Sunday, May 6, 2018

Factors that influence consumer buying behavior

Factors that influence consumer buying behavior

Based on the information you gathered and alternatives available on the company website you explored, which vehicle offering seems to be the most relevant to your needs? Explain why?
Based on the survey results which categorized me as a thinker and innovator, I would say that the Brand I would pick would be Cadillac.  This car represent class, emotional stability, a critical thinker, one that pays attention to detail and the style is very innovative.  Cadillac has always been mentioned as one of the more stylish cars with a brand that speaks of quality and is targeted towards the more affluent and successful business person.  It talks about dependability and relies on repeat customers rather than looking for the new buyer all the time.
Using the results of the VALS® survey, describe the accuracy of results and relate them to your vehicle choice.
With the results of the survey I would say that the choice fits me perfectly.  I am a self driven person with a personality of an entrepreneur.  I like to take calculated chances and I develop well thought out plans of execution.  I look for class whether in it is my home, my dress, or the way I carry and present myself.  I am a thinker and I never make snap decisions, or off the cuff remarks.  So my personality fits the brand and the brand represents my outlook on my life.
Select three of the forces discussed in Chapter 6 (Exhibit 6.3) that affect consumer behavior and explain why they would impact on your decision to buy the vehicle most relevant to your needs.
I would say that the category Cultural Factors would definitely be one area that would influence my buying habits. One of the things I have mentioned about this particular brand is that they target their marketing to a certain sector of the population.  It would definitely fit under the heading of social class.  Not only is the Cadillac known for class but it speaks to a certain social class. It speaks to the well informed, and the successful entrepreneur. Also it speaks to the desired culture and values of a person, in as much as the Cadillac is known to carry its value in resale.  But it speaks also to the values you carry as a person.  This is not a hot rod that a younger person would be drawn to.  It is for a family man that is more reserved and usually has children. 
There are also social factors that come into play also such as statue.  There are psychological factors that are involved in this process also.  I think you might call this keeping up with the Joneses.  The individual factor is that, “People’s value systems have a great effect on their consumer behavior. Consumers with similar value systems tend to react alike to prices and other marketing-related inducements.” (Lamb, 2012) So this purchase is often made with those factors at play.  That may be a bad way to make a decision, but they are made with those thoughts in mind every day. 
There are also individual factors too.  This brand as I have said before would not be for generation Y or X.  It would target the Baby Boomer generation.  They would target age as a criterion for their marketing strategy.  There is also a certain lifestyle associated to the brand. It speaks to the desired lifestyle which is how they would direct their marketing strategy.
Lamb. (2012). Mktg 5. Mason Ohio: South-Western Cengage

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