Characteristics Affecting Consumer Behaviour

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Principles of Marketing 1B Assignment 1 “Describe and Explain the Characteristics that affect consumer behaviour and outline the consumer decision-making process as it relates to a product of your choice” Word Count: 2003 Words 1 Table of Contents 1 - Introduction - 3 2 - The Characteristics that Affect Consumer Behaviour - 4 3 - An outline of the Consumer Decision-Making Process ! ! ! 3.1 - Type of Buying Decision Behaviour - 8 3.2 - Decision-Making Model Stages - 9 3.3 - Decision-Making Model Stages - Low Involvement Product - 10 4 - Marketing Recommendations - 11 5 - Conclusion - 12 6 - Reference List - 13 2 Introduction In the world of today, where capitalism is an omnipresent force and has the power to govern our everyday decisions, society’s most frequent daily ritual is the consumption of products and services. For what it appears to be a mundane task of buying a particular product or service, high levels of analytical brain power are always recurrent. From the moment the consumer glances the product to the ultimate stage of actually acquiring it, the whole procedure is known as the “consumer decision process”. This report’s focus is to determine and analyse the consumer decision making process of a male guardian when purchasing a Luxury Holidays Week Package for his family constituting of a wife and two children. According to Mintel(2008), Luxury holidays can be classified in economic terms as those which have a cost in excess of 1750 for one or in excess of 2500 for two. The current holiday market is expected to be worth around 35 Billion and 3% of which are considered to be luxury holiday related resulting in a figure of around 1.05 Billion of market value. Focusing only on the market leaders with respect to the UK Luxury Holidays Tourism sector the main operators can be denoted by Abercrombie & Kent, Cox & Kings, Exsus

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