rogers model which is actually named the diffusion of innovation model was published by Everett Rogers in 1962. Rogers argument is that diffusion is the methodology by which a headway is granted after some time among the individuals in a social system (Rogers Shoemaker, 1971). The origins of the scattering of advancements speculation are moved and cross various controls. Rogers proposes that four essential segments affect the spread of another idea: the progression itself, correspondence channels, time, and a social system. The classes of adopters are innovators, early adopters, early majority, late majority and laggards. The model was explained to understand and notify the organsiation with how brand acceptance works (Rossiter, 1993). Other perspective that differs from the rogers model There are numerous theories, assumptions and concepts on several features of marketing. Most of them do not correlate, rather clash. One such model which is different from the rogers diffusion model is the Ansoffs Matrix model of marketing. Igor Ansoff, known as the father of key organization, was a mathematician and business boss. In the 1950s his work was made and finally scattered giving manager and the propelling scene with a key, down to earth instrument that is being used 50 years at some point later. Fundamentally the Ansoff thing/showcase system is an instrument that helps associations pick their thing and market advancement approach.Ansoff's thing/publicize structure suggests that a business' tries to create depend on upon whether it showcases new or existing things in new or existing markets. The standard four box structure or system Ansoff illustrate This strategy encourages digital marketing as the technologies are growing up and moving forward so fast, more companies are adapting this as a first choice. This theory reflects that in marketing reaching is a huge deal for public before they opt for a brand. Therefore, it has different perspective that the previous model. There are some limitations in the rogers diffusion of innovation model. In the first place, the model does not incorporate the covering impacts of the diverse settings what's more, spaces in which all new innovation works. In the convention of Innovation research this is helpful as it gives a successive framework to the thought of key decisions, yet Sociologists may discover such clarifications excessively oversimplified without dialog of the framework all in all. Second, a significant part of the work on which we based the model is drawn from NPD and Marketing hypothesis. Both fields are overwhelmed by the presumption that clients embrace new innovation to expand their utility. So in the present era, as the organization has adopted new advancements in the work area, this model may not work in all the situations. Though, this model is well-explained and widely used in brand acceptance and public relations, but it cannot be applied for all products or services. The ways in which a comprehension of the diffusion concept is of value to marketing practice. The diffusion of innovation model: This model helps a business to see how a purchaser receives and draws in with new items or advancements after some time. Organizations will use it while releasing new items or services in the market, modifying it or bringing a present thing into another business segment. It indicates how the item can be received by five unique classes/client sorts and how to draw in as a business with these sorts of individuals: Source: https://www.smartinsights.com/wp-content/uploads/2013/10/Diffusion-of-Innovation-model.png Clearly, the ascent of new released technologies and publicizing methodology suggests that the spread of improvement model is particularly applicable to automated sponsors. Researcher Gartner have a long standing report displaying the times of social event of new advancements that is valuable for front line strategists to take after (Rogers, 2003). In case an association is pushing another tech thing, for instance, programming, they can use this model which will help with recognizing the advancing materials required for each social affair. The Adoption theory is most significant when looking thing dispatches, be that as it may it can be useful when taking existing things or organizations into another business segment. Therefore, this model is very useful in marketing practices (Boehner Gold, 2015). The specific components of the marketing process might be influenced by the diffusion concept Four essential component that effect the spread of another contemplation are the improvement, correspondence channels, time, and the social system. Diffusion of innovation theory shows itself in different courses in various social orders and fields and is astoundingly subjective to the kind of adopters and improvement decision methodology. Publicists are particularly enthusiastic about the diffusion method as it chooses the accomplishment and rejection of any new goods introduced in the business sectors. According to Rogers, an innovation is a thought, practice, or dissent that is seen as new by an individual or other unit of apportionment. Rogers created that the progression decision period is the time traverse required to experience the improvement decision technique. The rate of gathering is the relative pace with which a progression is grasped by people from a social framework. Communication mediums are the strategies by which messages get beginning with one individual then onto the following. According to Rogers, a social structure is a course of action of interrelated units that are involved with joint basic deduction to accomplish a mutual goal. Justification for key contentions The above report contains reasoning, factors and model that are related to consumers behavior and their acceptance of new products and services. All these data are taken into account in order to explain the subject thoroughly in details and with key points. The management of companies can learn the matter with this report and implement changes and modifications with their items so that the brads will get widely accepted. The model and the other theories and concepts used by the researcher in this report are justified as they all have effects on consumer behavior as well as customers loyalty and acceptance. References Boehner, R. Gold, S. (2015) The Influence of the Marketing Mix on the Diffusion of Innovation: Bass Model Redux. SSRN Electronic Journal. https://dx.doi.org/10.2139/ssrn.2626947 Graybeal, T. (1942). Factors which influence the behavior of directional relays. Electr. Eng., 61(12), 942-952. https://dx.doi.org/10.1109/ee.1942.6435478 Hoyer, W. MacInnis, D. (2010). Consumer behavior. Australia: South-Western Cengage Learning. Li, X., Jervis, S., Drake, M. (2015). Examining Extrinsic Factors that Influence Product Acceptance: A Review. Journal Of Food Science, 80(5), R901-R909. https://dx.doi.org/10.1111/1750-3841.12852 Rogers, E. (2003). Diffusion of innovations. New York: Free Press. Rogers, E. Shoemaker, F. (1971). Communication of innovations. New York: Free Press. Rossiter, J. (1993). Brand awareness and acceptance: A seven-set classification for managers. J Brand Manag, 1(1), 33-40. https://dx.doi.org/10.1057/bm.1993.5 Weilbacher, w. (1993). Brand marketing. Lincolnwood, Ill.: NTC Business Books.