Consumers tend to have purchasing dynamics that may either affect the operations of an organization positively or negatively. The purchasing dynamics are always being transforming in the highly competitive market. In analyzing the contemporary market, the marketing department of an organization needs to evaluate the multiple factors that may have an impact on the purchasing power of consumers in the market (Dolnicar, Grun, Leisch, and Schmidt, 2014). The elements tend to include social factors, cultural and personal factors which tend to have a direct effect on the purchasing behavior of consumers. The social factors that may affect the purchasing behavior of employees include the lifestyle decisions of individuals concerning the products being sold by the company, the religious affiliations, and the family backgrounds. Cultural factors need to be evaluated by an organization to ensure that the product being sold is in line with existing cultures thus leading to an increase in the purchasing power. Consumers tend to make purchasing decisions based on the needs and wants that they are to be satisfied. Perceptions of individual tend to play a significant role in determining the products that are to be purchased by the multiple consumers in the market.
Organizations to study and analyze the multiple target segments that are present in the market to ensure that the organization meets its set target goals. The market segments present in the market include demographic segmentation and geographic segmentation (Schlegelmilch, 2016). The company is usually tasked with the responsibility of analyzing the existing segmentation and identifying strategies that they would conquer the market segmentation that they have selected. However, the approach that they would implement will play a significant role in determining the success of the company. The organization will group these segments according to their wants and needs. The other strategy that the organization can implement to conquer the market is identifying a price-related strategy to gauge the purchasing power of customers on the market.
Delegate your assignment to our experts and they will do the rest.
Reference
Dolnicar, S., Grün, B., Leisch, F., & Schmidt, K. (2014). Required sample sizes for data-driven market segmentation analyses in tourism. Journal of Travel Research , 53 (3), 296-306.
Schlegelmilch, B. B. (2016). Segmenting Targeting and Positioning in Global Markets. In Global Marketing Strategy (pp. 63-82). Springer, Cham.
