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Factors influencing consumer behavior in relation to a product purchase

Task:

1) General discussion of cultural, social, individual and psychological factors.

Overview of the company and its products.

2) Critical analysis of 2 factors- how thease 2 factors influence ypur target consumers in their buying decisions hen purchasing your product.

3) Individual factors

Answer

Introduction

General discussion of the factors

It is an exaggeration to mention that it is imperative to anticipate the consumer behaviour in order to ensure the seamless entry of a product into the underlying market while sustaining its sales figures. In order to acquire an expertise while anticipating the trend of consumer behaviour, it is imperative to align the necessity of a certain product with the need of the respective consumers (Wee et al. 2014). In this regard, several marketing scholars in this discipline have identified diverse factors that can actually aid a brand to discern their target customers in accordance with their respective purchase behaviour and these factors can be generalized as cultural, social, individual and psychological factors. In terms of cultural behaviours, the contemporary trends seem to mesmerize the customers with several dimension of euphoria associated with it and simultaneously advocate their buying behaviour. Social behaviours, on the other hand seem to tend the consumers to buy a product out of their self-consideration since they are conditioned not to flaunt any social misery regarding a particular product. Psychological factors seem to be a extended version of individual factors itself since the big five personality traits took psychological condition of a person into consideration as well (Kozak, 2014).


Overview of the company

Dannon or Danone is a French multinational conglomerate that chiefly deals with food products and has been enjoying more than 130 markets across the globe. In this regard, it seems imperative to note that from 2015 onwards the fresh dairy products of  Danone seem to represent a majority of their total sales characteristics ( www.dannon.com ).

The yogurt in nutrition initiative that Danone Institute International took along with several other units in order to promote a consumption of balanced diet seems to consolidate their stature as a CSR conscious brand. The launching of Activia Yogurt Honey as a health drink seems to a strategic reorientation as a proliferation of their insights regarding nutrition and balanced diets.  


Critical analysis of the factors

The two cardinal factors that posses the capacity to predict consumer behaviour can be categorized as Social factors and the individual factors. These two factors have been chosen since the other two factors of identical cardinality can also be covered as a nuance of this two in the course of the discussion. 


Social Factors:


Figure 1: Overview of the Social Factors

Source: Muruganantham and Bhakat (2013) 


Roles and status:

The major tool, which can be associated as the representative of the social factors, is advertisement campaign. This, apart from alluring the customers, seem to bring a considerable shift in the market shares from the industries of identical products while influencing the buying trends and decisions of the customers. 


Reference Groups:

The primeval instincts and apprehensions that consolidate the individual awareness of a human being as a social creature seem to endow them with the empathy that they are supposed to transmit towards similar creature is actually a fecund factor to anticipate purchasing behaviour of a customer (Liobikienė et al. 2016).


Family:

 As a consequence most of the human being who possess the capacity to be a potential customer have inherently developed a dimension of solidarity that seems to influence their buying behaviours as a social creature.

 Danone, across their oeuvre of serving the core consumers while studying the consumer behaviours discovered that social conditions could be considered as a prime factor that is potent enough to make a difference.  Social factors are also considered in this regard since it takes the notion of financial intermittency into account that can be considered as a major regulator of buying behaviour.


Individual factors:


Figure 2: Overview of the Individual Factors

Source: Muruganantham and Bhakat (2013)

Individual factors seem to refer to the analysis that need to be conducted against the individual approach that inevitably differ while deciding on a particular product. Though the five traits of personality refer to something else, this factor can be categorized as;


Age:

It has been seen that span of life along with age seem to impart a considerable impact on the buying behaviours since it has been noticed that consumers is prone to change the products and frequency of buying across their life time. The different stages of life seem to exhibit different buying behaviours.


Occupation:

Occupation seems to pose a considerable impact in the buying behaviour since it advocates the person to opt the product in accordance with the long-term or immediate necessities.


 Economic Situation:

Economic situation is something that poses a considerable impact on the buying behaviour. It is very evident that a person with higher income is comparatively more able to avail a particular product as compared to a person with meagre income (Muruganantham and Bhakat, 2013).


Lifestyle:

Since lifestyle advocates the social behaviour of a particular individual, it also seems to decide the attitude or approach of a individual towards a certain product. It has been seen that lifestyles are prone to be determined by the opinions, interests of an individual against an environment.


 Influences on the target customers:

Danone seem to enjoy a competitive advantage since the product that they are yet to launch is a health drink that functions as a campaign of their promotion of balanced diet. In the same note, they have been able to tap all the customers irrespective of their ages (Andrews and Bianchi, 2013). Moreover, as most of the family members and the groups that customers usually seek reference from seem to pass good feedback since it is directly associated with the hygiene, Danone is also expected to have their support in their pious campaign of promoting balanced diet. 


Conclusion & Recommendation

Over the years of functioning, Danone has been able to earn a reputation since they are morally obliged to deal with fresh products. Therefore, they has been able to earn the support of the customers irrespective of ages, references and families. The sole recommendations that can be provided hereby is to reduce the price of the new product in order to include the financially challenged ones in the list of irrespective. Apart from that, as Danone appear circumvent while studying the customer behaviours minutely and transforming them in terms of strategic reorientation, they moral approach towards the promotion of balanced diet might get a commercially viable product in terms of Activia Yogurt honey drink.  

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