Saturday, April 27, 2013

Who would buy this stuff anyway?


 How do you make a decision when you are looking to buy something?  Do you takes weeks to evaluate every little aspect of the product?  Is there instant comparison or is it routine?

There are three different types of decision making: nominal, limited, and extended.  Each of these types leads themselves to very different products and usage of analytical thinking.  We make decisions everyday on what to buy for food or where to put gas in our cars. These are the habitual purchased that do not require a lot of for thought.  Then there are the moderate decisions that are not everyday but occur when we have to book airline fights, hotel and have certain pros and cons.  The high thought decisions often have large risk and potential of buyers remorse (more to come).  These decisions require much forethought and include houses, appliances and which college to attend.  The high computing decisions do not happen everyday and need to be analyzed intently. 


So what beer would you chose as you sat down by yourself.  I know for me, I would go with the Fat Tire as it is rare here in NE and a smaller brewery size, then Sam Adams is always a good pick and lastly would be Coors.  But how does this change when I am with other people... well it doesn't as I prefer a better beer. In college though, it would change with the group as parties dictated quantity over quality so Coors, etc would have been the choice instead of drinking the select beers.  This brand selection depending on the situation can be scene a when visitors come over as the nicer plates, etc are used.  
Or incentive based items, where you choose to have Kleenex in your home but by the cheapest brand tissues for your class room. 

How do you feel when you satisfied with a purchase of  a product.  It is based on the value (benefit over cost) or is it the intangible qualities of customer service, delivery time, etc.  Each of these characteristics leads to value creation. ie: Are satisfied when you receive a value – need/want satisfied vs the  price?  Companies work very hard to create value and seek that relationship with customers.In the articles by Oracle and McKinsey Quarterly, customer service and social media were discussed. From this it was shown how in today's market how creating that value is very important because a person is more likely to share a bad experience (8-10 people) compared to a good experience (3-4 people).  Today’s social media affect a company due to instantaneous response for a customer to good and bad customer service. People are able to share their opinion of the value of the product instantly so the response from a company must be switch and satisfactory to support their good customer value.

What are your consumerist tendencies? Does your buying behavior lean yourself to certain segments and certain conditioning? I know when I am looking at buying certain items I can certainly be put into the "young out door adventure" category.  My streaming ads on Facebook and other sites lean towards, EMS, Subaru, cycling, skiing and others.  This use of certain segments is applied heavily on the internet.  I know that this shapes my decision to some extent and opens up new suppliers for my out door equipment. 


All of these are aspects of consumer analysis as corporations look to see how consumers make their decisions, assess their decisions and then return or move on to a new corporation.  Additionally, the mind of the consumer has been heavily evaluated to help marketers create better ways to reach the customer and their decision process. 

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