Consumer buying behavior and market segmentation

Today's business scenario showcases very stiff competition. Failure of any business to identify its consumer buying behavior and market segmentation is a disadvantage as far as marketing is concern. And it is suggested that businesses should not rely solely on demographics and economic factors of their customers.

Demographics are favorable in market segmentation but not in all cases that these data alone can explain why a consumer bought the product. Sometimes, it requires for deeper research on psychological and socio-cultural factors to determine the purpose of buying.

It's a fact that any business cannot truly identify what's on the buyer's mind before and after the purchase. And studying the behavioral forces that influences their buying activity is a big help. Whatever marketing move it decided to create must coincide with the information gathered as to the manner of buying frequency of its consumers. Here are some factors that may influence the consumer to buy:

PSYCHOLOGICAL INFLUENCES. These are the driving forces that come from within the consumers' whole being. Most of the time, these are the most prevailing factors as far as decision of buying is concern. It usually covers the following:

* The consumers' perception towards the products and services. This is considering the basic factor because this is the first customer's contact on your offered products and services. Perception can be acquired by consumers using his five senses and marketers must do something special to attract buyers. In this aspect, the need for creative and attractive ads is very essential.

* The consumers' motivation to buy. This psychological factor serves as the driving force that stimulates the consumer to satisfy his needs. As marketer, you must insist something on your products and services that will motivate the consumer to buy. Quality and product features are best means of motivation.

* Learning experiences will also create urge for customers to purchase. Health products that are found to be effective have higher buying rate than products that can cause hazards.

* Personality and attitude of the consumer will dictate what he wants to buy. A party-going person is most likely to buy party dresses and shoes than a book reader.

* Beliefs are also psychological driving forces that can influence consumer buying behavior. Traditional or religious belief like festivals will most likely urge people to buy more food in preparation for a thanksgiving party.

SOCIAL AND CULTURAL INFLUENCES. How we think, believe and act depends on our surroundings and the kind of people we inter-relate. Usually socio-cultural influences consist of these factors:

* The quality of life of your consumers wherein they prefer to buy not more but better products and services. Durability and safety is more of their priority than quantity.

* The changing role in life such as a mother who shifted role from being domestic to a career woman.

* Change in family status such as changes from single to married to separated or changes due to migrating from other country.

* Their desire for convenience wherein consumers are looking for products and services that doesn't require more preparation. Fast food restaurants, 3 in 1 coffee mix and microwavable pre-cooked foods are just some examples that falls under this category.

* The consumers' desire to increase leisure time can also be another cultural influence. A lot of services are being offered in the market to provide comfort and relaxation to working professionals. These services are aimed to help consumers to ease life tension and work stress.

* Impulse buying that is being experienced by some individuals. It is a sudden force being felt by consumer to buy something that they really don't need.

* The changing attitude towards work and pleasure can also contribute effects to the consumer buying behavior. People who are workaholic are less prone to shopping than people who do more pleasure.

* The consumers' family status or social class can also be a factor in the changing consumer buying behavior. People belonging to upper class are more likely to buy leisure products than people who belong to lower class.