Buyer Behaviour Concepts Famous Fashion Brands

Question: Discuss about the Buyer Behaviour Concepts for Famous Fashion Brands. Answer: Introduction One of the more famous fashion brands, ZARA which is a Spanish retail giant confirmed that it will open its first store Down Under in the year, 2011. The store was 1830m2 concept store in the world class retail precinct of $1.2M. Zara needed to understand that customer base is different in different Geo-locations and same psychologies and concepts cannot be used for same set of customers across the globe. Here, in the next section we will talk about these concepts and models of customer psychologies (Mall, 2014). Impact of groups, lifestyle, social class and culture on the behaviours of a buyers potential The buying potential of customers is governed by several factors and some of the major factors are cultural factors, sub-cultural factors, social classes, cultural trends, social factors, family, social roles and statuses, personal factors such as way of life and age, purchasing power and revenue, psychological factors such as motivation, perception, beliefs, attitudes. Hence, it can be seen that not one but many factors play a vital role in deciding the buyers potential. Let us discuss these in detail (Mckinzie, 2016):- Cultural factors Culture and societal environment- Culture plays a vital role in understanding the needs of customer in an area. Throughout his/her lifespan the customer will get influenced by their friends, family, cultural setting or society which teaches those values, preferences ad some of the common behaviours for their culture. Sub-cultures- There are a lot of sub-cultures within a society and typically they are sects of people sharing same set of values which are based upon similar lifestyle and experiences. Social classes- Social classes are the groups which are more or less homogeneous ad ranked next to one another as per the social hierarchy. People belonging to different social classes have different sets of requirements and desires and have disparities which are a result of difference in purchasing power. Cultural trends- These are the trends which are followed by people in a culture and these trends get amplified with popularity and with conformity or compliance along with the social pressure and reputation which is required to be maintained. EXAMPLE- the different clothing companies, always according to their target market decide the prices and designs of their collection. There is always a difference in the stock marketed in two different countries or places. A textile company and their designers arrange for a different set of collection in India whereas in the African subcontinent, they make sure to release another set of collection according to the cultures, target market and sale benefits. Social factors Family- family is one of the most influential factors in governing an individuals choice. A family forms the environment wherein an individual shapes his personality, evolves and acquires different values. Along with other set of qualities, an individual also forms his consumer habits, his knowledge and view for different brands and the product they buy as per their familys values. Social status and roles- The position of an individual at his workplace family, group of friends and several other places make up his social status and role. A social role is something which an individual ought to have or embed in his nature because of his position at work and profession, family position and as per expectations of people surrounding them. Personal factors Way of life and age- The age plays an important factor in swaying the choices of an individual and a person will not have keen interest in particular brand and type right from the age of 20 till 70 years. For eg. With regards to diet an individual has a diet full of unhealthy products which gets transformed into healthier food options after marriage and in family life. The choosing factor can be said to play a vital role at the age of 25 then at the age of 65 which means that even this interest and choice is not fixed and more then that the intensity is also different for different ages. Purchasing power and revenue- The purchasing power or say job of a person also plays a vital role in deciding a particular brand. A lower middle class person will not search for ZARA or LOUIS VETTON rather he will search for discounted brands or average brands which fulfil his minimal requirements. Hence, revenue and purchasing power have a major role to lay in deciding the choosing capacity of an individual. EXAMPLE- The simple market of utilities is almost affected by the social factors. For example, if most of the people in a joint family go for toothpaste a then they mostly recommend for the same to other members of the family and even the society. Marketing of Items like toothpastes, soaps, eatables etc is mostly moved and guided by the social factors. Even textile items, mobile phones market can be moved by the basis of social factors, people and purchasing power of the society. Psychological factors Motivation- We can also term it as the intensity of need for a particular product in an individual. For increasing sales, companies ought to develop and create consciousness or reinforce the need of a particular product. Learning Perception Beliefs and attitudes EXAMPLE- Each individual is guided by his/her own psychological thinkings and thoughts. If a person prefers to wear clothes from ZARA then he might now feel comfortable in buying his clothes from any other company. This happens when the people are not flexible with the materials and brands. Sometimes, an individual trusts a single brand and prefers o give first priority to the same. This automatically affects marketing of the industries. Some positive and negative beliefs for certain companies by an individual can make a change. Rigidity towards one special product or brand effects market on a larger scale. Conclusion Hence, it can be concluded that ZARA needs to keep in mind a lot of factors before targeting its customer in Australia. ZARA has a very good chance to attract the creamy layer of Australian society which will create pressure on lower social classes to follow the trend and in the end ZARA will be the one benefiting from this outbreak of trend. ZARA should focus on reinforcing the need of these products in the customers mind and motivate them to purchase. References Mall, P. S. (2014, October 19). Zara | SYDNEY, new south wales, Australia. Retrieved September 10, 2016, from https://www.pittstreetmall.com.au/shop/zara.html Mckinzie, J. (2016, November 28). The 4 factors influencing consumer behavior. Retrieved September 10, 2016, from https://googleweblight.com/?lite_url=https://theconsumerfactor.com/en/4-factors-influencing-consumer-behavior/ei=ta-TT4Bflc=en-INs=1m=411host=www.google.co.ints=1473473021sig=AKOVD659ekGigQpTykXTOZxl94obCiTRfw