Inderstanding consumer behaviour towards luxury products essay

Chapter 1 Introduction This chapter will introduce the reader to the subject at hand and why the chosen research area is of interest and relevance for further development. Finally, the chapter includes a problem discussion, which in turn ends up in the research purpose of the dissertation.

Inderstanding consumer behaviour towards luxury products essay

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Marketers realized that if they know more about the consumer decision making criteria, they can design marketing strategies and promotional messages that will influence consumers more effectively. The importance of consumer behaviour made marketers to think of a separate branch in marketing research — Consumer research, to deal exclusively for consumer related issues.

The current focus of this report is on study of underlying needs and motives in taking purchase decisions, consumer learning process and attitude formation process. The study has been initiated for Club Mahindra Holidays. The purpose of this study is to analyze consumer perceptions of luxury products and the Inderstanding consumer behaviour towards luxury products essay that influence his purchase decisions.

The objective is to understand consumer behaviour towards luxury products and the steps followed while purchasing it.

Inderstanding consumer behaviour towards luxury products essay

To achieve the above objectives, we first look at how luxury goods are different from regular goods and then go on to explore some facets and trends of the luxury goods as well as their market and consumers.

We will understand the definition of luxury products through secondary research. Post secondary research we will develop few hypotheses which will give us the direction for our next step ie Qualitative Research.

We will use interview method in qualitative research which will give an insight into the mindset of the consumers and their purchase steps involved and then follow it up with quantitative research survey method.

Through this we will quantify our findings for the Indian luxury consumer and their buying behaviour. We will analyze the factors that influence the consumers in buying the luxury products.

This project is a part of a job assigned to the planning department. This project is an initiative taken to understand the behaviour of consumers towards luxury products. Purchase of a luxury product involves lot of planning and research before taking any decision.

There are number of factors that affect an individual? These factors are different for different types of luxury product.

A research into these aspects will give us an insight into the mindset of the consumer and will help to study the consumer better. Primary research was done in two steps. Qualitative Research — Depth Interview Method?

For qualitative research, few high income people were asked open ended questions which were formulated based on the secondary research and in line with the hypothesis.

Depth interview of 10 people were taken which gave an insight into their purchase behavior and their decision making process for a luxury good. Based on this interviews and a further review of the secondary research reports, a final survey questionnaire was prepared. For quantitative research, after making the initial questionnaire it was pretested with 5 participants and was improvised.

In Junethe survey was conducted to observe the behavior pattern of consumers in buying luxury products. This allowed us to find out about the behaviour of the consumer towards luxury products across various income groups. Also we asked them about what all factors Jitesh Sanghvi — MMSMarketing Page 5 Understanding Consumer Behaviour towards Luxury Products influence them to buy such products and which brand of products do they feel are luxurious.

We also understood the price range that they feel makes the product luxurious. Thus in future while designing any interactive campaign the output of this survey would be of great use for positioning the product as a luxury product. Also some secondary data was mined regarding what exactly influences an individual?

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Luxury products are high involvement products which require high thinking and are defined by their exclusivity and brand. They are mostly bought as a symbol of status. People have high emotional attachment with luxury products and are mostly influenced by their family members in decision making as most of the products are bought for family use.

These products are also used as a means to gift their closed ones. Endorsing a film star or sport personality does not affect the image of a luxury product to a great extent. Luxury products give a feeling of pride and most of the purchase decision making is influenced by family members especially spouse.

Nahid Elavia, Account Planner, Strategic Planning for their kind support and guidance during my project and also for providing me with a great opportunity to work with such a valuable organization.

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I would also like to thank Mrs. It is her visionary thinking, which has been the guiding force for whole of the division and my report.

I would also like to thank Mr. Amit Dhokai, my colleague, who has provided me with the necessary information and his valuable suggestion and comments on bringing out this project in the best possible way. I would also like to thank all the faculties at SIMSR who have helped me directly or indirectly in the completion of this project.

Getting to know luxury 2. What is Consumer Buying Behaviour 2.20 Topics on Consumer Behavior for a Critical Thinking Essay Here is a list of 20 topics which will help you write a great critical thinking essay on consumer behavior.

You can use these as is or merge two inter-related ones if you think you can do them justice. Lighting goes beyond highlighting products to generating excitement and. Introduction: Consumer Behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

A Report On Understanding Consumer Behaviour towards Luxury Products By Jitesh Sanghvi MMS – , Marketing Year K J Somaiya Institute of Management Studies & Research. Essay on Consumer Behaviour.

Consumer Behaviour Theories Conclusion 8 References 9 Executive Summary This report tackles the important issues which are the consumer decision process and the theories for the consumer behaviour. Understanding Consumer Behaviour towards Luxury Products EXECUTIVE SUMMARY Studying consumer behaviour enables marketing researchers to predict how consumers will react to promotional messages and to understand why they make the purchase decision they do.

Inderstanding Consumer Behaviour Towards Luxury Products. Studying consumer behaviour enables marketing researchers to predict how consumers will react to promotional messages and to understand why they make the purchase decision they do.

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