Factors Influencing Buying Decision Process

991 Words4 Pages
In this essay I will look into the marketing concept, explaining its importance whilst exploring the key influences impacting the buying decision process of consumers.

According to Felton. 1959, the marketing concept is a state of mind integrating and coordinating marketing functions with other corporate functions with the basic objective of producing profits.

The marketing mix has some influence over buying behaviour: where a product or service is advertised, how much the product or service costs, what the product or service is or does, and how the product or service is promoted in order to obtain sales have certain impacts on consumers and their decision making experience.

It would be unwise to think that the marketing concept isn’t important
…show more content…
This is because it helps to promote the product that has been produced in order to reach customers. Other areas of an organisation do not, they merely help the running of the organisation. This is a major importance of marketing to an organisation.

In this half of the essay I will mention the factors influencing the buying decision process.

Advertising campaigns have a major influence on consumer buying behaviour. Regular campaigns can influence one over another, mostly within E-Commerce. According to a quoted source from Monetate Ecommerce Quarter on the site SmartInsights, over the 2016-2017 calendar year, an average of 3.99% conversion rates were recorded in the UK alone. This could be down to varying factors, however it would most likely be down to successful promotion over competitors.

Another factor that can influence consumer buying behaviours, is the personal preferences of the consumer. Consumers can be influenced by likes, dislikes, needs and wants. This can be shown with food products, for example Halal meat for the Muslim population. Advertisement can influence such consumers, however the personal preferences of the consumer need to be met in order for the product or service to
…show more content…
This refers to the ability of consumers to buy certain goods and services. Consumers with a high income are generally more likely to have a higher purchasing power than those with smaller incomes. This needs to be understood by organisations when targeting certain markets. Organisations need to ensure that they price their product/service at a level where profits can be made alongside sustainable sales levels. One way in which this can be seen is with the pricing of the iPhone. CNBC made a news bulletin in 2015 on the costing of the iPhone 6s Plus. It states that Apple spends roughly $236 on making each new device, which was then sold with a markup of 217.4% for $749. People still bought the device, this is a case of strong brand loyalty along with successful marketing. Consumers with a higher purchasing power are more likely to buy a premium device, whereas consumers with a lower purchasing power are not so likely. It is these consumers that Apple are more likely to target as they can generate higher sales

More about Factors Influencing Buying Decision Process

Open Document