- Explain the factors which influence buyer behaviour and their implications for marketing and segmentation strategies.
Marketing fundamentals are the tools which can be used by the organisation in the marketing of their company. It provides the directions to the marketing manager that how it can do better and implement marketing strategies. This report discusses about Tesla which is an American automotive and energy company. The aim of this is to is to analyse the factors that affect buyer behaviour and their implications on marketing and segmentation strategies and it covers the influencing factors in the report.
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Factors that influence buyer behaviour and their implications for marketing and segmentation strategies
Buying behaviour is the decision of the consumer that attract him to purchase the products which can fulfil the needs of customers. It can be influenced by the various factors such as cultural and social environmental and its norms, inhibitions and aspirations etc. (Buying behaviour, 2018). Person will buy that product which is available at reasonable price and have better quality. There are many factors which can influence the buying behaviour such as:
It can influence the buying behaviour of consumers and it involves culture of different regions, groups or even countries. It is important for Tesla to analyse this factor effectively so that it can do marketing of the company on the basis of segmentation strategies. Without analysing culture factor segmentation cannot not be done properly because organisation may not know which market they have to target (Ruddy, 2013).
It can also influence the buying behaviour of customers and it is divided into three parts which are as follows:
This group have ability to affect the buying behaviour of customers. The influence of this group can vary across brands and products. For example, if a person wants to buy the clothes than another person can suggest him that it should purchase the products from Zara brand. This group include opinion leader who can affect others by its skills, ability or knowledge. So it is important for Tesla to analyse this factor and prepare marketing and segmentation strategies according to it. It helps the company to maximise its sales.
It can have strongly affected the buying behaviour of the consumers. For example, if a girl want to purchase a Scooty then his brother give suggestion that it should buy from that particular company only so that girl can be influence the decision of his buddy. So it is difficult for the Tesla to prepare marketing and segmentation strategies because it is not easy to the analyse the purchasing behaviour of consumers (Flint and Golicic, 2016).
Role and status:
It can also affect the buying decision of customers for example, If a person is finance manager at a reputed company and it want to purchase a car. In that situation it will buy that car which suits his status and roles and it will not interested to purchase a normal brand and it prefer BMW or Mercedes. So it is important for Tesla to make marketing and segmentation strategies as per this buying behaviour of customers.
It can also affect the buying behaviour of consumers. It has divided in several parts which are as follows:
Age: Life cycle and age can affect the buying behaviour of persons. Life cycle involves single, married, young etc. Age includes child, youngster, old etc. So it is important for the Tesla to analyse this factors and make segmentation strategies according to it so that company can capture the more market share (Constantinides and Stagno, 2012).
Occupation: Occupation of a person can also influence the purchasing behaviour. For example, A finance manager of a company will buy formal suits and a lower level employees in same organisation will purchase normal clothes. So it is important for Tesla to make marketing and segmentation strategies as per the needs and occupation of consumers and try to satisfy the wants of people.
Economic situation: Economic condition of people can influence the buying behaviour. For example, If a person has more savings than it will prefer more expensive and quality product. If a consumer has low savings and income than it will purchase those products which are available at economical or cheap rate.
Psychophysical factors: There are various type of psychological factors which can affect the buying behaviour of customers which are such as follows:
Perception: Perception of persons about anything can also influence the purchasing behaviour of consumers. For example, if consumers have perception about that BMW is superior car than it will not prefer other brands like Land rover or Mercedes because for him there is no comparison of selective car. So it is essential for the Tesla to make marketing and segmentation strategies so that they can dialyse the perception of consumers and according to it they can frame marketing plan.
Beliefs and attitudes: All people have different attitude and beliefs towards the different type of products. It shapes the brand image and influence the purchasing behaviour so traders show their interest in them. Marketing manager of Tesla should change the attitude and beliefs of consumers with special campaigns in this regard. So it can make marketing and segmentation strategies as per the needs of person and try to satisfy them (Baines and Page, 2013).
So these are the various factors which can influence the buying behaviour. By analysing these factors organisation can frame segmentation and marketing strategies which can help the company to grab more market share.
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As from the above report, it has been concluded that marketing fundamental provide help to the organisation so that it can perform better marketing plan so that it can accomplish the organisational goal. Tesla can make better segmentation strategies by analysing the buying behaviour of customers and it help the company to target right market so that it can maximize its sales and satisfy the needs of consumers.
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