1) Factors influencing consumers’ buying behavior comprise of personal, psychological, cultural and social factors. To exemplify, a consumer’s buying behavior is influenced by social factors, for instance the family, consumer’s reference groups; primary and secondary groups, along with social roles and status. A person’s buying choices are also influenced by four key psychological factors which comprise of perception, motivation, learning, beliefs as well as attitudes (Kotler & Armstrong, 2006, p.130).
2) My parents have influenced my purchasing behavior since my purchasing practices have been based on the values and attitudes they have instilled in me towards products types. Hence, their influence on my purchasing behavior has also enabled me acquire a set of values, perceptions, and preferences for different products and practices (Kotler & Armstrong, 2006, p.130).
3) Yes, some brands will be common. By acquiring the knowledge and skills to operate as a consumer from my parents and grandparents and observing their brand preferences and buying practices, my unconscious behavior as a buyer has been influenced. I have examined their brand preferences and buying practices and preserved some of their brand preferences.
4) Marketers need to know the needs and wants of their customers when defining their target market to effectively enable them offer products and services that will fully satisfy their customers. This may be challenging, as there are several needs and wants in the consumer market which the marketer can satisfy. Additionally, the marketer must be able to target the market that is most likely to need the product and service in question.
5) It is highly necessary to fine-tune your marketing plan to incorporate all the key elements of the target customer. For instance, the marketing plan should have a profile of the targeted customer. It should address various questions such as the targeted customer’s, expectations, residence, age, sex, income or educational level, likes and dislikes. By incorporating such details, the marketing plan will address the marketing mix the three P’s (product, place, and price) and the promotional strategies used to reach the target market, and hence, be able to clearly define and measure the target market effectively.
6) Extensive research is necessary for an accurate definition of a target market as it helps marketers acquire detailed information about the characteristics, needs, wants and desires of their target markets. Extensive research helps identify the market opportunity, define the target user, determine the positioning and strategy, and define the attributes and features the products should have. Hence market research is fundamental to the success of the business as it identifies the target market of the firm and aids in the growth of corporate strategy. Moreover, marketing research aids marketers comprehend market segments along with each segment’s potential behaviors, beliefs, problems and concerns.