Competitive Advantage In Business As Well †Myassignmenthelp.Com

Question: Discuss About The Competitive Advantage In Business As Well? Answer: Introduction The essay demonstrates the essentiality of influencing the buying behaviour, which can allow the companies to generate more sales revenue and gain a competitive advantage in business as well. The major factors that are responsible for influencing the behaviours of consumers and how the business organisations utilise the research activities for their marketing strategies have been illustrated here as well (Baker, 2014). Key factors that influence the consumer behaviour The consumers' behaviors are influenced by four major factors such as psychological factors that include motivation, perception of customers regarding a particular brand product, management of values and beliefs, etc., personal factors like age, occupation, lifestyle, personality, social factors including roles and status of individuals and lastly the cultural factors that include the culture, social class systems, etc. The social class structures create an impact on the norms, values and beliefs and allow people to make a decision while purchasing a product (Ferrell Hartline, 2012). One of the theories that resulted in influencing the social class is the trickledown effect where the people present in the lower social classes embrace the behaviours of consumers in the upper class. The consumers present in the lower class often lack proper knowledge and expertise to make decisions, and in such cases too, the upper class plays a major role in influencing their behaviours (Hair Jr Luk as, 2014). Another important factor that influences the consumer behaviour is the income of individuals. The individuals who earn more have better flexibility to make judgments while purchasing. The blue-collared consumers have higher incomes than the white collared consumers, and thus they have higher social status, which also impacts their behaviours during the purchase of a products or service. Occupation of individuals is responsible for income generation along with the proper knowledge that can be gained with the help of education level (Hollensen, 2015). Education level helps individuals to obtain information about the things that they are going to purchase, so it is essential for influencing their behaviours, potential of income and patterns of spending. The other factors influencing consumer behaviours are family background, social interactions, areas where they live, etc. The masculinity and fashion consumption also influence consumer behaviours and determines the success and achieveme nt of something, avoiding feminine things, focus more on being dominant and aggressive, etc. Men are more time conscious, have less patience and focus on completing the shopping activities within less time (Jobber Ellis-Chadwick, 2012). Thus the quality of products and convenience while purchasing products and services. Materialism is another major factor that determines the needs of physical products by individuals and can influence the consumer behaviours. The involvement of customers with the brand and the brand image and value offered can even create a positive mindset among customers and influence their buying behaviours (Wilson et al., 2012). Ways by which companies utilize research in this area for their own marketing strategies The key factors influencing the consumer buying behaviours are assessed by the business organisations to conduct a research and develop proper marketing strategies. This could help in managing manifestation of the market, allow every market segments to consume products in good numbers and ensure that the companies generate good amounts of profit in business. The materialism enables the customers to consume the products based on their status and level of knowledge regarding the products and services delivered by the business organisations (Baker, 2014). The consumers who buy more have the most positive attitudes and behaviours, and this can also influence the consumer buying behaviour. The better the quality of products and services are, the easier it becomes for influencing the behaviours of consumers. The present economic conditions in the market such as a positive economic condition within the business environment can make the customers become more confident and change their mindse t regarding the purchases made (Ferrell Hartline, 2012). The purchasing power of consumers also enhances their ability to buy products and services with ease and effectiveness. Conclusion The essay was created for understanding the major factors that had driven the buying behaviours of consumers in the market. It could be seen that the economic conditions within the market, brand engagement, quality of products and services along with lifestyle, status, income and occupation of individuals had been responsible for influencing the consumer buying behaviours. It was even seen that the factors were analysed to design proper approaches and strategies of marketing and ensure that the business flourish rapid References Baker, M. J. (2014).Marketing strategy and management. Palgrave Macmillan. Ferrell, O. C., Hartline, M. (2012).Marketing strategy, text and cases. Nelson Education. Hair Jr, J. F., Lukas, B. (2014).Marketing research(Vol. 2). McGraw-Hill Education Australia. Hollensen, S. (2015).Marketing management: A relationship approach. Pearson Education. Jobber, D., Ellis-Chadwick, F. (2012).Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education. Wilson, A., Zeithaml, V. A., Bitner, M. J., Gremler, D. D. (2012).Services marketing: Integrating customer focus across the firm. McGraw Hill./p