This report is developed in the form of a practical data based marketing report. The prime objective of this report is to examine the patterns of consumer behaviour in retail market. For such purpose, this report has collected weekly purchase data of a particular consumer segment. The presentation of the data is done in the form of pie charts. The report has analysed the data in the light of the theories. The theories have examined the consumer behaviour patterns in order to examine what factors have direct impact on the purchasing behaviour of consumers. In addition to this, the report has also determined the significance of understanding the consumer behaviour patterns for the marketers in the form of insights. This report is a very useful source of information in the field of marketing to have a good understanding of the theoretical concepts of consumer behaviour patterns and their implication in real practices.
Buying behaviour of consumers demotes the purchasing intentions of a customer. In terms of marketing consumer buying behaviour can regarded as the perception and habits shown by consumers while purchasing as specific goods or availing specific services. For marketer, effective knowledge of buying behaviour of consumer can be considered as one of the major phenomena, which pursue a significant amount of significance from the strategic perspective (Evans, Jamal and Foxall 2007). The analysis of daily purchasing trend can be considered as one of the major measures through which the buying behaviour of customers can be analysed and judged.
In this perspective, the presented report aims to analyse the daily purchasing trends undertaken by me a common individual. In regard to this, the analysis of the purchasing habits and trends can be done with the help of different theories and marketing perspectives. The prime quest of the report is to deliver high degree of insights regarding consumer buying behaviour for a business organization and its role in the strategic formulation for a marketer. In relation to this, the report first of all explores the description of the profiling of consumer. Along with this, the report also reflects the weekly purchasing in concern to relevant marketing theories.
From the perspective of having clear insights of marketing decision, a marketer is required to decided a segment on which, he can easily target. In this perspective, segmentation can be considered as the selection of specific group of customers on the basis of their purchasing behaviour, demographic, psychographic, and geographic basis (Doyle, 2011). The profiling for the consumer in context to this report can be reflected as below:
Segment of the consumer: As per the segmentation theory of marketing, there can be different basis for the purpose of classifying the segment of the consumer (Kengthon, 2011). In this regard, the consumer for this report can be classified on the basis of two specific perspectives:
Demographic:- The consumer is a 18 year old boy, who is undergraduate collage going student. Along with the study he also undertake part job for his pocket money. He belongs to a literate and middle income group family.
Psychographic:- Another crucial aspect for reflecting the segmentation practices for the selected consumer is psychographic perspective. In the context of the selected consumer, it can be defined that consumer in this segment shows a strong and positive affinity towards highly prestigious and multination brands. In addition to this, convenience can be considered as one of the major factors that can directly or indirectly affect his purchasing behaviour.
Purchase Preference:- Consumer selected for observation shows his preference towards purchasing of prestigious brands and highly convenient products services. In addition to this, the consumer also shows his preference towards ready to use products, as well as, customised services.
Purchase Behaviour:- Generally consumer in this segment does not belong to high income earning class so the overall purchase intention is not quite high for the consumer. He likes to do purchasing in small segments. He shows slow frequency of purchasing of luxury products or services. Commodities which are used in daily routine can be considered as the prime target commodity for the purchasing of this consumer.
On the basis of this profiling, the consumer can be defined under the category of Young Optimism category of Roy Morgan Values Segments scale. As per this category, the consumer segment, which is not profitable in existing time but conceives high degree of potential for future term, is categorized. The consumer profiled for the analysis can be considered as a young optimism related customers as his spending are not quite high in existing time, but in future he can be a good prospect for business organizations (Roy Morgan Values Segments 2014).
For the purpose of analysing consumer buying behaviour of an individual there is a need of having thorough analysis of the spending trends and habits for that individual. In regard to this, for the purpose of understanding of the consumer buying behaviour, recording of spending of a consumer for a week has been taken into account. The analysis of this trend can be discussed with the help of different crucial theories of consumer buying behaviour.
For instance, weekly spending trend for the consumer shows that majority of spending done by the consumer is done on weekends (i.e. 37%), while on remaining weekdays, about 63% of total spending of the consumer takes place. This trend shows the affinity of the consumer toward convenient purchasing (Evans, Jamal and Foxall 2007). The consumer mainly spends on weekends when he is free and can employ adequate amount of time in shopping.
In addition to this, the weekly spending pattern is also showing that majority of purchases undertaken by the consumer is done of the basis of credit purchase. This behaviour shown by the consumer can be reflected with the help of economic purchase theory, which shows that in comparison to cash purchase, credit purchasing is perceived as an effective and highly economic feasible option (Copley, 2007). In addition to this, from the perspective of the influence of personal context, it can be reflected that social and cultural perspective can be considered as highly rated influence factors. In the influence index these two factors have availed highest ranking, which is quite aligned with black box theory.
The black box model of the consumer behaviour also focuses on the buyer characteristics and purchasing decision process. This model shows that there is a direct interaction between external stimuli and characteristics of the consumers and their decision process. This theoretical model proclaims that behaviourism is a key concept in the marketing, which says that consumer behaviour is directly induced by environmental stimuli in the form of social factors (Sandhusen, 2000). As evident from the data graphs that social factors have direct impact on the consumer purchasing patterns, the graph shows that family members’ influence is a key factor that motivates individuals to have purchase of particular products.
In the light of this theory, it has been examined that buyer characteristics are important in determining their purchase behaviour including their attitudes, motivation, perception; personality and life style, yet buyer’s response for purchase is also induced by external stimuli which makes their decision process rationale (Irwin, Sutton and McCarthy, 2008). The postulations of this theory are effective enough to support the consumer behaviour patterns observed from the weekly purchase data that also shows that family members of a person play the role of the reference group for an individual to have purchase of goods.
In addition to this, as per the top influencing criteria, convenience in the purchasing can be considered as highly rated factor while undertaking weekly purchasing. This buying behaviour of consumer can be reflected with the help of social status theory. The observation of the consumer behaviour patterns derived from the weekly purchase practices, it has been reviewed that consumer behaviour purchasing is directly linked with the social factors, means consumers purchase some of the products in order to maintain their social status (Cohen and Demand Media. 2014).
This observation can also be supported by the Theory of Social Status. This theory proclaims that consumers in order to maintain the status of the segment from which they belong tend to purchase expensive products. The purchase of the products is done by the customers in order to have satisfaction and meeting their physiological please. The consumer having purchasing of some unique and specific product brands tend to show their belongingness with the admired social class and thus want to prove powerful (Lantos, 2010).
This theory has direct implication for marketers to under the purchasing and buying behaviour of the consumers. The marketers hence should focus on their brand promotion in order to induce customers to purchase their desired products according to their social status (Lantos, 2010). In this way, this theory directly supports the consumer behaviour patterns observed from the data findings.
The motivation behind the purchasing can be considered as one of the major aspects behind the purchasing habit of the consumer. The weekly purchasing trends are reflecting that majority of purchasing done by the consumer is done for accomplishing physiological needs. In addition to this, cultural motivation is also one of the major needs behind the purchasing practices undertaken by the individual (Solomon, Russell-Bennett, and Previte 2012).
As per the Maslow Hierarchy of need theory, there is different level of needs which drives an individual towards purchasing (Brennan et al 2014).In this way, on the basis of the analysis of the weekly purchases of the individual it can be reflected that buying behaviour of the consumers can be considered quite aligned with different specific theories of the consumer buying behaviour.
In near future, as a consumer my involvement of purchasing will be quite high with the electronic products like mobile phones. This product will have some specific features that make it highly augmented and beneficial for me. As per the integrated product concept of marketing theory there can be some different layers of product which induce the consumer to purchase that product.
In the case of mobile phone, there is some crucial core as well as augmented features like new technology, attractive packaging, and promotional offers which can be considered quite influencing factors towards my buying behaviour. Along with this, black box theory of consumer buying behaviour also reflects that product related sensory information such as its packaging, colour, designing, and technology makes the product exclusive in the eyes of consumer.
The black box theory states that these external features of the product make it valuable for consumer and positively induce the consumer buying process to make purchase (Katie, 2013). In this way, it can be considered that my high involvement in the buying process of mobile phone can integrate marketing theory with the consumer buying behaviour concept.
From the overall analysis of the purchasing practices and patterns of the consumers in a week it has been determined the consumer purchase behaviour is dynamic in nature and it depends of the situations and external environment factors to a great extent. Consumers not only purchase to meet their physiological needs, but they are also influenced by the influence of their social groups most importantly the family members.
The data patterns also reflect that consumers do purchase mostly at the weekends and in the weekdays they purchase the most on Thursday. These buying patterns of the consumer do represent that consumer purchase behaviour is highly induced by several factors. The theories of marketing and consumer behaviour also support the specifications that consumer behaviour is not a sole process but it is directly affected social groups and external stimuli.
Through having personal insight into the data and its analysis, it has been acknowledged that consumer buying behaviour is an important phenomenon for marketers operating in the international markets. The marketers should promote their brands according to the purchase behaviour of the consumers. In the purchase behaviour of consumers, the marketers should consider their taste, preferences, their cultural values, social norms and several other things related to their characteristics and in their personal and social values.
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