The key characteristics that influence buyer behavior toward new products are ri

Question

The key characteristics that influence buyer behavior toward new products are risk media influence, social characteristics, and demographic characteristic Imagine you are planning to purchase a brand new luxury motor and explain how each of these factors would affect your purchase decision. Please use examples to support your responses. The key characteristics that influence buyer behavior toward new products are risk media influence, social characteristics, and demographic characteristic Imagine you are planning to purchase a brand new luxury motor and explain how each of these factors would affect your purchase decision. Please use examples to support your responses.

Explanation / Answer

The luxury motor brand purchase is an important decision of purchase. It is identified as a luxury brand due to the major characteristics of quality, price, aesthetics, rarity, extraordinary nature and symbolism as defined by Heine. The social characteristics of the status and social role are important influencers for purchase behaviour of a luxury motor product. The purchase of the product will make them have a status or reputation in the society. The needs are hedonistic and there is a desire for self-recognition according to the research by Chevalier and Mazzalovo, Kapferer and Bastien. The primary and secondary groups like friends, family influence the purchase of the luxury motor product. There is the shaping of personality or association through the identification of social benefits and traits of the luxury motor product (Perreau, 2013). Demographics is an important concept as the purchasing power of a 20-year-old and a 60-year-old is different. There is more purchasing power attached to the Educated Urbanites who belong to the category of Educated Urban community who have purchasing power. The affluent group of above 30 will be keener on buying a luxury motor product as they will not think about the money so much (Danziger, 2005). The lifestyle of the group along with the values and opinions related to the buying behaviour also influences the decision to buy the luxury motor product. It is influenced by the imagery and personality evoked by the brand; and if these values and traits are in sync with the buyer. Media risk influence is a significant influencing factor which is based on perception. It makes the buyer make the purchase decision; in this case for the luxury motor product wherein the experiences, perceptions and ideas are shaped by the media (Perreau, 2013). According to the model of Buyers Decision making there are steps involved in making the buying decision which includes; need recognition, information search, evaluating alternatives, purchase and evaluation of post purchase decision. Here the information search also includes taking into consideration the media risk factor. Advertising and media shape the perceptions of the consumer and makes them evaluate the options to consider the risks associated with buying the luxury product. If it supports the ideal image and traits they are looking for or it does not through the media infused risks.

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