Buyers Purchase Decision and Branding Coursework

Buyers Purchase Decision and Branding - Coursework Example The scope of the study covers all kinds of buyers with different behaviors making buying decisions with regard to different brands. There is also a detailed study on Consumer Decision Process. There is a good enough introduction on consumer buying process besides an extended and detailed introduction on Branding and Marketing emphasizing the difference between the two and how the concepts are different from each and in what way there can be a delineation between the two. There is an explanation on the different stages of Consumer Buying Behaviour, namely Need Awareness, Information Search, Checking Options, Purchase Decision, and Post Purchase Behaviour. There is also a detailed explanation on Types of Consumer Buying Behaviour in the form of Routine Response Behaviour, which is prevalent in the from of day to day items that do not need though process and are bought instantly, Limited Decision Making, which requires product research to an extent, Extensive Decision Making, which invo lves products that are unfamiliar, infrequently bought and expensive. The last form of Buyer Behaviour is the Impulse Buying that includes buying on an impulse. There is also a detailed talk about the effect of Brands on Buyer Behaviour, which includes concepts like Brand Loyalty, Influence of Brands on consumers and contribution of Brands in helping a Consumer in Buying Process, Co relation between Brand Image and self image, Brand Equity and so on. There is also an introduction of factors that influence Purchase Decision besides Brand. These factors are mentioned in the form of two main headings namely, Internal Factors and External Factors. Perceptions, Knowledge, Attitude, Personality, and Lifestyle are some such Internal Factors whereas Culture, Situation, are some of the External Factors. The final part of the study explains the general methodology to do research along with the secondary data collected. The methodology part also talks about CDP cycle in detail. The methodology part also tries to answer, why a consumer prefers some brands or stores over others and what are the basic reasons and linking factors connected to his choice. Introduction and Background In today's world where there are so many products thronged over every nook and corner of the market, it is an extremely difficult task for a buyer to choose amongst the products. Globalization has made it even more difficult with the entry of several new firms into any business. A buyer while purchasing or making a purchase decision goes through a process and reaches a final decision in favor or against the product, however Branding is perhaps the only powerful tool that not only helps a corporate establish a goodwill, but also helps a buyer in taking a fast decision regarding whether to go for a product or discard it. So Branding undoubtedly facilitates faster decision making with ease. The reason behind this phenomenon is that buyers are generally skeptical about buying any product because they have to spend money and part away from it, in lieu of some goods, which they may not trust in the beginning, until they have used and experienced them for a while. So they look up to a Brand ed product, as their savior in such an uncertainty. This purpose makes it important for us