Induction Stove – Consumer Behaviour
Budget Features Brand Usage And “The need for buying” precedes all these points.
Problem Statement: Based on the considerations mentioned and the need of the Induction Stove, a nonuser has to go through the buying cycle, keeping various other things in mind Consumer Behavior By visualizing as well and take a decision on buying it amongst t the various brands available, an the retail outlets they are available in.
The various brand Options available to them are: (Listing the 5 most known brands) Prestige Preterit Wiper Ash Baja] The various Retail Outlets Available are: (Listing the 5 most known retail outlets) Visa Sales Vises Reliance Lotus Big Bazaar Criteria for evaluation:
1) Urgency of the need
2) Budget Constraints
4) Energy Savers
5) After Sales Service
Availability Evaluation of options:
For evaluating each of these options a survey was conducted among the sample size of 9 which has been split as follows:
1) 5 Families – Sonar Evader, Sudan Sauerkraut, Gresham Padded, Deeply Muckraker, Sunlit Vidalia
2) 2 Bachelors – Survivalist(Student), Remnants INK(Chief Engineer – Amazon Achaean)
3) 2 Spinsters – Neurasthenia(Web Designer – Microsoft), Gunsmiths lyre(Lead HRS – HAL)
Based on the questionnaire (Attached at the end of the report) we have the following incinerations and results
1) Usually a need based purchase for both the groups (“Families” & “Bachelors & Spinsters”)
2) But the families use the product occasionally whereas the other group has a regular usage
3) The methods used to check the validity of the brand and product for the family would be newspapers, relatives, shop floor employees, etc.
4) And for the other group it would be mainly online reviews, and then family and friends
5) While evaluating among the alternatives, families consider the theatres, brand, budget constraints, usage, eater sales service, etc.
6) The bachelors group would consider mainly the budget and features
7) The purchase decision gets altered by the availability of choices, negotiation possibilities, service centre proximity for the families
8) While for the other group, the most important factor would be the brand or retail outlet offering the lowest cost
9) After the purchase, families usually worry about the rightness of the decision till the time the product has been put to proper use
10) For the bachelors group it is more of a use and throw kind of a product.
Each of this step based on the urgency of the need takes to about a day or two and cumulative time taken to decide on the buying, I. E. From the time of deciding to buy to actually buying the induction usually takes anything around one hour to 14 days (Based on the results of the survey) Hence we can see the factors that matter are the objectives of purchase, quality, right price and right timing.
Conclusion: Based on the study, consumer satisfaction towards Induction Stove positively enhance the sale of Induction Stove Questionnaire:
1) When and why do you need an induction stove?
2) What are your priorities while buying an induction stove?
3) Are the views from your friends and relatives important in your buying process?
4) What would you define an ideal budget for buying an induction stove?
5) How much time does it actually take for you to buy the induction stove from the time of your decision of buying it?
6) Which source of review would you trust and prefer?
7) Does the advertisements from the manufacturer have an effect on your buying patterns?