Consumer Behavior Literature Review Essay

INTRODUCTIONProfile of students 2014 was the social class, which saw an increasing number of students of XLRI batch, belonged to genesis Z. The current students are the ones who were born into a digital world and they take a chance it difficult remembering a time without the Internet, laptops and most Copernicanly planetary hollers. Also, they are used to butt huge amounts of information using advanced speed Internet. Since this generation has spend an increasing amount of time interacting on social media than rest others, large amount of information which they receive is by others, which at times is not without personal bias. around of the other qualities imputable to them are listed in the picture belowGiven the limited income (owing to home in or 1-2 years of work experience), price is a key cipher when students select their prospective alternatives of telecommunicate sets. Therefore, mid-range handsets are more popular in this fraction instead of the high end ones .Mobile market and Brands in IndiaSome of the important headline facts ands figures related to unstable phone market in India Around 200 cardinal units of trait phones were sold in India during 2013 Smartphones registered the fleet retail volume maturement of 172% during 2013, with sales reaching 44 Million phones. Launch of affordable smartphones has decreased the increase in sales of feature phones. Mobile phones are expected to register retail volume growth of CAGR 9% with sales reaching 39 million units by 2018 reaping in the category and market share and its variance in bear five years is given in the table below soft RESEARCHIndia is a booming market for winding phone industry. As per the report from IPSOS Consulting, Mobile subscribers grew from 2 million in 2000 to 939 million in 2012. Due to plethora of options available in the market,customers get to choose the recompense harvest-feast for them as per their needs. In order to understand the factors considered by a potential customer while qualification the purchasing decision in depth interview was conducted with deal who bought alert phone recently and the people with foregoing work experience in energetic manufacturing companies as describe in Annexure1 Variables IdentificationThe variable of our study are reasons for purchasing, criteria of fluid purchase, major(ip) information source, Demographic and Psychographic characteristic of meandering(a) buyer crossways brands, enjoyment of the liquid purchase across brands, barriers to buying mobiles students face, awareness about mobile models, money exhausted on mobile in a year by students. The following table presents the details of variables of our study.VariableParameter modestness for purchasingCalling, feeling connected, convenienceCriteria of mobile purchasePrice, sim s business deals, gaming ease, camera, covering fire size, warranty, graphic, processor, RAM, OS,storage Source of informationFriends, shopkeepers, blogs, e- commerce websitesfactors influencing the purchasediscount offers, EMI,exchange offers, festivals, gifts, sales promotionsDemographic and psychographic characteristicsOf mobile buyers across brandsPrior work experience, gender, specializationSatisfaction of mobile across brandsBrand loyalty, recommendation to othersBarriers to buyingAvailability, time, inconvenienceAwareness about mobile modelsBased on gender, used source of informationMoney spent on mobile in a yearAverage expenditure, relative frequency of purchase, number of phones used at a timeAnnexure-A (Details of In-depth interrogate)Objective of In-depth InterviewIdentify the reasons for a new purchaseTo understand the factors affecting the buying decisionTo understand the role of WOM and other sources of information in reservation the final decisionIdentify the essential features in the mobile phone boughtIdentify the desired features in the mobile phoneScreening QuestionsPurchased a mobile phone after coming to XLRIOr w orked for a mobile manufacturing firm before coming to XLRI Introduction of AwarenessName, Home townsfolkSources of informationBehaviorInfluence of various source of information germane(predicate) Attitude and ValueActivityAspirational ValueConclusionWhat are the briny reasons for buying a particular phone?Literature ReviewStudies on consumer behavior regard consumers as key determinants of organizational success and it has been prove that the most successful organizations are those that are customer-centered (Blackwell, Miniard, & Engel, 2006). It is a study of decision-making process of buyers whether they are individuals or a group to understand their demand. For companies it is very important to understand consumer behavior so that they can identify their requirements and cater to their expectations from the product or service. It is only then they will be able to beget their target market and maintain their market share. Dorsch, Grove and Darden (2002) in their question on customer alternative of mobile phone found that from the attitude of market consumers purchase process can be categorise into a five stepproblem solving process such as need recognition, information search, given alternatives evaluation, purchase activity and trademark purchase evaluation When buying a product a lot of interpersonal and social factors are involved and so is the case for mobile phones.A study by Karjaluoto et al. (2005) on analyzing factors affecting decision making process for buying mobile phones in Finland, classified the factors into seven categories advanced(a) services, multimedia, design, brand and basic properties, outside influence, price and reliability. The authors likewise found from the devil studies that while technical problems were the basic reason to change mobile phone among students price, brand, interface, and properties were the most influential factors affecting the actual choice between brands. Liu (2002) conducted a similar study focu sed on decisions regarding brand for the mobile phones in Asia, found that the choice of a mobile phone is characterized by devil attitudes towards brands attitudes towards the mobile phone brand and attitudes towards the network.Largely new features affect customers choice of mobile phone brand than its size. This trend of choosing is definitely towards phones with better potentiality and larger screens. It can also be seen that the current trend is see a shift in the mobile phone industry from second-generation mobile phones to third generation. Factors like Internet chafe and MMS services etc are also impacting consumer-buying behavior. In another study, Riquelme (2001) studied the amount of self-knowledge consumers have when choosing between mobile phone brands. It was built upon six key attributes (telephone features, connection fee, access cost, mobile to mobile phone rates, call rates and free rates). The research showed that consumers with prior knowledge were able to pr edict their choices relatively well but customers tended to overestimation the importance of features, call rates and underestimate the importance of monthly access fee, mobile to mobile phones rate and connection fee.References1. Blackwell, R. J., Miniard, P. W., & Engel, J. F. (2006). Consumer behavior (10th Ed.) Cincinnati, Orlando Harcourt College Publishers. South Western-Thomson Learning. 2. Karjaluoto, H., Karvonen, J., Kesti, M., Koivumaki, T., Manninen, M., Pakola, J., Ristola, A., & Salo, J. (2005). Factors bear upon Consumer Choice of Mobile Phones Two Studies from Finland. ledger of Euromarketing, 14(3), 5982. 3. Liu, CM (2002). The do of promotional activities on brand decision in the cellular telephone industry, The Journal of Product & Brand Management, vol. 11, no. 1, pp. 42-51. 4. Dorsch, MJ, Grove, SJ and Darden, WR (2000). Consumer intentions to use service category, Journal of Services Marketing, vol. 14, no. 2, pp. 92-118. 5. Riquelme, H. (2001). Do consumers know what they want? Journal of Consumer marketing 18(5), 437-448