Sample Assignment Jan June 2017 - MS-61

Course Code MS - 61 Course Title Consumer Behaviour Assignment Code MS-61/TMA/SEM - I/2017 Assignment Coverage All Blocks

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School of Management Studies

INDIRA GANDHI NATIONAL OPEN UNIVERSITY MAIDAN GARHI, NEW DELHI – 110 068

1. Differentiate between organizational buying and individual buying. Taking any product of your choice for your personal purchase and for organizational purposes, explain the differences. Consumer buying is where the final ------------------------------------------------------------------------------------------------------------------------------------------------------------ individuals to satisfy their daily needs. Organizational buying involves purchasing ----------------------------------------------------------------------------------------------------------------------------------------organizational buying is also known as business buying.

Difference between consumer buying and business buying can be summarized as follows:

Consumer markets contain of -------------------------------------------------------------------------------------------------------------------------------------------------------would be every individual who purchases their clothing needs at a -------------------------------------------------------------------------------------------------------------------------------------------------------at a large scale.

In a consumer market consumers -------------------------------------------------------------------------------------------------------------------------------------------------------for goods in business market is derived from the summation of the demand for goods in the -------------------------------------------------------------------------------------------------------------------------------------------------------retailer) depends of the quantity demanded by the final consumer of clothing.

Demand for goods in consumer -------------------------------------------------------------------------------------------------------------------------------------------------------. Demand for goods in business markets are not affected by the price changes in short run -------------------------------------------------------------------------------------------------------------------------------------------------------market is price inelastic.

The purchasing behavior in the -------------------------------------------------------------------------------------------------------------------------------------------------------of professional behavior where everyone would behave in a standardized manner.

Buying decisions of a consumer -------------------------------------------------------------------------------------------------------------------------------------------------------buying process where they have to adhere to purchasing standards and involve approval of many people.

Consumer buying is generally -------------------------------------------------------------------------------------------------------------------------------------------------------focuses on long term where they build long lasting relationships with suppliers.

Consumers buy goods from -------------------------------------------------------------------------------------------------------------------------------------------------------away from the manufacturer.

Additionally, business markets practices -------------------------------------------------------------------------------------------------------------------------------------------------------words they buy and sell to the same organization.

Organizations buy products in to services to reach their organizational goals. These goals should be profit maximization, cost reducing, meeting employee needs and satisfy legal obligations. Therefore

organizations are more -------------------------------------------------------------------------------------------------------------------------------------------------------buying behavior to very small extent. Hence, consumer buying process could be more spontaneous.

More people are involved any -------------------------------------------------------------------------------------------------------------------------------------------------------in the organization. In consumer buying behavior also they exists many roles played by different individuals. However, the extent or degree of people participation is very less in individual buying process.

Organization purchases are more -------------------------------------------------------------------------------------------------------------------------------------------------------to individual purchases and hence is more informal.

The poor performance -------------------------------------------------------------------------------------------------------------------------------------------------------of business buyer it could need to financial loss non achievement of goals.

In the process of reducing risk of the -------------------------------------------------------------------------------------------------------------------------------------------------------he would seek for a longer relationship between buyer and seller with the organization. However he may not resort to such measures for individual buyer.

Since the organizational is -------------------------------------------------------------------------------------------------------------------------------------------------------various level & departments could be involved in the organizational purchase. However this is not the case in individual purchase.

Example-

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2. Briefly explain the concept of family life cycle. Which stage of the family life cycle could constitute a lucrative segment for the following? Giver reasons for your answer. Recommend a positioning strategy for each:

The family has an --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------consumer tastes, preferences and shopping styles. When trying to reach families marketers should therefore realize that, family influence is an important factor in developing marketing strategy. Parents play an --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------across types of product and across the stage of the decision process.

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3. ABC is a prominent company in the travel and vacation industry (both domestic and international).

(a) Describe how the company can use VALS

(b) Which segments should it target and why?

VALS ("Values and Lifestyles") is a ----------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------their products and services in order to appeal to the

people most likely to purchase them.

The main dimensions of the VALS ---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------people based on the degree to which they are innovative and

have resources such as income, ---------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------- includes three distinct types:

Consumers driven by knowledge -------------------------------------------------------------------------------------------

-------------------------------------- include groups called Thinkers and Believers.

Consumers driven by --------------------------------------------------------------------------------------------------------

------------------------------------------------------------------ to as Achievers and Strivers.

Consumers driven by a desire ----------------------------------------------------------------------------------------------

------------------------------------------------------------- the groups known as Experiences and Makers.

At the top of the rectangle are the Innovators, who have such high resources that they could have any of the three

primary motivations. At the bottom of the -----------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------gives more details about each of the groups.

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4. Explain the relevance of studying Howard Sheth Model of consumer behaviour for a marketer.

The Howard Sheth model, serves as an -----------------------------------------------------------------------------------------------------------------------------------------------------------use the term buyer in their model to refer to industrial purchases as well as ultimate ------------------------------------------------------------------------------------------------------------------------------------------------- of behaviors.

The model attempts to depict rational -------------------------------------------------------------------------------------------------------------------------------------------------of decision making:

1) Extensive ----------------- – early -----------------------------------------------------------------------------------------------------------------------------------------------------------by which to choose among products (choice criteria).

2) Limited ------------------ solving – in this -----------------------------------------------------------------------------------------------------------------------------------, the consumer still experiences uncertainty about which brand is best.

3) ----------------- responses behavior – buyers have -------------------------------------------------------------------------------------------------------------------------------------------------is ready to purchase a particular brand with little evaluation of alternatives

The model borrows from learning -------------------------------------------------------------------------------------------------------------------------------------------------behavior. Four major components are involved (1) input variables, (2) output variables (3) hypothetical constructs and (4) exogenous variables.

Input -----------------------------

Input variables are depicted in -------------------------------------------------------------------------------------------------------------------------------------------------while symbolic form, such as in advertisements. Social stimuli are generated by the social environment including family and groups.

--------------- variables:

The five output variables in the -------------------------------------------------------------------------------------------------------------------------------------------------purchase and are defined as follows:

-------------------------– the magnitude of the buyer’s information intake.

------------------------------ – the buyer’s store ----------------------------- a brand.

-------------------------- – the buyer’s evaluation of a ------------------------------------------ his of her motives.

Intention – the buyers forecast of which brand he or she will buy.

----------------------------behavior – the actual purchase act, ------------------------------------------------------------------------------------------------------------------------------------------ to buy as modified by any inhibitors

Hypothetical constructs:

A number of intervening variables ------------------------------------------------------------------------------------------------------------------------------------------------- two major groups: (1) perceptual constructs dealing with information processing and (2) learning constructs dealing with the buyer’s formation of concepts

The three perceptual ---------------------------------------------- be described as follows:

Sensitivity -------------------------- – the degree to which the ---------------------------------- information flow.

Perceptual bias — distorting or altering information.

Search --------------------- — active seeking of information ------------------------------ characteristics

The buyer’s -------------------------- are defined as:

Motive – general or specific goals impelling action.

Brand ----------------------- evoked set – the buyer’s perception --------------------------------------------------- that are actively considered) to satisfy his or her goals.

Decision mediators – the -------------------------------------------------------------------------------------------------------------------------------------------------to his or her motives.

Predisposition – a preference -------------------------------------------------------------------- them.

------------------- –environmental ------------------------------------------------- of a preferred brand.

Satisfaction – the degree to ------------------------------------------------------------------ for it.

Simplified Howard-Sheth model

5. What is the need to study post purchase behaviour of consumers? Explain its implications for the marketers of consumer durables like refrigerators and washing machines.

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6. Why is information search behaviour important to the marketers? Explain giving suitable examples.

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