CB6

Business

Quiz 2 :
Value and the Consumer Behavior Framework

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Quiz 2 :
Value and the Consumer Behavior Framework

Choice of consumer may differ instantly based on their needs, wants and desires. It is always difficult for the marketers to identify the value which a customer is expecting from a particular product. Customer behavior is dynamic, as they focus on two way profit from a particular product. On one end consumers buy the product to get rid of their wants and desires, and on the other end they focus on additional value of the product. Market researchers have noticed this behavior of the customers, and have enhanced the value of the product to attract more customer base for their own brands. Here, the consumer decision making plays a vital role, as buying of a particular product under a brand has been always optional. If in depth analysis is made on the concept, it is clear that customers give priority to those brands which are domestic, i.e. consumer ethnocentrism. Market researchers believe that a customer may not have a complete idea on the origin of the brand of a particular product, as they may lack in brand origin knowledge. For example: There are less number of customers who have an idea or knowledge that phone brand BLK BRY belongs to the country CNDA. Here, while examining the "2011 ranking of top 100 brands" a pattern can be noticed that the strong players in the automotive industry are originated in Western EUP. The product designed and manufactured is related to cars which are of good quality when compared to any other nations. The details are tabulated as follows: img Brand origin knowledge in general may vary amongst the customers. Brand origin knowledge makes a difference in decision making priority of the customers as, most of the customers like buying the product which has a domestic origination. Under certain situation, there is a scope for the customers to switch their brands, if they do not receive the required value from a domestic product. In general, while making a purchase based on brand origin knowledge, customer focuses on the points, as Country of origin, place where the product is manufactured, etc.

Choice of consumer may differ instantly based on their needs, wants and desires. It is always difficult for the marketers to identify the value which a customer is expecting from a particular product. Market researchers have noticed this behavior of the customers, and have enhanced the value of the product to attract more customer base for their own brands. Here, the consumer decision making plays a vital role, as buying of a particular product under a brand has been always optional. If in depth analysis is made on the concept, it is clear that customers give priority to those brands which are domestic, i.e. consumer ethnocentrism. Market researchers believe that a customer may not have a complete idea on the origin of the brand of a particular product, as they may lack in brand origin knowledge. For example: There are less number of customers who have an idea or knowledge that phone brand BLK BRY belongs to the country CNDA. Some of the brands and their origins that customers in general may possess in their home are tabulated as follows: img By having an idea on customers brand origin knowledge, the market researchers may impact the decision making pattern of the customer. In general, the market researchers may undergo the factors as follows: • Differentiation: They can differentiate the value of the product given to the customers when compared to that of competitors. • Quality standards: They can improve the quality of the product to make the product stronger within the country of origin. • Expertise: Can specialize in product to be the best in a category when compared to other brands. There are many other brands which a customer interact with. Most of the customers may not hold any knowledge on the origin of the product brand. So, this can help the market professional make them switch to other brands by promoting their own brand effectively. For business to progress marketers should have a keen eye on the brand value of the product. On the other end it is the responsibility of the marketers to identify the brand origin knowledge of the customer. This information is the only difference between the successful business and a failed business.

Choice of consumer may differ instantly based on their needs, wants and desires. It is always difficult for the marketers to identify the value which a customer is expecting from a particular product. Market researchers have noticed this behavior of the customers, and have enhanced the value of the product to attract more customer base for their own brands. Here, the consumer decision making plays a vital role, as buying of a particular product under a brand has been always optional. If in depth analysis is made on the concept, it is clear that customers give priority to those brands which are domestic, i.e. consumer ethnocentrism. Market researchers believe that a customer may not have a complete idea on the origin of the brand of a particular product, as they may lack in brand origin knowledge. For example: There are less number of customers who have an idea or knowledge that phone brand BLK BRY belongs to the country CNDA. Lifestyle and knowledge are very closely linked with each other. The brand origin knowledge may differ from customer to customer. Based on the demographic factors such as age and gender the knowledge may vary. Moreover, consumer's exposure to various brands is also one of the factors for their knowledge on the brand origin. Most of the products have refined design, which makes the customer forget about the origin of the product. Such sorts of products have a worldwide acceptance. The only difference between the successful products to that of a failed product is the appeal which it makes on the perception of the customers and consumers. In most of the cases, if origin of the product is taken into consideration by the customers, then manufactures and marketers may use this as a differentiator tool. For example: JHN and JHN made in the US will have a great demand domestically. Using origin of the product as a differentiator might allow the product to expand its customer base domestically. So, the manufacturers should consider the origin of the product as an advantage over their competitors to occupy the customer base domestically.