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Customer Buying Decisions: Influences on the Buying Decision
Customer is always surrounded by four main factors when they consider purchasing, including the price, product, promotion, or sales channel. Shopping for goods or services in a physical store is not a similar experience as online, on a website, or mobile application. Apart from the four, there are other aspects that determine whether or not someone buys an item. For example, social influence, where the general opinion or attitude about a brand item in a social setting impacts their buying decision. Another is a visual representation, especially for virtual stores in ecommerce. Anytime consumers cannot access many pictures of a product, their confidence level about the brand reduces, thus, ultimately influencing their purchasing decision.
Examples of Influences from Marketers
One example of the influence that marketers might have on the buying decisions of customers is understanding how to derive an emotional response from them. Among the reasons marketing campaigns show high effectiveness is that they cause individuals to react to them. The more reactions, the more a campaign is talked about among audiences. When people continue to discuss a product for an extended period, it usually means that they will buy to try it.
Brand Imagery and Messaging
Another example of an influence that marketers use is capitalizing on brand imagery and messaging. Utilizing images and word associations is an excellent method of attracting attention to the brand or company. For example, if someone is targeting the youth, they may use popular memes or phrases as part of their campaign. This results in the audience relating the product with matters with which they already associate.
Audiences Memories
The last way marketers influence customers buying decisions is through memories by creating emotions of nostalgia. For example, in case an item is tied to specific brands, images, thoughts, or music from childhood, this may inspire feelings of brand loyalty. If a marketing campaign makes someone fearful, they may be influenced to purchase the good as a way of relieving anxiety and protecting themselves.
Examples of Influences from Non-marketer Sources
The first example of influence from a non-marketer source is family. It is reported that some customers are more willing to purchase from a particular brand since their relatives are regular consumers of their products. Another example is friends, which happens in a similar manner as family members. Once an individual establishes that other people they know trust a particular business, they tend to believe it too. The last example is the media, which is responsible for indirect promotion. If the perception of a company is negative, then it becomes difficult for individuals to buy an item from it.
Micro-Environment and Macro-Environment
There are various factors that individuals need to consider when conducting business, including the micro-environment and macro-environment. On the one hand, the former refers to a set of forces that are close to the firm and can impact the performance and daily activities of the organization. Some components of the micro-environment include suppliers, companies, marketing intermediaries, the general public, competitors as well as customers.
On the other hand, the macro-environment is the major external and uncontrollable factor that affects the decision-making of a firm. An organization does not operate only in its business settings but in a larger context. It consists of forces that offer opportunities but simultaneously poses a threat to the firm. Some of the components of this concept include economic, demographic, natural, political, technological as well as cultural.
The relationship between the two concepts can be derived from their similarities and differences. While the micro-environment is specific to a business, the macro-environment consists of broader factors that can impact a brand. The micro-environmental factors can be controlled by a business, whereas macro-economic elements are uncontrollable. The former directly as well as regularly affect the firm, which is the opposite of the latter. A similarity between the two ideologies is that they directly deal with organizations, whether small or big. A business is impacted by the determinants of micro and macroeconomic fundamentals.
A small firm can seek to influence the environmental elements mentioned above by paying attention to the impact they have on its operations. For instance, technology has been shown to enhance productivity through efficiency and time-saving. The business can ensure that it remains updated with the latest innovations in its sector to guarantee its success or competitive advantage over others, including the more established organizations. Additionally, with regard t suppliers, the firm can create a great relationship with them to ensure that it does not have to worry about the availability of materials needed to produce goods.
Channel of Distribution
A channel of distribution is a method companies use to get their products or services into the consumers hands as efficiently as possible. This can consist of brick-and-mortar retailers, wholesalers as well as virtual marketplaces. In a distribution channel, a manufacturer directly sells to the customer. Indirect channels involve several intermediaries before an item finds its way to the possession of the buyer. There are different strategies employed and work best to distribute either products or services.
For example, ecommerce is regarded as the most efficient distribution channel for products. It decreases the need to utilize multiple storage locations, distributors, and brokers to link one to retailers to sell the product line. With regard to services, the distribution channel can be different if someone considers efficiency. Through direct sales and delivery via intermediaries, a company is able to reach its customer base. By doing this, the firm can access numerous segments and develop pricing strategies that correspond to the earnings of market segment members.
The main criteria around which channel strategy decisions are made include efficiency and profitability. Distribution channels are important if an individual desires to thrive. Failing to streamline and perfect the ability to offer customers service or goods in an efficient and timely manner is one way of losing valuable customers and getting negative reviews. This can damage future business potential, which means that it is thus crucial that a firm seriously considers making the distribution resources run as effectively as possible. In addition, companies choose strategies that are less costly with the aim of generating profit. Methods that do not accomplish this are easily avoided by different firms in various sectors.
In the same way efficiency and profitability affect the choice of distribution channel, they impact marketing mix decisions. With regard to products, it is hard for a business to continue investing money in an item that fails to generate profit. Regarding price, a firm cannot sell its goods or services at a cost that pushes customers away or makes it unprofitable. In choosing promotion methods, companies usually examine the efficiency and settle with the one that scores higher in that area. Lastly, it is more convincing to place items in a place that is effective in attracting consumers.
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