Consumers’ Behavior and Market Trends

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Table of Contents

Executive Summary
Introduction
Literature review
Methodology
Findings and discussion of findings
Discussion of findings
Conclusions and recommendations
Reference List

Executive Summary

The main purpose of this report is to explore consumer buying behaviors and the market trends. The findings show that a consumer has diverse requirements and spend different amounts on necessities and non necessities according to one’s social class, cultural setting, psychological make up or age bracket. Conversely, the market responds to the consumer’s behavior to suit the buyer’s needs, hence setting the market trends.

Introduction

Consumer behavior is a rational psychological process which allows consumers to critically evaluate their purchase options with the aim of justifying the reasons behind their purchases in order to maximize their satisfaction. Consumer behavior means more than just buying tangible goods; it also includes consumers’ use of services, activities experiences and ideas.

Market trends are dynamic patterns that are set by consumers buying and selling decisions. Markets are designed around linking consumers’ disposition decision to the customers’ acquisition decisions. Thus, marketers are more concerned with the manner in which consumers buy products and services, how they use the product and dispose the same (Saunders et al, 2009).

The paper studies various groups of consumers in different age brackets and their preferences and buying trends for particular beauty products. It emerges that the various groups behave differently due to various factors that influence their buying decisions. It also comes out that the market responds to the consumer behavior by coming up with different products targeting the diverse clientèle.

This paper aims to explain factors influencing consumer behavior and market trends.

Literature review

According to Maslow’s theory, individuals will attempt to cater for their most important needs first. When an individual achieves certain needs within this hierarchy these needs no longer motivate them and therefore will seek to satisfy other motivating needs. Maslow’s theory assists marketers understand how plans, goals and motives are connected to purchases made by consumers.

Fredrick Herzberg’s, ‘factor theory’ differentiates issues causing discontent from the satisfiers therefore taking centre stage in determining human behavior” (Kotler 2003, p. 27).

Herzberg’s theory has two implications. First, sellers should do their best to avoid factors that bring about dissatisfaction. Secondly, the manufacturer should precisely identify satisfiers and therefore aim to incorporate them in production in order to motivate consumers to purchase their products. These satisfiers determine the key variation as to which product the customer buys.

Additionally, Sigmund Feud motivation theory suggests that the psychological factors influencing individual’s actions are mainly unaware and that an individual cannot comprehensively appreciate his impulses. Laddering method can be used to accurately determine a person’s motivations that influence his behavior. Thus, marketing experts can make important strategic decisions that are involved with the design of messages that appeal to consumers.

Methodology

The methodology provides the experiential approach to the research study where the research design, population, sample, research instruments and data analysis techniques to be employed.

The Research Onion

Research philosophy

According to Creswell (2008), research philosophy can be demonstrated in terms of epistemology or ontology. Epistemology comprises of acceptable knowledge in a particular field of knowledge where interpretivism and positivism philosophical paradigms are pertinent, whereas ontology is based on nature related knowledge.

Based on the nature of the research topic, positivism philosophy will be adopted. With positivism philosophical paradigm focusing on the establishment of ‘how we know something’, it is considered to be the most suitable for this study.

Research approach

A research study is approached either deductively or inductively. Since this study focuses on the consumer buying behavior and market trends, deductive research approach is considered to be most effective, since it involves drawing of conclusions based on the general findings using logical premises.

Target Population and Sampling Procedures

The target population for this study will comprise of mainly ladies in different age groups classified as teenagers, middle age and old ladies. In selecting the participants, this study will employ stratified random sampling where the interviewees will be categorized on their age groups and the products they mainly use.

Data collection

The research will employ both primary and secondary data.

The Research instruments

This research will entirely use interviews to collect primary data from the field as it’s easy and simple to administer.

Data analysis techniques

The collected data will be analyzed statistically for frequency distribution, regression and correlation.

Findings and discussion of findings

Some of the image altering options reflecting the variety of behaviors by the illustration were: body art for fashion (tattooing and piercing); cultural body art as a reflection of ethnicity; myriad services of cosmetic enhancement- laser skin treatments for wrinkles and hair; botox, collagen, cosmetic dentistry; body contouring; eye surgery instead of using glasses; cosmetic dentistry for example veneers and whitening and cosmetic surgery.

Interview Results

AGE/GROUP OPTIONS	TEENAGER( 16- 24)	MIDDLE AGE WOMAN(33-46)	OLD LADY ( 50 AND ABOVE)
Cosmetic surgery	3	10	7
Tattoo& piercing	10	3	1
Eye surgery	6	7	10
Laser skin treatments	2	7	9
Cosmetic surgery i.e. whitening	8	6	5
Collagen	4	6	8

For the teenager, she was more into her appearance where the highest level was in tattooing and piercing for beauty as well as cosmetic surgery, such as whitening and the lowest being laser skin treatments since their skins have not been affected by the toxins of the cosmetics and now that she is young she will not be needing the skin laser treatments.

For the middle aged, her highest level was cosmetic surgery, this is to enable her to feel like she is still young and the lowest rank being tattooing and piercing and since she is mature and she would like to present herself in a respectable manner she would only prioritize on cosmetic surgery, eye surgery and laser skin treatment.

The old lady ought to prioritize her options to eye surgery to avoid wearing glasses, followed by the laser skin treatments to prevent her from looking too old and avoid the wrinkles from appearing.

Discussion of findings

Some decisions about whether to acquire, use, or dispose of a product are related to personal goals, safety concerns or desire to reduce economic, social or psychological risk (Lancaster & Withey, 2006). In our case, there are several factors that may influence buyer behavior and how marketers capitalize on them, these include;

Culture

People of a particular cluster tend to buy similar goods, that is why marketers design mass products according to the target social or cultural segment. For instance, more teenagers would prefer tattoos and piercings than middle or old women.

Social factors

Social factors such as reference groups, families and institutions introduce individuals to new practices and lifestyle and put pressure on the consumer consent and influence on the choice of product. For example, most teenagers tend to behave the same and the same applies to the other age groups.

Roles and statuses

Most people will choose products that communicate their role and status in the society, for instance for the middle aged, her highest level was cosmetic surgery this was to enable her to feel like she is still young and the lowest rank being tattooing and piercing and since she is mature and she would like to present herself in a respectable manner.

Personal factors

A consumer’s judgment to buy a product can also be subjective on individual traits. From the study, a teenager will buy cheap cosmetics while a middle aged lady will likely buy more expensive cosmetics.

Conclusions and recommendations

Consumer’s buying decisions are influenced by many varying factors. Individuals often purchase goods and services that reflect their particular age, social class or culture at the time of purchase. With time, consumers buy different products and services that would best suite them at that time. People tend to relate to what they believe in and how they behave with the groups they are associated with.

There are also psychological factors that greatly determine what consumers go for. Based on the consumer buying decisions, the market comes up with more advanced products to satisfy the diverse clients. This shows there is a direct relationship between the consumer behavior and the market trends. The market responds to the consumer behavior instantaneously.

Thus, marketers need to search for relationships between their products and lifestyle group, for example a middle-aged lady would prioritize her needs to cosmetic surgery, this is to enable her to feel like she is still young and the lowest need being tattooing and piercing and since she is mature and she would like to present herself in a respectable manner she would only prioritize on cosmetic surgery, eye surgery and laser skin treatment.

Contrary, the older lady would prioritized on eye surgery to avoid wearing glasses, followed by the laser skin treatments to prevent her from looking too old and avoid the wrinkles from appearing (Koontz & Weihrich, 2009).

The market should develop brand images that match the target market’s self image, for instance setting up a laser treatment infirmary to an educational institution that’s full of students who range from 18 to 24 instead of body art facility for fashion or a cultural body art as a reflection of ethnicity. The marketer should have a selection attention that means that products should capture the target consumers’ attention by the first impression.

Reference List

Creswell, J 2008, Research design: Qualitative, quantitative, and mixed methods approach, Sage Publications, New Jersey.

Koontz, H & Weihrich, H 2009, Essence of Management an International Perspective, Tata McGraw Hill, New Delhi.

Kotler, P 2003, Marketing Insights from A to Z: 80 concepts every manager needs to know, John Wiley & Sons Inc, New Jersey.

Lancaster, G & Withey, F 2006, Marketing Fundamentals’: CIM Course book, Oxford publishers, London.

Saunders, M, Lewis, P, & Thornhill, A 2009, Research methods for business students, Pearson Education Limited, Essex.

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