Buying Decision Making Process Essay Example | Topics and Well Written Essays - 1250 words

Buying Decision Making Process - Essay Example Of those self-purchases, nearly 20 percent would likely buy diamond stud earrings, right-hand rings and other diamond fashion rings for themselves. Jewellery purchase is primarily by women and most of them are self-purchased and this makes the women a prime target segment required to be convinced to make the purchase. This has served as an eye-opener for the industry that sidelined women in their target advertising. The power of the female consumer has changed the way many companies are branding and positioning their products in the marketplace. Recognising the purchasing power of women has changed consumer marketing into a revolution that even traditionally male consumers in areas such as financial services, home improvement and automotive are wooing women buyers. In order to reach their target segment, companies are starting to seriously examine the lifestyles of women and come up with solutions that cater to their desires and needs. Today, it's all about individualism and personal style, wearing what works for you. It's an attitude of casualness, instead of looking too polished or too studied. Women do cater their cultural originalities and like subtle deviations from it rather than complete diversifications. Similarly, a trend is set and becomes popular and those designs and specifications reign until something else becomes the norm and the whole cyclic process is repeated. Jewellery trade is all about catering to current demands and trends, vintage designs come and go in seasons and demands are cyclical and move with the times. Jewellery purchase is a very personal decision by an individual consumer. The consumers may be of three buying types. The Impulsive Buyer who purchases products quickly, often the purchase is not premeditated and there is little or no analysis involved. Impulsive purchases are generally lower in value compared to premeditated ones. The easiest way to conclude them will be to make available products where they visually catch the eye. Point-of-service displays that attract the eye, instant discounts, sale prices and mass advertising often help in the sale of these products. This is probably attuned to the less-than-J500 impulsive shopper for whom it is an on-the-spot decision to make a purchase and does not involve too much analysis. The Patient Buyer purchases the product after some comparisons and has put in some thought to the purchase. Analytical Buyers do substantial research before buying and the purchase is definitely premeditated. The shopping done may be Utilitarian, meaning with a purpose or Hedonic, for just fun purposes. In the case of jewellery, the patient and analytical buyers who are mostly by women, mostly for self and, a good percentage of them end in high-end sales. This makes it important for the jewellery shops to lure the women into making purchases at their store by using the right marketing gimmick. The major process in decision-making would primarily begin with need identification. This may be a genuine demand for a special occasion like weddings etc, or a simple need for indulgence, a gift or a simply an impulsive buy. This may vary depending on age, ethnicity, education, and purchasing power and price of the product. It could also be influenced by word-of mouth, by friends and family, by the advertising campaigns, branding, social or economical