Exploring Factors Influencing Customer Buying Behavior in Business

This essay provides an overview of customer buying behavior, emphasizing the impact of globalization and technology on increasing competition and customer choices. It examines social factors, noting customers' preference for personal research and services aligning with their needs and budgets, particularly targeting family decision-makers. The analysis extends to external factors, highlighting the intense competition in the Australian financial sector and the resulting customer brand-switching, which diminishes loyalty and profitability for organizations. Individual differences are also considered, with the bank tailoring services like home loans, personal loans, and commercial loans to meet diverse customer needs. The essay concludes with recommendations for ethical leadership, sustainable management, corporate social responsibility, and a triple bottom line approach to enhance customer satisfaction and organizational success in the competitive business landscape. Desklib offers this solution and many other resources to aid students in their studies.

CUSTOMER
BUYING
BEHAVIOR
An overview

INTRODUCTION
 The business world had
undergone a substantial amount
of change because of
globalization and the usage of
different kinds of technologies.
 This had enhanced the level of
competition within the business
world and also the number of
options that are available to the
customers.
 This in turn had changed the
buying behavior of the customers

SOCIAL FACTORS AND
CUSTOMER BUYING BEHAVIOR
 Customers generally like to conduct
their personal research
 They generally opt for the services
which are best in synchronicity with
their needs and budgets (Estrella-
Ramón, 2017).
 Gratification factors for the diverse
customers are different and this is
currently adversely affecting the
prospects of the organization.
 The bank primarily targets the people
with families specially the decision
makers of the families.

EXTERNAL FACTORS AND
BUYING BEHAVIOR
 The fierce competition within the
Australian financial sector means that
the customers switch their brands or
services on a regular basis.
 This had considerably reduced the
loyalty of the customers towards the
organization in the present times.
 The net result of this frequent switch
in brands by the customers is the fact
that none of the organizations are
being able to profit in a significant
manner from this (Amin et al., 2017).

INDIVIDUAL DIFFERENCES AND
CUSTOMER BUYING BEHAVIOR
 The services offered by the bank
have been designed taking into
effective consideration the individual
needs of the different customers.
 Home loans, personal loans and
others are being offered to working
class individuals
 Commercial or retail loans are being
offered to the organizations on the
basis of their requirements
 The plethora of services that the bank
offers have been designed to elevate
the satisfaction of the customers

RECOMMENDATIONS
 Use of ethical leadership
 Use of sustainable
management practices
 Corporate social
responsibility practices
 Triple bottom line approach
to sustainability

CONCLUSION
 The concept of customer buying
behavior had become the catch-phrase
of the contemporary business world.
 The financial prospects of an
organization depends on the number
of customers that they have.
 The large number of choices which
are available to the customers had
changed their buying behavior in a
significant manner.
 This in turn is adversely affecting the
business prospects of different
organizations.

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