Impact Social Status
2.5.5 Chapter 5
Conclusion and recommendation which is the last part of the thesis. Summary of the study based on the analysis in Chapter 4 will be stated. The summary consists of three sections which are image and facility of furniture store in Thailand, key influencers on consumer of furniture market in Thailand, and furniture attributes influencing purchasing decision. After these all, recommendation for the market opportunity in Thailand will be provided. At the last chapter, the summary of the research and thesis based on the analysis of outcomes of it will be disclosed. At last recommendation will be provided for the Furniture manufacturers and retailers while will definitely help them to apply strategy to attract and gain customer base in Nepal.
Chapter 2: literature Review
This this chapter, we will be discussing the relative theory, previous finding and researches etc. it will also consist the actual meaning of consumer behavior and furniture purchasing decision process. Examining the market globalization, manufacturers attempt to separate their products to accomplish competitive advantages. Mass customization is one a strategy enabling such differentiation. The objective of the present study was to assess customers’ preferences and possible benefits of mass customization in the context of a master bedroom furniture purchase (sciencedirect, 2018), (springer, 2018), (scopus, 2018)
2.6 Consumer Behavior
So, as to gain more and more market in any field, we need to understand the consumer’s strategy while they are about to buy any furniture products. We need to make up our mind and go one step ahead from our competitors and attract more and more costumers as possible. For this we need to prepare marketing strategy which is influenced by various factors. We need to understand their self-concept, social backgrounds, age groups, purchasing power, the factors which will let them buy more, personality, gender etc. wealthier family can buy any products in greater quantity and in shorter interval of time but in other hand the economically poor family cannot afford the product they want and have to satisfy with their basic needs (open.lib.umn, 2018). To understand the complex consumer behavior, Economics theory has been introduced. The economics theory is a type of theory which states that buyers are satisfied from in taking and consumers seek to more satisfaction within the limits of salary/pay (learnmarketing, 2018).
With a rise in literacy rate, peoples are able to differentiate and choose right product and services. By analyzing the costumers buying choice, the manufacturers and retailer have to produce goods and devices according to consumer’s preference and choice. This things has been initially understood and states by Economics Theory (springer, 2018). Consumer buying behavior is also been affected by social and psychological factor. Other factors that has great impact on this are 7 Ps (price, promotion, place, product, people, process, physical environment (yourarticlelibrary, 2018). Similarly other factors which can be called as consumer’s black box are cultural, social, personal, And Psychological. After the black box, Consumer’s responses which also affects the behavior are Product choice, brand choice, dealer choice, purchase timing, purchase amount. Once, the manufacturers and retailers understands these kind of factors that directly or indirectly influences the buying behavior of consumer, they will know how to satisfy the needs of customers.
Fig that influences on consumers (enotesmba, 2018)
2.7 Consumer’s characteristics
Incentives costumer buying decisions are powerfully influenced by culture, social, and psychological characteristics. Figure which is shown below clearly shows this.
Fig characteristics influencing consumer behavior (carlymjones, 2018).
2.8 Cultural characteristics
Culture is learned unlike inborn biological characteristics which characters’ beliefs, values, norms and customs. Cultural values are traced by their family members and ancestors. Cultural effects on buying behavior may importantly vary from nation to nation as each culture has its individual beliefs. Consequently, variation in ethos or values Modification impact transformation in buyer buying behavior.
2.8.1 Social Class
Social class refers to the separation of society members into a hierarchy. The members of each class share relatively similar values, interests, and behaviors. Social class is determined by various factors, combination of occupation, income, education, wealth, and other factors. Differences in these variables impact social status and authority within the societies. Members in the class are likely to show similar purchasing behavior. Thus, social class is taken into consideration when companies set their marketing strategies. Home furnishing product preferences are also affected by social classes.
2.8.2 Consumer behavior
Consumer behavior can be defined as the decision process and the activity of individuals engage in with selection, purchase, and consumption of goods and services for the satisfaction of their wants. The main purpose of marketing a product is to satisfy the consumers and meet demands. For an organization, it is always necessary to understand consumer behavior before launching the product. At the same time, it is really difficult to understand their behavior as each consumer has different mindsets and attitude towards the purchase as well as consumption of the product.
The present study examined on consumer behavior in evaluating the criteria of the purchased home furnishing in Nepal (Kathmandu). In the study, it is found that there are diverse procedures associated with the buyer conduct. At first, the purchaser tries to discover what item he/she might want to expand, at that point he/she chooses just those wares that guarantee more noteworthy utility. After selecting the product, the consumer makes an estimation of the available money which he/she can spend. Ultimately, the buyer breaks down the predominant costs of the item and takes the choice about the items he ought to expand. In the meantime, there are different elements impacting the purchases of the consumer such as social, cultural, personal and psychological (ukessays, 2018).