Consumer Behaviour Essay Example | Topics and Well Written Essays - 1750 words - 1

Consumer Behaviour - Essay causaMany enterprises jumped in on this opportunity and took on local manufacturing of e-bikes, importation and selling of e-bikes and other relate industries. The challenge for these craftes is how they will stay afloat as the number of contender rises. In venturing into a business, cardinal must first do a strategic planning and come up with a feasibility study or business plan so as to guide the direction of the business and so that the proprietor can easily remove or dodge certain barricades that may impede in the establishment and growth of the business. One major component of the business plan is to get to know your patsy market and that can only be accomplished through the analysis of consumer behaviour (Gundlach, 2007). For a business to grow and rise above its competition it needs to occupy a unique niche in the hierarchy of consumer needs that only they can provide may it be the quality, quantity, or kind of service, quality, quantity, or kind of products or both. ... In the rest of this paper, we will be evaluating the two typologies so as to curb which among the two models is better to use in creating a market research tool for e-bike consumer behaviour. I. The Values, Attitudes, and Lifestyle Systems Typology (VALS) With at onces ever increasing product standardization, it gets harder and harder for companies to create unique products that are essentially different from the competitions products. In this case, the difference only lies on how the company markets their products and the psychological differences the consumer associates with their product compared to the rest. (Evans, Jamal, and Foxall, 2009) The VALS typology is a psychographic room of segmenting the whole consumer populace in to different classes based on AIOD Activities, Interests, Opinions and Demographics, the factors that for this model shapes how the consumers choose to spend. Being a psychographic consumer segmentation system, it classifie s the consumers into 8 basic lifestyle groups on the basis of resources and self-orientation which is the determinants of how the consumer may be able to invite the product when it is marketed (Businessdictionary.com, 2013). The resources that are taken into consideration in creating the different lifestyle classes include but are not limited to education, income, intelligence, health, energy level and eagerness to purchase resources that in general, increase from youth to middle age then decrease afterwards (Values and Lifestyles, 2013). On the other hand, the components for determining self-orientation are divided into 3 parts (1) Principle Oriented keeping a permanent value system, (2) Status Oriented influenced by others perception of ones self, and (3) Action Oriented the propensity to