The buyer behavior entails the processes through which buyers go through when purchasing and using goods and services. Buyer refers to consumers, agents, or dealers.
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The buyer’s both personal and psychological characteristics are among the major factors that influence consumer buying behavior. Some of the buyer’s personal characteristics include age, gender, occupation, lifestyle, and personality among others. The psychological characteristics involve the buyer’s attitudes, beliefs, perception, learning, and motivation (Armstrong & Kotler, 2009). For instance, when a buyer with learning characteristics is about to purchase, he will take a lot of his time to learn about the product first before purchasing. This buyer believes that through many inquiries he will be in a position to make the right decision. Overall, the buyer’s characteristics enable him to choose the right seller, the desired product, the most favorable price, the best quality, and the satisfying brand.
The Sutter home, Kenwood vineyards, and Glenn Ellen are three brands of wine. The Glenn Ellen brand is a high-class wine that has a market target for people with high levels of income. It’s packaged in an attractive way of medium and large packages (Rix, 2007). It has a relatively high price compared to the other two brands. Depending on its target market of high-income earners, it’s mostly advertised on the website more than other selling channels. Its high price and packaging are the main features that attract its target customers.
Kenwood vineyard’s brand of wine has a market target for low-income earners. That’s why it has a relatively low price and it’s distributed in the retail shops to reach the target group. Its packaging is also pleasing as it has even the small packages which combine with the lower price to attract its customers as much as possible. Sutter home being the best-selling table wine brand in the United States has got a wide target market (Rix, 2007). It’s packaged in plastic bottles which have already been accepted by the target market. The plastic bottles are the main feature which attracts most of the customers as they are acceptable and useful in the places where the glasses are not accepted.
Marketing research helps in looking for the best market for the product helping the company to produce the right quantity. It also determines the best prices for the products to control the company from making losses and from exploiting the target consumers (Armstrong & Kotler, 2009). In addition, the market research information helps a lot in pointing out both the domestic and the international competitors and in assisting in overcoming barriers to market entry. The main purpose of the market research is to know the needs of the targeted customers so as to provide the management with the relevant information which is current and reliable.
The buyer’s decision to purchase is determined by several factors like beliefs, culture, lifestyle, attitude, personality, and the income among others. When all the determining factors are put into consideration, and they match with the buyer’s desire he decides to purchase the product (Saunders, et al., 2008). Market segmentation is the act of dividing the market into groups with similar needs or behaviors, a group that can be served with separate products or some mixes. Target market it’s a set of buyers who are sharing common interests that the company may decide to serve. The cornerstone of marketing management involves segmenting, targeting, and positioning (Saunders, et al., 2008). The steps which are followed to achieve this are: To begin with, the owner of the business should divide the market depending on the segmentation variables. Secondly, the profiles of the resulting divisions are developed. Thirdly, the attractiveness and the potential of each segment are evaluated. The most favorable divisions are selected as the target segment(s), then for each target segment, the possible positioning is done. Finally, the chosen positioning concept is selected, developed, and communicated.
Armstrong, G., & Kotler, P. (2009). Marketing: An Introduction. Upper Saddle River, N.J.: Prentice Hall.
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Rix, P. (2007). Marketing: a practical approach, (6th ed), ISBN0074717510, 9780074717516.
Saunders, et al. (2008). Principles of marketing. (5th ed), ISBN0273711563, 9780273711568. Financial Times Prentice Hall.