Marketing management assignment essay writing analysis: Consumer Behavior & influences

Q?? Write an essay on Consumer Behavior & influences??

Solution ::

Consumer Behavior:

There have been many concepts of marketing that need a lot off attention of the marketers however there is one that is one of the most important factors that a marketer has to understand and take into consideration and that are Consumer behavior. There has been a lot research done on the matter by various marketers over the years. This research has taken to understand the various factors that may influence the decision making of the consumers. The factors have given birth to a lot of models that have been designed to understand the perspectives of the consumers towards the product or brand. Some of the models that have been created to understand this link are Hierarchy of effect model, consumer information processing model etc. The decision that a consumer makes regarding their choice is influenced by many factors that may include psychographic, demography, geographic location, upbringing, etc. There has also been the segregation of the customers that has been done based upon these particular factors itself. The models that have been designed can now be used to understand the decision making process of the customers for Nestle Chocolates. However before the actual decision making process there has to be some understanding regarding the business of the organization.

Nestle was founded in the year 1905 after the merger of two big companies. One among them was the Anglo-Swiss Milk Company, which was founded in 1866 by George Page and Charles Page two brothers and Farine Lactee Henri Nestle, established in 1866 by Henri Nestle. The Company is based out of Vevey, Switzerland and is the largest food company in the world in terms of revenue. It grew at a very high pace in during the First World War and the same trend was during the Second World War. And it was during this particular period that it expanded its offerings beyond its early condensed milk and infant formula products. During the Company’s history it has made a lot of corporate acquisition with the largest among them being Crosse & Blackwell in 1950, Findus in 1963, Libby’s in 1971, Rowntree Mackintosh in 1988 and Gerber in 2007. It has approximately 450 manufacturing facilities, with operations in more than 86 countries, and has over 328,000 employees. It is also one of the major shareholders of L’Oréal, the world’s largest cosmetics company.

Target Market

According to Phillips (2010), Nestle as a brand is available in a lot of countries worldwide and this creates as target market which is there throughout the world. Hence the target market of the company is another thing that is huge and cannot be formulated based upon a general perspective. However the company is present all across the globe and therefore they have a target market which consists of a lot of customer. The majority of these customers are usually children and young adults from the age of 12-25 and this is the major target market of the organization. The products of the organization shall be consumed by the customers of a various age groups but the main target market of the company remains the children and young adults between the ages of 12 to 25. And as this market is one that cannot make a lot of their own decisions there is a lot of influence of the parents when it comes to the final decision making regarding the purchase of chocolates. This is why there has been focus on the advertising strategy by the organization to include the parents into the frame when it comes to focus on the target market.

To completely understand the target market of the organization there has to be focus on the market in one particular geographical area. In this case Singapore can be the area on which the focus can be made to understand the market. Demographically in Singapore the target market for Nestle shall be the children in the age of 12 to 20. There is not going to be any other major factor at play in Singapore as the country has a very open culture towards all forms of religion and ethnicities. Also they follow an equality culture and hence the basis of discrimination against women or men does not exist. Nestle as a brand can target those individuals whose monthly household income is more than SGD 1000. This is because of the fact that many products of Nestle when it comes to chocolate are inexpensive and hence this gives them a chance to have a very large target market which can basically include each and every individual in the area who likes chocolate. Thus the target market for Nestle in Singapore shall broadly be the children in the ages of 12 to 20 while there can be scope for more and more individuals in the target market.

Social Influence on Buying Behavior

According to Thinking Made Easy (2010) there a lot of factors that have an influence on the buying behavior of an individual and among the most major of them is the social influence. Chocolate is a product which is consumed by mass and is easily available to everyone. The major difference between chocolate and other goods is the fact that in the market for chocolate the customers want a variety of products ant that too in their own tastes and preferences. Chocolates are a food for the festivals in majority countries. It is in that season that the sales for chocolate go up considerably. These festive occasions make the consumer go and buy out more chocolate products. Also the social trend of giving gifts to the relatives helps in the sale of chocolates (Thinking Made Easy, 2010).

There are a lot factors that force a customer to buy a particular product from the point of view of social influence and they can include things such as the religion of the consumers and this can be factor in the positive sense as there are no religions that say that chocolate is a forbidden. And hence this is a positive influence. Another factor that has an influence is the social responsibility that an organization has on the society and the various social responsibility initiatives that they have undertaken.

Thus these are few of the major influence factors in social influence.

Psychological Influence on buying behavior:

Chocolates are something to which people are attached emotionally whether they are happy, they are sad , they are depressed chocolates always turn out to be magical .According to Callwood(2012) the psychological factors play a very important role in influencing the buying behavior of the consumers for chocolates . There are numerous psychological factors that can be taken into consideration but some of the important ones are namely motivation, learning, attitude, health and various others. Nestle is doing extremely good to pull all these psychological factors and thus is able to maximize the sales of company. Talking about the factors mentioned above Motivation plays an extremely important role in driving the sales of chocolate as the need arises people tend to get motivated and thus purchase the chocolates and as we all know Maslow’s hierarchy of needs also describes that the people satisfy their psychological first and then look to the other needs.

Health is another factor that influences the buying behavior but as we all are aware that excess chocolates are not good for health .Thus Nestle should focus on this and should produce some products which suit the health conscious people  .

Perception is one of the most important factors as this is the only factor which makes a company different from its competitors. Same goes with Nestle the company is running from quite a good number of years and is also socially active .Thus it has created a good perception in the minds of consumers and they prefer Nestle over other brands.

Learning is another factor .In this case learning refers to the experience which consumers carry after consuming Nestle chocolates .If they enjoy it they sure going to repurchase it. Nestlé’s consumers had a wide range of taste and options to choose which has become a positive point for Nestle.

Other factors include beliefs and attitude which refer to the consumers thinking regarding Nestle and the evaluation of the products by the consumer’s .Both of the factors is positive towards Nestle and helps enhancing the sales of chocolates.

SURVEY:

A survey was conducted to analyze the buying behavior of consumers. This was done with the help of a questionnaire. The questions were basically on factors like perception, experience with Nestle and the satisfaction level. The results were that Nestle has made a good perception about its products. Nestle chocolates are considered tasty, healthy and consisting of wide range; customers are having excellent experience and they are looking to repurchase Nestle chocolates.

There were certain factors which influenced the buying behavior that has come out as a result of survey and they are strong product portfolio of Nestle, brand image, wide range of chocolates, marketing efforts and also the customers are highly satisfied.

The conclusion drawn is that Nestle has made its own success story by targeting the youths and winning their hearts .This is done by the high quality chocolates that are manufactured and the marketing strategies adopted .Nestle is sure going to show high growth in sales.

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