Research Paper on "Consumer Buying Behavior"

Research Paper 6 pages (2231 words) Sources: 4

[EXCERPT] . . . .

Consumer Behavior Research

The multi-generational aspects of buying behavior are significantly re-ordering the growth, structure and long-term potential of all industries. Implicit in multi-generational shifts occurring in markets is the rapidly changing series of customer expectations, demands for more unique and differentiated customer experiences, and the need on the part of marketers to seek out differentiation in every aspect of their business models. The intent of this analysis is to evaluate four scholarly articles and their contributions to the field of consumer behavior. Study methodologies, data collection instruments used, organizational and individual demographics, and study limitations are all discussed. This analysis concludes with discussion and recommendations for how to gain greater insights and performance from marketing and sales strategies using consumer behavior as their foundation.

Analysis of Multi-Generational Marketing: Descriptions, Characteristics, Lifestyles, and Attitudes

In the article Multi-Generational Marketing: Descriptions, Characteristics, Lifestyles, and Attitudes the authors have completed a longitudinal study of previously published studies illustrating the value of using multi-generational marketing strategies that align to a given product lifecycle over time (Williams, Page, Petrosky, Hernandez, 2010). The premise of this analysis is that the unique needs of consumers will vary by the stage of the consumer lifecycle there are in.

The study successfully shows how over a dozen longitudinal studies support their premise of consumers often being members of several generational groups at the same time(Williams, Page, Petrosky, Hernandez, 2010). The data collection instrument is secondary research of previously published studies and the individual demographics of respondents are age, gender, profession, income and psychographics including their perceptions of threats, risks, opportunities and potential for personal growth. The authors have successfully shown how the six American generations included in the study including Pre-Depression, Depression, Baby Boom, Generation X, Generation Y and Generation Z all have highly unique psychographic attributes that can be correlated back ot their position in the overall consumer lifecycle (Williams, Page, Petrosky, Hernandez, 2010). The authors rely on the U.S. Census Bureau's U.S. Population Clock and extensive use of the data sets from the Census to further underscore their hypotheses and key findings underscoring the need for multigenerational marketing and the development of a more lifecycle-based approach to managing products from the customer's perspective (Williams, Page, Petrosky, Hernandez, 2010).

Despite these strengths, the study does not take the analysis a step further and create a framework for further analysis of psychographic factors or variables that can be correlated back to the six American generations included in the analysis. There could have been more focus on clarifying the shared multigenerational attributes across shared generations, providing further validation of the hypothesis. This did not occur however and the study, while thorough, lacks this depth of findings for specific psychographic factors that unify adjacent generations from a marketing, promotion and sales standpoint. This is a significant shortcoming of the overall study.

Analysis of Perceptions of Status Consumption and the Economy

In the article Perceptions of Status Consumption and the Economy (Eastman, Eastman, 2011) the researchers have defined a series of study objectives and methodology that seeks to refute that consumers are primarily driven by the aspirational value of premium brands. Their study centers on the premise of the democratization of luxury and the egalitarian nature of downward price pressure on brands is having a positive effect on overall luxury brand growth (Eastman, Eastman, 2011). What in fact the authors find is the exact opposite; there is no significant uplift for aspirational brands in the respondent sample they survey. The respondents are more interested in earning status with their peers by shopping and getting exceptional value over an aspirational brand (Eastman, Eastman, 2011). These results are highly dependent on the approach the researchers used for defining their methodology, sampling frame, research instrument and demographics.

The researchers relied on a nonprobability sampling technique of adults residing in the Southeastern United States, using an e-mail address list as the primary means to contact them (Eastman, Eastman, 2011). Using a multi-phased approach, the researchers first contacted respondents in May, 2010 and again in June, 2010 with an e-mail that had a link to a Web-based survey. Using this technique the authors were able to attain a 30% response rate or gain 200 completed surveys (Eastman, Eastman, 2011). The demographics were skewed toward females (58.6%) relative to males (41.4) and the most dominant age group represented in the sample were 46- to 55-year-olds (27.7%). The dominant race was Caucasian (85.5%) and 50% of respondents are married. 37.6% are college graduates and the median income is between $50,000 to $100,000. T

There are many shortcomings of this study, starting with the nonprobability sampling technique and the lack of precision with regard to defining each segment of audience of the sample. There is also the potential of sampling frame error given the fact that many of the consumers on the e-mail list may know each other and share the survey with each other as well. There is also the potential for nonresponse or under-reporting error as the median income of the respondent sample is high (Eastman, Eastman, 2011). In conclusion, the survey could have shown with greater granularity how respondents perceive luxury products by category and which brands are more and less aspirational than others. Given the imprecise nature of the survey that wasn't possible however.

Assessment of a Study of Customer Involvement in Purchase of Home Appliance

In the article a Study on Customer Involvement in Purchase of Home Appliance the researchers used two years of customer data in a multi-brand home appliance retailer based in Coimbatore, India (Janaki, Premila, 2012). There were a total of 12,612 customer records in the database, which included transactions from the store for the last two years. The researchers' methodology centered on a screening process that provided for a proportionate random sampling frame that was successfully deployed, yielding highly accurate results from the analysis (Janaki, Premila, 2012). Using the sampling frame, the researchers narrowed down the large customer database to 2,007 potential respondents, and eventually achieved 200 valid questionnaire responses. The researchers' survey included sections on what channels of communication customers used to gain access about home appliances, the sources of purchase and model of purchase (Janaki, Premila, 2012). The researchers also looked at the aspects of multichannel marketing and sales, and the role of brand value and perceived alignment of brand strengths relative to customer preferences and psychographic segment definitions (Janaki, Premila, 2012). Demographics from the study showed that the majority of respondents (67%) were in the 21- to 40-year-old age group, 73% female, 56% married and 51% having achieved post-graduate educational levels and working in private industry (Janaki, Premila, 2012). The study's findings show that offers and discounts, followed by door delivery, trustworthiness of the dealer and successful demonstration by a selling agent are the most critical success factors in getting potential customers for appliances involved in the purchase (Janaki, Premila, 2012). The study also supports the global trend towards eco-friendly or green products and appliances that can use biodegradable detergents and other consumables (Janaki, Premila, 2012). Even the most affluent in India price shop and look for extensive discounts on their durable goods products, showing that the price elasticity of demand for appliances is flat in this region of the world for durable appliances.

In terms of the study shortcomings, there are several. First, the city this research was completed in is in southern India near Bangalore, an area with strong western cultural influence and higher than average incomes. Incomes in northern India are significantly different, as are the cultural biases and approach to purchasing. Second, Indian culture is very heterogeneous and often lacks consistency of values, even amount the highly educated members of society. This has not been taken into account in the research. Third, the researchers failed to measure the impact of brand equity and the price differences customers to these appliances stores are willing to pay. That price difference based on brand value would have shown how much premium is being paid for aspirational brands.

Assessment of the study Chocolate Cake Please! Why Do Consumers Indulge More When it Feels More Expensive?

In the study Chocolate Cake Please! Why Do Consumers Indulge More When it Feels More Expensive? The researchers have devised a three-phased methodology for measuring the propensity of consumers to spend more on indulgent, high-calorie desserts over paying credit for healthier alternatives. The first is a field study which had the objective of assessing whether the specific model of payment would affect the level of indulgence in a given dessert (Bagchi, Block, 2011). The sampling frame for this specific study included 125 customers of a frozen yogurt franchise retailer in the 18- to 72-year-old age group with a monthly average income of between $2,001 to $5,000 per year. In exchange for participating in the study the respondents were given a $1 discount voucher to use for a given dissert. The respondents were next given a menu of yoghurts and asked to purchase the one that was of the most preference (Bagchi, Block,… READ MORE

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