Shifting of Consumer Behavior Towards New Edge of Taste

Added on -2020-02-19

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Running head: Consumer PsychologyConsumer Psychology
Consumer Psychology 1"Explain the evolving nature of family structure, social classes & culture through the yearsand their effects on buying behavior"With the evolving centuries, the consumer behavior is shifting towards new edge of taste. Development has taken place, and industries are evolving and trying to keep diversification in their work so that requirements of all types of customers are fulfilled. Though with the starting ofthis decade the customers have been regarded as the king pin of the market, which obliges the market to satisfy the needs and preference of customers otherwise the companies will not sustain their growth in the market (Dudovskiy 2016). The challenge which marketers now a day faces is that, they need to understand the diversity of customers in the market and then offer quality products and services according to their persuasion. Further, the taste of the customers in the market also depends upon their major factors which are discussed below:Structure of Family: the basic structure of the family is divided into two types that are:oJoint Family: it is a large family group which includes a married couple, their parents, children, and other relatives (Van Doorn et. al., 2010).oNuclear Family: is a small family group comprising of a married couple and theirchildren.The structure of family largely depends upon the choice of the customers to purchase branded products in the market. it shall be taken into accounts that as comparatively there are more numbers of members in a joint family than in nuclear family, so they less prefer branded products especially cars such as BMW. BMW is one of the highly flourished expensive cars which not achievable by all (Kaufmann, Panni, and Orphanidou 2012). Also, people living in a joint family have more responsibilities and duties to follow resulting to which they postpone
Consumer Psychology 2their luxurious expense on BMW cars. Whereas talking about the nuclear family, due to the presence of less number of family members, there are a few duties which are to be fulfilled by the head of the relation, therefore they easily save a part of their income to buy BMW car (BMW12 2017). Another factor which affects the decision making in this aspect is an influence of family members to purchase a particular product. For instance, each member in the family influences or gets influenced by other family member depending upon their relationship with them. Further talking about relationships, family dynamics depends upon relationship dynamics (Darley, Blankson, and Luethge 2010). The buying behavior in a family is determined by three unlined influence:oWife dominance in decision making: this will result in purchase of more groceries, food, home décor, jewels etc. Their decisions are more inclined towards purchasing such products.oHusband's dominance in the decision-making process: in this case, the family will spend more on luxurious and reliable products such as BMW car, insurance etc.oJoint Decision: family will postpone purchasing cars etc. and looking for short term happiness like vacations etc. (Akar, and Topçu 2011).Further, it shall be noted that in earlier time, the major segment of the society used to live in jointfamilies where decisions were taken by head of the society resulting in which they decide on purchasing cars according to their taste. Mainly they used to prefer low-cost products which provide more durability and less status upliftment. So it can be said with changing decade consumers preference is more inclined towards buying BMW cars (De Mooij 2010).
Consumer Psychology 3Social Classes: Luxurious cars such a BMW are highly preferred in the market by richer class of society. The car is mainly used as a status symbol by people to show off their achievements. Social class in mainly divided into three sections of the society that are:oUpper Class: the class due to which premium products are prevailing in the market. They are the richer section of the society who purchases cars like BMW to fulfill their status needs (Solomon, Russell-Bennett, and Previte 2012).oMiddle Class: these are middle-income level people who are majorly affected by the decisions of the economic decisions taken by the government. Most they do not prefer premium products, instead, they believe in buying durable products. But they also purchase premium BMW cars due to their interest and dreams. oLower Class: these are the lower income level people of the society falling belowthe poverty line, who are able to fulfill their basic needs only. This class does not even dream of buying BMW cars (Hernández, Jiménez, and Martín 2010).Further, it shall be noted, with the change in time more people are shifting in the middle income and high-income level groups due to which sale of premium products like BMW cars is increasing. Also in past, there used to be only two sections in society i.e. higher and lower income people thus only higher income level people used to buy the product but with the emergence of middle-level income, more consumers are inclined towards purchasing first-class cars.Culture: it refers to the pattern which the society as a whole follows while purchasing a particular product or service. Culture mainly comprises of all the factors prevailing in the market which can affect the purchasing behavior of a person (Papasolomou, and Kitchen 2011). Further culture is divided into sub-cultures on the basis of which people take

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