True brand loyalty involves that the consumers are willing, at least on event, to put aside their own needs in the interest of the brand.
The behavior of consumer denotes that activities at both mental and physical level that reflects the totality of consumer decisions with regard to acquisition, consumption and disposition of products or services Best, In this assignment an understanding about the consumer behavior will form the basis of study of different market segments.
The entire assignment is divided in to 4 major tasks. The first task discovers the stages of customer decision making process along with the different theories of consumer behavior in terms of individual and market.
It also discusses the factors affecting buyer behavior and the relationship that exist between the brand loyalty, corporate image and repeat purchasing. In Task 2, a study on evaluation of different market research techniques is done.
It also describes the various sources of secondary data and their reliability to achieve marketing research objectives. Task 3 discusses the different market trends and analysis of competitor for a given organization. It also explains the opportunities and threats an organization faces for a given product or services.
The final Task comprises of study of customer responses. In this Task a complete customer satisfaction survey is being carried out.
In the purchase decision making process, customers have to go through five such stages which are very essential for making marketing related decisions. Need Recognition Evaluation of alternative Post Purchase Evaluation The whole process of purchase begins from the first stage of need recognition which points that need or problem like hunger which derives him to go for purchase.
Desire can also be the deriving factor for the customer such as the aroma of a chocolate muffin can attract a customer to buy it. In second stage of information search customer tries to obtain information about the market from various means like from family, friends, neighbors or advertising or retailers or by testing Blas, If the need of customer is strong enough then he does not go for searching information and rather buy the product or service close to hand.
The next stage is evaluation of alternative in which the customer choose between the available alternative brands, products or services by using the information gathered in the second stage.
When the evaluation process is done with then customer goes for purchasing the product or service. In the final stage of post purchase evaluation it depicts the feeling of satisfaction or dissatisfaction of the customer with the purchase. In case of satisfaction, customer prefers to stick to the particular brand and in case he is not satisfied then he can go for other alternative in his next purchase.
The theories of buyer behavior can be categorized in 4 major theories. These theories are based on the basic assumptions such as economy is free and perfect, when income increases consumption also increases and spending habits remain same. Economic theories These theories on consumer behavior focus on the allocation of income by the consumer and its affect on the demand of various goods and services.
The economic theory includes many factors like marginal utility concept, psychological law of consumption, relative, absolute and permanent income hypothesis concept which affects the customer buying decision. The economists gave the view point that man is rational in all the activities Jobber, Psychological theories The psychological theories explain the impact of various experiences consumer faces on their future purchase decisions.
Psycho-analytic theories This theory was derived from the thoughts of Sigmund Freud. He developed three dimensions about the personality, the id, the ego and the super ego. Interaction of these three systems forms the basis for analyzing consumer behavior in terms of market.
There are various factors affecting the buyer purchasing behavior like personal, social, psychological and cultural factors. Here, only two factors personal and social are explained below.
Personal factors highly influence the buyer behavior. The economic status, lifestyle and occupation of the buyer is also a determining factor about the place of shopping and kind of products consumer can purchase keeping in mind their budget.
Family have the strongest influence on the behavior of purchaser as the requirements of children and other family members are to be fulfilled first.
Co workers and friends also influence the consumer behavior because of the sense of belonging they provide to the concerned consumer. In order to get fit in their circle the buyers tend to purchase product so as not to be left out. The role and status a person possesses also determines the purchase choices due to the expectations from their position or roles.
In this way all the social factors play some or the other role in determining the purchase decisions of a individual.
Brand is that name, logo, sign or design that serves as the identification for the product, place, service or person.
It serves as identification for its owner too and thereby provides legal protection also. Branding is very important as it gives the company the advantage of referrals from its satisfied customers to their friends and family due to the standard price it offers to the customers.
It also benefits in low cost of advertising for the company, in generating huge profits and in brand recognition and brand extension Chambell et al, Evaluate the relationship between brand loyalty, corporate image and repeat purchasing Brand loyalty speaks to the loyalty and dedication of the consumer as for the brand.
It demonstrates the yearning of the customer to purchase that specific brand. Evaluate the relationship between brand loyalty, corporate image, and repeat purchasing.
Brand loyalty In marketing, brand loyalty comprises of a consumer’s commitment to repurchase the brand and can be demonstrated by repeated buying of manufactured goods or services or other positive conducts such as word of mouth advocacy. Relationship between brand loyalty, corporate image and repeat purchase Brand loyalty represents the dedication and loyalty of the customer with respect to the brand.
Kim & Lee (), in their study to examines the relationships among corporate image, brand awareness, service price, service quality, customer support services, and customer loyalty, and investigates the key drivers that establish and maintain customer loyalty to mobile telecommunications service providers in . Repeat purchase depicts the decision of the consumer to purchase the same product or service earlier purchased by him. The relationship between brand loyalty, corporate image and repeat purchase does not suggest that repeat purchase is only done due to brand loyalty. Relationship between Corporate Image and Customer Loyalty in the Mobile Telecommunication Market in Kenya behaviours include those involving repeat purchasing, purchasing more and different products or services from relationship between brand image and customer loyalty and fourthly, to determine the relationship between.
It shows the desire of the customer to buy that particular brand%(2). Evaluate the relationship between brand loyalty, corporate image, and repeat purchasing. Brand loyalty In marketing, brand loyalty comprises of a consumer's commitment to repurchase the brand and can be demonstrated by repeated buying of manufactured goods or services or other positive conducts such as word of mouth advocacy.
Evaluate the relationship between brand loyalty, corporate image and repeat purchasing Brand loyalty speaks to the loyalty and dedication of the consumer as for the brand. It demonstrates the yearning of the customer to purchase that. Relationship between Corporate Image and Customer Loyalty in the Mobile Telecommunication Market in Kenya behaviours include those involving repeat purchasing, purchasing more and different products or services from relationship between brand image and customer loyalty and fourthly, to determine the relationship between.