Title : Consumer Behavior Towards Consumption Patterns
Name: Remaathi A/P Peraniandy
Matrix No: SX123240HAFF04
Customer behavior is based on consumption patterns on 4 roles that is customer loyal, stationary markets, market dynamics and brand knowledge, brand equity and brand extension. Daily consumer buys thing and their will exchange their money for goods and services for own use and for use their families. Buying pattern of consumer varies accordingly based on type of products.
There are four type of loyalty behavior that consumer can show. First, when they buy several brands on category, consumers can give a high share to one of them. Second they can continue to buy a brand for a long time on their retention. Third they can recommend a brand to others and recruit new customers. Those three forms of customer loyalty share, retention and recommendation ensure continuing revenue stream and reduce the need for companies who exhibit these forms of loyalty and where possible they want to encourage this behavior. Marketers are keen to understand why customers switch away from a brand.
How brand is performing on stationary market? The patterns of purchase that are commonly found in such markets and a brand are behaving in a normal manner or exceptional aspects to its sales. This theory successful provides sales norms that can be used to assess the performance of a brand. Brands have heavy buyers must responsible to large part of the sales. Cross purchase suggests limiting market partitioning.
Patterns of purchase found in mature stationary markets. First is sales fluctuation in mature market due to seasonality and sales promotion. It can large, making to harder to spot long term trends. Second describes the dynamic patterns in loyalties that underlie stable markets. Third consider the launch of major innovative new products. These create markets or lead for complete substitution on old doing things. Sales of brands change and changes in market volume, adjustments to market share. The introduction of new brands or products will play out over time.
Brand Knowledge, Brand Equity And Brand Extension
The ways of exploiting their brands better by introducing line extensions and category extensions. Brand knowledge has two that is brand image – the range of brand associations and brand awareness – the retrieval of the brand by recall and recognition. Brand equity is the value added by a brand to basic product and high brand equity is greater when the attitude for brand more positive. Brand extension takes a large proportion of their sales from the parent and accepted as part evolution of the product for attractive to get extra sales from a line extension.
A consumer behavior towards consumption patterns is one most important drivers of development patterns on industrialized world and serve as case for the study of scenarios. A consumption pattern on relation to goods and services to characterize that lifestyle.
· Book - Consumer Behavior: Applications in Marketing, Robert East Malcolm Wright Marc
Vanhuele - May 19, 2008. Part 2 Consumption Patterns, pages 25- 116.