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Consumer Buying Behaviour

Consumer Buying Behaviour

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Published by jitendra jaushik

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Published by: jitendra jaushik on May 16, 2010
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12/21/2012

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CHAPTER 1
INTRODUCTION:
Consumer Buying Behavior is the behavior that a consumer display while buying the product or a service. Each and every consumer hashis/her own buying behavior that he displays it during purchase of differentproducts. This behavior displayed by the consumer is the result of a number of influences which he/she receives from the environment. These influences can becategorized into four factors viz. Cultural factors, Social factors, Personal factorsand Psychological factors.
Cultural Factors
: - culture, subculture and social classes are particularlyimportant in buying behavior. Culture is the fundamental determinant of aperson’s wants and behavior. Each culture consists of smaller subcultures thatprovide more specific identification and socialization of its members. Subcultureincludes nationalities, religions, racial groups and geographic regions.
Social Factors
: - In addition to cultural factors a consumer’s behavior isinfluenced by such social factors as reference groups, family and social roles andstatuses. A person’s
reference group
consists of all the groups that have adirect (face to face) or indirect influence on the person’s attitudes or behavior.Groups that have direct influence on a person is called as membership groups.Some membership groups are also called as primary groups, such as family,friends, neighbors and coworkers with whom the person interacts fairlycontinuously and informally. People also belong to secondary groups such asreligious, professional and trade union groups which tend to be more formal andrequire less continuous interaction.
Aspirational groups
are those a personhopes to join;
dissociative groups
are those whose values and behavior anindividual rejects. The
family
is the most important consumer buyingorganization in society, and family members constitute the most influentialprimary reference group. A person participates in many groups-families, clubs,organizations. The persons position in each group can be defined in terms of 
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role and status
. A role consists of the activities a person is expected to perform.Each role carries a status.
Personal Factors
: - A buyer’s decisions are also influenced by personalcharacteristics. These include the buyer’s age in the life cycle, occupation,economic circumstances, lifestyle and personality and self concept.People buy different goods and services over a lifetime. They eat baby food inthe early years, most foods in the growing matured years and special diet in thelater years.Occupation also influences consumption patterns. A blue collar worker may buywork clothes, work shoes and lunch boxes. A company president may buyexpensive suits, air travel and country club membership.People from same subculture, social classes and occupation may lead quitedifferent lifestyles. A lifestyle is a person’s pattern of living in the world expressedin activities, interest and opinions.
Psychological Factors
: - A person’s buying choices are influenced by four major factors viz. motivation, perception, learning, believes and attitudes.In the light of growing competition in the Indian retail industry each and everycompany is trying its best to attract new customers as well as at the same timeretain the existing customers. Hence this can be done by keeping a track on thebuying behavior of the customers. Therefore my topic on buying behavior of consumer shows the different factors which influence the consumer buyingbehavior while shopping.
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The Retail Industry
: - India's vast middle class and its almost untapped retailindustry are key attractions for global retail giants wanting to enter newer markets. Driven by changing lifestyles, strong income growth and favourabledemographic patterns, Indian retail is expected to grow 25 per cent annually.Modern retail in India could be worth US$ 175-200 billion by 2016. With theeconomy booming, competition in the marketplace is fierce. According to 'Retailin India Getting Organised to Drive Growth', a report by AT Kearney and theConfederation of Indian Industry, retail is one of India's fastest growing industrieswith a 5 per cent compounded annual growth rate and expected revenues of US$320 billion in 2007. Rising incomes, increasing consumerism in urban areas andan upswing in rural consumption will fuel this growth to around 7-8 per cent.
KSA-Technopak, a retail consulting and research agency, predicts that by 2010, organised retailing in India will cross the US$ 21.5-billion mark fromthe current size of US$ 7.5 billion.
Retail space
Retailers in India are the most aggressive in Asia in expanding their businesses,thus creating a huge demand for real estate. Their preferred means of expansionis to increase the number of their outlets in a city, and also expand to other regions, revealed the Jones Lang LaSalle third annual Retailer SentimentSurvey-Asia.Deutsche Bank's research report on 'Building up India' says India's burgeoningmiddle class will drive up nominal retail sales through 2010 by 10 per cent per annum. The country may have 600 new shopping centres by 2010.
Food retail
Food dominates the shopping basket in India. The US$ 6.1 billion Indian foodsindustry, which forms 44 per cent of the entire FMCG sales, is growing at 9 per 
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