Week 5 HW (1)

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Rutgers University *

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301

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Marketing

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Apr 3, 2024

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pdf

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Consumer Behavior Homework Product category: Wine refrigerator (your parents are making the purchase, since they have really gotten into wine.) Assignment: To drive sales you need to understand the purchase process in detail. This is not merely a recitation of our lecture or the text, but application of that information to a particular purchase situation. How does the consumer behavior process work for the customer and what are the specific influences that might or actually come into play? You should ‘stand in the shoes of your customer’ and from their point of view: You can answer each question below in bullet format. Understand the customer 1. Discuss the buyer’s process at each of the five stages of the consumer decision making process in buying a wine refrigerator. - Need Recognition: Due to the need to keep their wine at a cooler temperature, the buyers aka the parents would look into purchasing a wine refrigerator. Furthermore, as parents who work hard to provide for their family, this may also be a way for them to explore wine collecting as a hobby or something to share with other relatives and / or friends. Furthermore, the current fridge may not be able to upkeep wine as wine storage requires a higher storage than the standard fridge, and separating wine from the rest of items of the household also reduces contamination. Additionally, they may have discussed this hobby with someone, who led them to realize that a wine fridge may be a useful addition to the household appliances. These reasons start the process / drive to purchase the wine refrigerator. - Information Search: As the need for a wine refrigerator has been recognized, the parents may pay attention to any information / facts regarding the wine fridge. With this, they would probably look into the different types, durability, and how much of an effect it would have on the electric bill. Furthermore, they would probably pay more attention to ads / commercials, and perhaps look into different brands, starting with the one of their current fridge and see what options that company / brand offers and then branch out to explore other ones. Discussions with friends and families may arise, and recommendations may come by word of mouth. They can also explore different color options, maybe colors that would match the appliances in the home, prices, and the reliability of the fridge as well. Additionally, while wine refrigerator hunting, they can also go to different appliance stores and ask the salesperson or call a sales representative to take notes of what different brands have to offer. The internet can also be used with many retail websites being online like Amazon. With this being an expensive purchase, the parents would want this to feel like an investment (getting their “money’s worth”) rather than something not worthwhile as the need for it has been acknowledged.

- Evaluation of Alternatives: As the customers are gathering information, the customer is more certain that they are purchasing a wine refrigerator. With this comes a list of specific qualities that would probably be compiled and like this would mean venturing into wine fridges that are on the market and seeing which model would meet their needs. With the information searched through online sources, sales representatives, and word of mouth from close people, the buyer is most likely to weigh their options, different types, brands, and / or models, making an informed decision, getting their “money’s worth”. - Purchase Decision: After gathering research, the customers would have a more concise idea of what they are looking for after looking at their options. What would also be considered is how the fridge would look / fit (size, color, models, interior, etc.) in the home and working out the transportation process. With narrowing the options, making the decision would be much easier, likelier to have a great fit, bringing about customer satisfaction. - Postpurchase Behavior: After doing the research, assessing the alternatives, and narrowing down the choices, the customer will make a decision based on the wine refrigerator that matches their needs the best. What comes into play is whether the product meets the customer’s expectations, which is what the marketer is supposed to do by advertising their products' capabilities. If the fridge does not meet the expectations, the customer is unsatisfied, likely not to buy from that brand and find another, or even not speak highly of them; however, if it meets or exceeds expectations the customer is satisfied, will likely stick with the brand, and may even recommend the brand to others around them. 2. Discuss the internal, situational, and social influences that impact the decision process. - Internal Influence: The internal influence refers to psychological and personal factors. - Personal: - Personality and Self-Concept: One’s personality affects their purchases. - Typically these distinguished traits will affect which brand a customer is drawn towards (looking / finding for themselves in the brand). - Marketers focus on these characteristics to help establish a solid relationship with the probability of gaining / maintaining customer loyalty. - It is not clear what the customer’s personality and self-concept is so it’s best to start broad, then narrow down based on these factors. - Psychological: - Motivation: Typically a consumer is motivated by needs at any time, mostly purchases viewed as important. - The motivation of the parents is the need for a fridge to keep their wine cool, which is something they are not doing. By purchasing the fridge, the need would be met. - Perception: How the buyer views the situation (selection, organization, and interpretation) affects how they will make the purchase.

- How the parents view others will affect the way they will act in regards to purchase, thus observing others and research / presentation of facts will affect the purchase. - Learning: As people act, they learn as it stems from experiences, which affect behavior. - If the customers are extravagant, they are more likely to go with a higher-end / more expensive fridge as that is what they have seen and are accustomed to. - Beliefs and Attributes: - Belief: The descriptive thought an individual has about something. - Attribute: The evaluations, feelings, and tendencies a person has towards an object or idea. - Whatever values the customer holds, will affect the purchase; for example, if the customer would not like to have a red fridge due to adverse thoughts about it, they will not buy a red fridge. - Situational Influence: The situational influences - Occupation: The job that person hold will likely affect their purchases (services and goods) - In this situation, the occupation of the parents is not known, therefore, it is difficult to know what affect it will have on their decision - Age and Life Stage: These play a role in the decision making as the life-stage is normally determined by the demographic, and it also affects what foods, clothing, furniture, and activities one would like to do. For example, there is an expectation, when one is middle-aged they have a family unit along with a stable source of income to support the family. - It can be inferred that the couple is family stage, indicating that they may need a fridge that can be lockable or blending in more easily as it can also be implied that they have children. - Economic Situation: This affects the buyer’s spending, income, savings, and interests. Typically, higher income, more disposable money. - This will affect the customer’s likelihood of purchasing the fridge and how much they will spend on it. - Lifestyle: This encompasses a person’s hobbies (activities, shopping, work, social events, etc.) and interests (fashion, food, recreation, etc.) - This helps marketers understand / find their customer values, which may be able to help decipher what luxuries / products would appeal the most to / be the most effective towards potential buyers - Due to the customers being parents, it can be assumed that there is limited freetime due to taking care of / keeping up with their child(ren). The wine fridge can be viewed as a way to upkeep a hobby / interest, which could aid in relaxation. - Social Influences: The social influences refer to the cultural and social factors.

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