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Factors Influencing Customers Buying Decision

Added on - 14 Feb 2020

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REFLECTIVE REPORT
TABLE OF CONTENTSINTRODUCTION...............................................................................................................3Factors influencing Customer's buying decision............................................................3Theory of motivation.......................................................................................................4SMART objectives..........................................................................................................8CONCLUSION..................................................................................................................9REFERENCES................................................................................................................10
INTRODUCTIONThe objective of this report is to present experience being a customer thatinfluenced in purchasing of goods. In today's competitive world, every business try torepresent in their best way to attract customers (Hjort, Lantz and Gattorna, 2013). Thus,it becomes difficult for customer to make decision among several options. Being acustomer several factors affects your buying decisions. In the study, I have chosenthree topics to showcase my experience. The topics chosen are factors affectingcustomer's decision making process, factors of motivation and loyalty towards brand.Factors influencing Customer's buying decisionBusinesses offer several options to make choice with several strategies. But tochoose between available options becomes sometimes difficult. Being a customer Iexperienced are several factors that affected my decision making process (Baker andParkinson, 2016). Some of the factors are listed below:Marketing Campaigns: Every brand has its unique marketing campaign to attractcustomers. Each company tries to make maximum efforts to pull as much of customersas they can. While buying soft drink I came across so many marketing strategies offeredby several brands.Economic conditions: Consumer spending decision are also known that influence bythe economic situation that prevailing in the market. Positive economic environment isknown as to making consumers more confidential and willing to influence purchaseirrespective the personal financial liabilities (Cantallops and Salvi, 2014).Personal preferences:At the personal level, consumer behaviour is influence withvarious shades of likes, dislikes, priorities and moral values. In certain dynamicindustries such as fashion, food and personal care determines opinion of customer thatpertaining to style and fun which can become dominant to influence the factor.Group influence:Group influence is also seen that affect to the decision that are madeby a consumer. The primary influential group consisting with family members,classmates, immediate relatives and the secondary influential group consisting withneighbours and acquaintances are seen with greater influence on purchasing decisionof a particular person (Bruwer, 2014).
Purchasing power:Purchasing power of a consumer play very important role thatinfluence to the customer behaviour. The customer is generally analysis purchasingcapacity before establishing any decision. It demonstrates effective results andperformances to satisfy each customer.Theory of motivationMotivation is very important element for assess customer experience. These willassist to ascertain generic goals and objectives. Products are also specified with goalsthat make profitability within the environment. In order to satisfy customer, intrinsicmotivation and extrinsic motivation. In intrinsic motivation people have desire to engagein activity for their own value (Nuttin, 2014). On the other hand, extrinsic motivationassist to people with providing some sort of reward such as money, bonus, etc.In respect to motivate the people, there are certain motivational theories explainsunder here that create effective impact on the firm. They are as follows:Alderfer's ERG theoryERG theory is psychology that proposed for further development of Maslow'shierarchical. In this aspect, needs are categorizing in ERG elements such as existence,relatedness and growth of the people. Basic material existence requirement forcustomer is determines their operations to develop the results. Main role of this theorytowards customer is assessment of input through output. This is because, everycustomer demanding output as per input which they have put in purchasing of productand services.In this customer are seen existence of particular product for purchasing itcarefully (Williams, Rasmussen and Cairns, 2015).Vroom's Expectancy theoryThis theory is assumes that behaviour results from conscious choice isdetermining various alternatives that maximize pleasure and reduce pain. In this aspect,there are various elements recognize with factors that includes personality, skills,knowledge, experience and abilities. All these elements are includes in a person whenthey are purchasing particular product and services. In this aspect, three variable areused which describes to make effective results such as expectancy, instrumentality andvalence (Maslow, 2013). In expectancy, the belief is increased efforts that will lead to
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