Price sensitive behavior impact on organization
Analysis using the theories of personality
The customer prefers to buy products that are relatively cheaper and thereby the customer has chosen the medium priced products to facilitate modifications in the systems of an organization. The different aspects of changes in the systems of the firms are dependent on the functioning of the organization in the market. Identification of varied buying behaviors of customers is dependent on the understanding of the personality trait of the customer who tends to buy the cheap priced products. The price sensitive behavior of consumers helps in establishing varied changes in the processes of organizations (Reed II et al., 2012). The survey has also helped in identifying the demographics of the customer.
The key elements of the modification in the systems of the organization can be judged through the preferences of customers and thereby bring in changes in the proceedings of the business firms through the utilization of different tools that helps to enhance the experience of female customers in the market (Albert & Merunka, 2013). The survey helped in establishing the identification of the competencies to understand the psychology of the customer while making a buy of the product. The customer is moody and thereby makes frequent shifts in the decisions. Therefore, the product is required to be a perfect one to suffice to the needs of the customer.
The customer, in this context requires a light weight laptop which she would be carrying to her workplace, probably. Therefore, the company must shed light in the expectations of the customer to devise a product more appropriate to fit into her preferences. On the other hand, the innovative approach of the customer is depicted through her mindset of trying on new range of products (Stokburger-Sauer, Ratneshwar & Sen, 2012). It is believed to bring in different changes in the decisions taken by the customer to make a buy of the product that is offered by the organization. The quality of the product and the features attracts the attention of customers in the market. Alternatively, the delineation of the needs of the customers to carry the laptop, being a female candidate, will be helping the organization top devise a product that is light and has add-ons.
The performance of the laptops will be helping the designer to undertake professional systems. On the other hand, the professional has chosen the devise with the high storage capacity to fit into the needs of the same to store the designs more safely (Tuškej, Golob & Podnar, 2013). The identification of the demographics and the manner in which the behaviour of the customer is affected is dependent on particular requirements of the consumer depending on the product offerings of the organization. The enhancements in the product offerings of the organization will be helping the business to adhere o the instinctual decision- making that is undertaken by the customers of the organization. The identification of the psychologies will be helping the organization to bring in changes in the product offering as per the needs of the organization to bring in changes in the systems of the business.
Identification of competencies to understand the psychology of the customer
3. Analysis using the theories of demography
The respondent 1 is a 19- year-old male Korean candidate studying in a university. Therefore, the identification of the affordability of the customer is dependent on the identification of the financial situation of a student. The delineation of needs of a university student will be helping the organization to maintain and innovate quality in the product offerings as per the Market competitiveness. The price of the commodity influences the buying decisions that are made by the customer (So et al., 2013). Alternatively, the recognition of the decision making systems that are undertaken by the candidate influences the buying behavior of the customers in the market. The instincts that instigates the buying behavior of the customer as to low budget plans has helped the organization to deduce changes in the product offerings to fulfill as per the expectations of the customers.
Evaluation of buying behavior of respondent 2 26 year old female customer can help the organization to stimulate modifications in the different units of the business as per the expectations of the same. The respondent is an Australian who focuses more on the weight of the laptops. The candidate is a flight attendant, by profession. Therefore, the customer has chosen light weight laptops that would be easier for her to carry while performing her job role. The recognition of the requirements of the clients will help the company to develop laptops that are lighter than usual. It will be helping the organization to devise products as per the necessities of the customers. On the other hand, the customer relies more on the quality of the products other than focusing in the high price (Riefler, Diamantopoulos & Siguaw, 2012). Therefore, the organization must enumerate steps to bring forth innovations in the product offerings and thereby maintain quality of the laptops through assessing the needs of the customers while working in the market.
The respondent 3 is a 38 year old American male who is by profession a fashion designer. the person stressed more on the Memory, hard drive, and video card, which helped in establishing the varied amount of modifications in the unit offerings of the organization. Recognition of the demand of the consumers helped the organization in maintaining the different product level strategies to suit the purpose of the customers (Martínez & del Bosque, 2013). The customer cares more for the price along with the quality of the products to support the professional ventures that the person is aiming to undertake. Moreover, the memory and hard drives are necessary for the customer to save and record the designs that are made by the person. The recognition of the demands of the customers helped in establishing the varied transitions in the systems of the business. Alternatively, the delineation of the demands will be helping the businesses to develop systems that will be helping customers to get their desired products through the organization.
Product innovation based on customer needs
4. Recommendations
The recommended actions that might be undertaken by the organization is dependent on the identification of the needs of the customers and thereby analysing the buying behaviours of the same in the market. This section of the report helps in identifying the recommended actions that might be undertaken by the organization to enhance the experience of the customers who are looking forward to buy the products:
- The company must take steps to improve product ranges and thereby create proper pricing strategies to attract the attention of the different range of customers. The company must take steps to develop low budget laptops to bring in modifications in the processes of manufacturing products in the market. Alternatively, the identification of the needs of the customers (Similar to Respondent 1) will be helping the business to attract high range of customers in the market.
- The company must also take steps to develop features and thereby introduce light weight laptops to adhere to the different needs of the customers in the market. According to the respondent 2, the company must take steps to develop more viable light weight laptops as it will be helping the customers to carry it along with them in their respective workplaces.
- The organization must take steps to enhance the storage capacity of the laptops to adhere to the storing requirements of the customers. Several customers use the laptop as a tool for their smooth functioning in the office through the transmission of important data and presentations. Therefore, the company must take steps to improve the storage systems of the laptops to bring in changes in the product offerings as per the requirement of the customers.
The different personality traits help in identifying the buying behavior of the consumers depending on the needs of the same. Alternatively, recognition of the demand of the customers of the business has helped in maintaining the different levels of modifications to support the sustenance (Wirtz et al., 2013). Buying habit of the consumers of any organization is influenced through the internal and the external factors that drive their instincts to make a buy of the products that they feel might be helping them to lead a good lifestyle. The different considerations that are undertaken by the customers before making a buy are quality of the products, pricing and the like. On the other hand, the organization take steps to analyze the demand of the customers based on their demography and the personality of the customers in the market.
The report aims at studying the survey that was undertaken earlier and thereby make an analysis of the customer demands, which helps in making a buy of the commodities that are presented by the organization. It will be helping to undertake steps to identify the personalities of the customers and thereby take recommended actions to bring in changes in the product and pricing to suit the needs of the target bans of customers.
References:
Albert, N., & Merunka, D. (2013). The role of brand love in consumer-brand relationships. Journal of Consumer Marketing, 30(3), 258-266.
Martínez, P., & del Bosque, I. R. (2013). CSR and customer loyalty: The roles of trust, customer identification with the company and satisfaction. International Journal of Hospitality Management, 35, 89-99.
Reed II, A., Forehand, M. R., Puntoni, S., & Warlop, L. (2012). Identity-based consumer behavior. International Journal of Research in Marketing, 29(4), 310-321.
Riefler, P., Diamantopoulos, A., & Siguaw, J. A. (2012). Cosmopolitan consumers as a target group for segmentation. Journal of International Business Studies, 43(3), 285-305.
So, K. K. F., King, C., Sparks, B. A., & Wang, Y. (2013). The influence of customer brand identification on hotel brand evaluation and loyalty development. International journal of hospitality management, 34, 31-41.
Stokburger-Sauer, N., Ratneshwar, S., & Sen, S. (2012). Drivers of consumer–brand identification. International journal of research in marketing, 29(4), 406-418.
Tuškej, U., Golob, U., & Podnar, K. (2013). The role of consumer–brand identification in building brand relationships. Journal of business research, 66(1), 53-59.
Wirtz, J., Den Ambtman, A., Bloemer, J., Horváth, C., Ramaseshan, B., Van De Klundert, J., … & Kandampully, J. (2013). Managing brands and customer engagement in online brand communities. Journal of Service Management, 24(3), 223-244.
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