Understanding product performance on the basis of
UnderstandingConsumer Perspective and Marketer PerspectiveConsumer’s PerspectivePre Purchase Issues:Aconsumer faces various dilemmas before making a purchase for a product. One ofthe questions that arise is whether or not the consumer should buy a productand the factors that affect this decision. Another issue is to find the bestsource of information which will enable him/her to choose from the availablealternatives.Purchase Issues:Whilepurchasing a product a consumer might gain an experience that is stressful orpleasant. Finding the desired product at a feasible location and price with thequality and performance expected out of the product are a few among the variousfactors that determine the overall buying experience for the consumer. Buying aproduct is also about buying an asset that defines the consumer. The consumerexpects the product to reflect his/her personality, lifestyle, choice, socialstature etc.
Post Purchase Issues:Oncethe choice of appropriate product has been made the consumer expects it tofulfill the basic functionalities the product performs. Also, the consumergauges the product performance on the basis of the expectations he/she had setin mid beforehand i.e. whether the product is the solution of the problems theconsumer had in mind when he/she went to make a purchase.
Marketer’s PerspectivePre Purchase Issues:Themarketer’s dilemma is to identify what is the consumer’s attitude towards theexisting products in market and how does it change with the modifications inthe product range with time. The marketers also try to infer the cues fromwhich the consumers take help in deciding which brand is superior among theothers.Purchase Issues:Whenthe consumer is finally out in the market to make a purchase, the marketer’s concernat this stage is to analyze to what extent is the purchase affected by thediscount offers, peak season, off season store displays etc. One the importanceof these factors is figured out; the marketers concentrate more on attractingconsumers by these means.
Post Purchase Issues:Oncethe purchase is made the marketers now want to understand that what determineswhether the product bought will satisfy the needs of the consumer and if he/shewill choose to repurchase from the same brand. Another concern for themarketers at this stage is that to what extent a consumer’s experienceinfluence the buying behavior of other potential consumers. The marketers areanxious to find out if the consumers share their buying experience and thesatisfaction achieved by the purchase of products with other consumers.
Understandingthe ConsumerUnderstanding consumerfrom various perspectives is quite important for the marketer to get qualityinsights.Consumer and emergingnew developments – The marketers need to take intoaccount the fact that with changing consumer demographics and the increase inchoice of brands and products, the buying behavior and loyalty to one brandwill get affected.Consumer and culture– Culture has a huge impact on any consumer’s buying behavior and the creationand diffusion of various cultures around the consumer influence hi/her choicesfrom time to time.Consumer andsubcultures – A consumer’s age, sex, social class andsubcultures within a culture greatly define his/her buying behavior.Consumer as individual– psychologicalfactors such as consumer involvement, consumer motivation, consumer perception;personal factors like lifestyle, personality, family lifecycle; social factorslike reference groups and family, all largely impact a consumer’s choices anddecisions. Cues used byConsumers to choose and infer which brand is superiorA consumer has accessto various sources like the ones mentioned below when about to make a choiceamong the various alternatives present and deciding on which brand is superiorto the others. The extent of this information search depends upon themotivation, ability and opportunities available to the consumer.
Whether thesearch is for a high involvement or high risk products also determine whichsources of information the consumer wants to refer to and give importance.Personal Sources: family,friends, neighbors etc.Commercial Sources: advertising,sales people, retailers/dealers, packaging of product etc.Public Sources: newspaper,radio, television, social media, OOH advertisements, consumer organizationsetc.Experiential Sources:handling, examination, using the product Changes inLifestyle and Buying Behavior of the Indian ConsumerThe lifestyle changes inIndia can be noted across the different age groups. Such changes open new opportunities for retailersin metros, tier I and tier II cities, in terms of new products and services.
Recentstudies have also revealed that the Indian consumer is now becoming moretrend-conscious with the development of modern urban lifestyles.There has been a greatinfluence of the western world on the current urban middle and upper class Indianconsumer buying behavior. The Indian consumers have become much moreopen-minded and experimental in their perspective.
Examples fromthe industryPepsodent: Pepsodenttargeted mothers to showcase their product’s ability to kill germs. It took helpfrom oral care awareness programs and used dentists to certify their brand. Companyunderstood that it is the mother who is the customer and the kid who is theconsumer. They laid emphasis on proving their point the customer as they are onesto make the final purchase.Coca-Cola: Innorth Indian households thanda usually means cold drink, nimbu pannietc. and garam means tea. Whenever attending to guests at home or servingcustomers in a restaurant, these terms were used interchangeably to determine thechoice of beverage.
Coca-Cola wanted to equate coke with thanda and thusmaking thanda generic for Coca-Cola. The currentscenario and way aheadMarketers canunderstand the new Indian consumer by understanding the psychographics of theIndian consumer and carrying out an analysis of spending patterns of these consumerson different products and activities. The marketers should identify theconsumers’ access to product information in terms of advertising/marketing channelsused and media consumed. They need to focus on the decision making process ofconsumers in terms of brand, price point, personality and emergingfashion/trends.