Factors Affecting Consumer Buying Behaviour for Branded Products
The rise in consumerism has allowed a number of brands to emerge who offer the best quality products to the consumers. With the growing number of brands available, consumers have adequate options to choose from while purchasing a particular product. The brands can afford to retain their consumers by studying their psychological aspects, which affect purchase decisions (Perner, 2010). The marketing strategies of the brands must be formulated after studying ways in which a consumer perceives and reasons while choosing among alternatives. This research aims to investigate the factors that influence a consumer’s decision making while purchasing a brand.
A strong brand does not only imply the high value of a product but also signifies consumers’ relationship with the brand and in turn makes consumers rely on the product (Chernatony, D. L. Mcdonald and Wallace, 2011). A unique added value that a strong brand can put in the product offered can help to overcome the competition. A strong brand is an important determinant when individuals get the same product at the same price from different brands. (Lois Geller 2012). A strong brand is a marketing asset because a company needs to pay for advertising and promotions for establishing faith in the brand among consumers (Stewart M 2008). This can benefit companies by creating huge streams of future income. Therefore, it is wiser to create a Consumer Model. .
The research primarily aimed to investigate and find out the factors affecting the consumers’ purchasing behavior regarding brands in recent times (Kruger, 2008). Given that this is a study of human perception, where the psychology of buyers has to be interpreted, the research was based on interpretive philosophy (Duval, 2005).
There are two kinds of research approaches. Inductive approach, where a new theory is generated from the data and the research aims to prove the .same and deductive approach, where the researcher studies on the hypothesis set and then comes to a conclusion. .