Question

needs to be around 250 words

Using the topic materials, discuss the factors that drive family purchase decisions. Explain why this information is important to marketers and discuss how they use it when marketing products. Illustrate your ideas with specific reasons, facts, and examples.

Answer 1

There are several factors that could influence family purchase decisions, these factors are as stated below:

Age: age could be another decisive factor, as many technological products usually chosen by young people/professional, not all the ages chose same product, hence, Age could influence family purchase decision.

Occupation: occupation of the people could also influence family purchase decision, as, people from IT Industry could buy I phone/smart phone, however, people from Teaching Industry usually buy general smart phone,

Purchase power: purchase power or income level could be another important factor, as for any costly items, we need people to sufficient income or purchase power, so they can buy such items.

Lifestyle and personality: it is another important factor, as there are people who love to maintain lifestyles, however, other could love to stay simple, and hence, selling modern shirts could be suitable for the people who love to maintain lifestyles.

Economic circumstances: with such economic situation, family purchase decision could be influenced.

All such data are important to marketers, as with such data and internal information, marketer could get perception about the market, market could understand psychographic and demographic figure of market, based on knowing such things, they can make pricing decision, as if purchase power of the customer is less, marketer should understand alternative way to penetrate the product, here, techniques like EMI or monthly installment could be employed.

Marketer could use all the factors related information, that could help them to improve their decision making abilities, here, they could collect several data by focusing on target audiences, then, based on such data, they could work on analytics and understand various issues, problems, projections or forecasts as applicable for the market, marketer further could work on community program, they can do campaign, that will help them to penetrate their marketing strategies effectively, here, marketer should focus on effective communication practices and stakeholder engagement that could bring out concerns from their target audiences, based on it, they can optimize their marketing strategy.

Example: let me say that marketers came to know that people wants to buy costly products like I phone, however, they don’t have sufficient purchase power, here, marketers could encourage such buying by introducing monthly payment system, as with such system, products could be penetrated easily in the customer’s market.