INTRODUCTION
Nationality, ethnic group, place of residence, collection of societal values, customs, and practices are some of the factors which influence the demand for a refrigerator. This study in specific looked at various factors such as age, current life-cycle, personality, beliefs, and economic status besides the type of occupation, area of residence, and collection of practices values, acquired customs in the society in which one grew up. When it came to deciding to buy a refrigerator, it is found that social factors also had a very large impact. For instance friends of the individual planning to make a purchase is one of the social factors affecting their purchasing actions. Consumer purchasing behavior for refrigerators is influenced by several personal factors too such as, individuals' lifestyles, self-concepts, and beliefs are all examples.
Various studies suggest that the marketing of refrigerators be tailored for each region based on cultural factors affecting customer purchasing behavior. This is because people take their beliefs, customs, and rituals from the places where they grew up and apply them to the places where they now live. A customer is a person who evaluates, purchases, and uses products and services to meet his or her needs and desires. A customer is a pivotal figure in the industry, and everything revolves around him or her. The previously close relationship between output and consumption has now shifted. To meet their needs, consumers now depend on a complex industrial infrastructure. The number of goods and services available has increased and become more complex, making it difficult to make informed decisions besides this The pricing of linked items such as replacements and complementary goods will also influence product demand. When the price of substitute goods falls, customers prefer to buy them instead of the original used product since the substitute product is less expensive.
The study's main goal was to look into the factors that influence consumer buying behavior in India when it came to refrigerators. Thus we will look into the personal, social, and cultural factors that affect consumer buying behavior in India when it came to refrigerators.
NEED FOR STUDY
Only statistical data is available on our topic thus concluding there isn’t much information available about determinants of demand for a refrigerator with regards to the social factors. Thus in our paper social factors have been investigated that influences consumers’ buying behavior, such as economic, and political factors. The study would help the young entrepreneurs define their strategies concerning any product when getting them launched.
RESEARCH OBJECTIVES
·Social Factors Influencing Consumer Buying Behavior towards the demand of refrigerator
Personal Factors Influencing Consumer Buying Behavior towards the demand of refrigerator
To study the data that has been collected by past published papers
RESEARCH METHODOLOGY
Qualitative and quantitative research are the most critical and widely used methods. These research methods are based on both numerical and non-numerical data analysis. They are primarily used to collect and evaluate data to comprehend the topics at hand, as well as the views expressed, statistics and figures provided by different sources, and the experiences discussed. It entails gaining in-depth knowledge of the subject. Theoretical research design is used in the current study as another method for increasing performance. The final tool is Content Analysis, which entails gathering and analyzing data from different written sources.
LITERATURE REVIEW
“The initial analysis was done using a variety of sources, including a few posts, papers, studies, and blogs written by different analysts. The first Factors influencing consumers buying behavior of refrigerator in Nairobi, Kenya by Joel Karubiu”. The study's main goal was to look into the factors that influence consumer buying behavior for refrigerators in Nairobi, Kenya. The study aimed to look at how cultural, social, and personal factors influenced consumer purchasing behavior for refrigerators in Nairobi, Kenya.
“The second article that the author reviewed was The Factors Affecting Electricity Consumption and the Consumption Characteristics in the Residential Sector—A Case Example of Taiwan”- This article takes two ways to look at the factors that influence residential electricity consumption: a socioeconomic perspective and a direct use perspective. According to the findings of this report, GDP, employment rates, residential space, and the introduction of energy labeling schemes all have major effects on residential electricity consumption. The effects of power prices and energy conservation requirements, on the other hand, do not receive much support.
“The third article is An Analysis of the Price Elasticity of Demand for Household Appliances by Larry Dale and K. Sydney Fujita The price elasticity of demand1 for home appliances, such as refrigerators, clothes washers, and dishwashers are summarised in this article.” We're curious what kind of effect increased production costs caused by higher efficiency requirements would have on appliance sales in the light of increasingly strict appliance standards. Refrigerators, clothes washers, and dishwashers were chosen as the subject of analysis because data for the elasticity measurement was more readily available than for other appliances.
“The articles Khan & Jangid, 2016” is focused on observational research conducted in India, and it highlights the needs and desires of various customer groups. Since India is a country with such a diverse population, it is critical to recognize all segments. It goes on to state that brand recognition can only be accomplished by examining rival firms. All managerial economics processes revolve around the customer. “The article AMADEO, 2021” outlines all of the major demand determinants that are important in all industries. The major pillars of demand industries are price, revenue, option, desire, and facilities.
CHAPTER 1: DETERMINANTS OF DEMAND FOR REFRIGERATOR
CULTURE
Demographics, language, nonverbal communication, and values all change amongst cultures. Consumer behavior shifted substantially across civilizations as a result of these variations. Culture is defined as "the sum of human knowledge, beliefs, values, practices, and any other abilities and habits acquired as members of society." Culture is a broad word that encompasses practically everything that influences people's mental processes and behaviors. It has an impact on not only people's preferences but also on how they make decisions and view the world around them. Culture is learned and does not take into account genetic responses or predispositions. Culture has little impact on a wide range of behaviors since so much of human behavior is acquired rather than innate. Culture works primarily through establishing behavioral limits for individuals and affecting the operation of institutions such as the family and the media. Norms, which are essentially rules that prescribe or prohibit certain behaviors in specific situations, are the boundaries that are established on behaviors. Cultural values, or commonly held views that affirm what is not desirable, are the source of norms. When cultural standards are broken, the consequences range from social condemnation to expulsion from the group. As a result of cultural values, norms and punishments emerge, which impact consumption patterns.
Income of Consumers
The person's purchasing habits are influenced by his income. An individual's purchasing power is determined by their income; consequently, the more their income, the higher their expenditure on other products, and vice versa. Researchers have attempted to determine the influence of rising income disparity on a variety of measures, including economic growth. However, this study has done little to show how inequality affects people. Some researchers discovered no effects at all, while others discovered opposing results in other scenarios.
Lifestyle
Not every facet of one's lifestyle is optional. However, in consumer marketing, lifestyle is viewed as a psychological factor that influences consumers' purchasing decisions. In the Black Box Model, which depicts the interaction of stimuli, consumer attributes, decision process, and consumer responses, lifestyle is also referred to as a buyer characteristic. The Black Box Model is similar to the Black Box Theory of Behaviorism, which focuses on the relationship between stimuli and the customer's response rather than the processes within the consumer. According to this idea, firms plan and process marketing stimuli (product, price, location, and promotion), whereas environmental stimuli are dependent on a society's economic, political, and cultural circumstances. The buyer's "black box" contains the buyer's traits as well as the decision-making process that determines the buyer's responsibility. The Black Box Model assumes that the customer's response is the product of a deliberate, rational decision-making process and that the buyer is aware of the situation. In reality, many consumer decisions are made without the consumer being aware of a specific problem. Consumers' product groupings, or product/consumption constellations, are a useful predictor of lifestyle. This is similar to one of the things that marketers do all the time. They examine a consumer's collection of diverse brands that they will utilize at the same time in their lives. These are referred to as consumption constellations, and they refer to the complementary collection of products and brands that consumers use to express and carry out specific social roles. These consumption constellations have lately been studied in the context of young consumers and how they define themselves and others using these constellations. Marketers can find segments of consumers who utilize the same goods and services, indicating that they share a similar lifestyle, by looking at these constellations.
Age of Consumers
“The age of a consumer, or the stage of life in which he is, has a significant impact on his purchasing behavior. People purchase various things at various phases of their lives. Purchases of confectionaries, such as chocolates, are more common while a person is a youngster, and as he grows older, his tastes for items alter as well”. Decisions are a part of our everyday existence. With age, the significance and consequence of our judgments may only grow. Older persons frequently continue to work in high-ranking jobs and must make various crucial decisions, including which retirement plans to choose, how to spend their life savings, and how to best live out their remaining years. Younger adults must also make decisions about which job path to pursue, which institution to attend, and when to buy a home. As a result, it's vital to comprehend how age influences decision-making tactics. When prizes were choice-independent, younger persons perform better, but older adults did better when rewards were choice-dependent. This indicates a significant variation in how younger and older persons approach decision-making circumstances. We address the findings in light of well-known decision-making theories, as well as possible interpretations based on neurobiological and behavioral changes associated with aging. As a result, age has a significant impact on consumer decision-making.
Social Status
An individual's social standing is usually determined by his or her attitude, social class, and prominence. It all depends on how he conducts himself socially, as well as his position at work, in his family, and even in his circle of acquaintances. An individual's consumption habit is influenced by his social standing. In a social order based on honor or prestige, tatus refer to an individual's relative status, which includes associated privileges, duties, and lifestyle. Achieved and ascribed status are the two sorts of status that are associated with it. In modern civilizations, occupation is often regarded to be the most important indicator of social status, but other memberships or affiliations can also play a role. When persons are positioned in the stratification system based on their particular merits or achievements, they are said to have achieved status. Education, occupation, and marital status can all help you acquire this status. Society's bar, which typically judges individuals on financial, academic, and political success, determines their position within the stratification pyramid.
DISCUSSION
Consumers from cultures with different values react differently to foreign products, advertising, and preferred sources of information that direct consumer behavior, according to research. Furthermore, certain cultures are more youth-oriented than others, making them more liberal and independent, as well as more willing to work harder and spend more money. Furthermore, research demonstrates that attitudes toward work and leisure vary by culture, which has significant implications for lifestyle and leisure activity demand.
The location of residence, type of profession, and set of values, norms, and traditions inherited from the society in which they grew up are the key cultural elements that influence the consumer purchase behavior of refrigerators, according to this study.
CHAPTER 2- CONCLUSION
Cultural Factors Influencing Consumer Buying Behavior of Refrigerators
Cultural influences have a substantial impact on customer purchasing behavior, according to the findings of the study. As a result, the null hypothesis that cultural influences did not affect consumer purchasing behavior was rejected. According to the findings, it is critical for companies selling refrigerators to consider customer cultural characteristics in their marketing tactics to influence their purchasing decisions. Nationality, racial group, place of residence, set of values, customs and traditions, educational level, and economic levels are all cultural elements.
Social Factors Influencing Consumer Buying Behaviour of Refrigerators
Social factors have a major impact on customer purchasing behavior, according to the study. As a result, the null hypothesis that social factors did not affect consumer purchasing behavior was rejected. Based on this finding, the study concluded that social variables are a significant driver of customer purchasing behavior and that marketers should take this into account when developing marketing strategies. Family members, friends, and coworkers are among the social elements that influence consumer purchasing behavior.
Personal Factors Influencing Consumer Buying Behavior of Refrigerators
Personal variables had a substantial impact on customer purchasing behavior, according to the study. The null hypothesis that personal variables have no substantial impact on customer purchasing behavior was rejected based on this data. This led to the conclusion that to improve consumer buying behavior, refrigerator manufacturers must consider personal variables while developing marketing strategies. Age, lifestyle, economic situation, and self-esteem are some of the personal characteristics to consider.
CHAPTER 3- RECOMMENDATIONS
Based on this finding, the study suggests that when strategizing on their markets, refrigerator selling enterprises should examine nations, racial groupings, location of residence, set of values, income levels, and education levels. This is because people take their values, practices, and traditions from the places where they grew up and apply them to the places where they now live. As a result, marketers should target specific refrigerator brands in specific places.
The findings of the study demonstrated that social variables had a major impact on consumer purchasing behavior. According to the report, refrigerator manufacturers should adjust their products to different social strata of customers. They should consider the consumers' location, economic level, education level, values, norms, and traditions, as well as their nationality.
Consumer buying behavior for refrigerators in Nairobi, Kenya was found to be highly influenced by personal characteristics. The refrigerator marketing strategy should take into account the opinions of family members, friends, and coworkers. According to the report, manufacturers should ensure that each product is custom-made to satisfy the needs of their clients. Color, size and power usage are the only factors to consider. Because customers' innate values fluctuate from culture to culture, consumer behavior varies.
BIBLIOGRAPHY
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AUTHOR:
NAME- PRATIK MAITRA
COURSE- BBA-LLB
Symbiosis Law School, Hyderabad
SEMESTER- 2nd
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