INTRODUCTION Consumers are the kingpin of the market and all the marketing activities of all the business enterprises
Consumers are the kingpin of the market and all the marketing activities of all the business enterprises. So, everything goes on consumers way, that is goods and services are produced according to the needs and wants of consumers and are distributed to the consumers at the right time and at the right place. Every effort is being made by the marketer to provide maximum satisfaction to the maximum consumers.
A consumer prefers to buy a certain product because of certain factors creating a desire or a want for that product.
Some people will choose local products at any time, even if they have the same price range as foreign products. In addition, many patronize foreign products, even if their prices are three times higher, Therefore, consumer buying habits vary according to certain factors.
The most important factor affecting the consumers’ perception of a product is the price of the product. When consumers see price differences between local and foreign goods, price differences begin to influence their preferences for local commodities.
For some consumers, a high-priced item may be considered as high-quality product due to images created by the manufacturer through advertising. Similarly, global products may be considered to have superior quality.
DOES EXPENSIVE MEANS BETTER QUALITY?
Sometimes. The consumer ultimately determines the final quality of the product. You have $100 quality products and you have $20 quality products. The rule of thumb is that if you have something more expensive, it may have more expensive materials or labour, which means better quality.( Kay Nejim, Apr 11,2015)
Expensive means costly. They do not mean to have better quality. Unnamed products can also be the best quality (such as street food). Product quality helps to build brand ideas, but brand pricing depends on the positioning of the product/brand in the target market segment. Being so expensive means that better quality is just a myth, not a fact. ( Kritika RM, Apr 15,2015)
If a brand is available globally, then users may get a better advantage because international recognition seems to be a symbol of its high quality.
On one side, Customers are favored by foreign brands and are seen as a symbol of identity. But they are often criticized for intimidating local differences, which will lose their cultural identity.
Quality products are durable, reliable and function properly, “Mary Obire, an employee of AIICO Insurance Company, who saw the purchase of some household appliances, Delightsome Gifts Concepts.
For some people, their way of buying represents the people in their community, especially young people, buying products, fashion and current trends. Thanks to television, customers know more about the fashions and trends in the rest of the world. Therefore, fashion and trends determine the priorities of some people.
But when buying goods, most people choose international brands more than local brands, they feel proud when they buy imported items as it depicts class.
Apart from focusing on the source of the product, people will consider other factors when purchasing. People have noticed that consumers are reluctant to buy goods from less developed countries because they believe the quality of these goods is very low.
Consumers prepared to pay up to 22% more for Brand Britain
Posted on 6 Mar 2018 by Jonny Williamson
As Britain prepares a new trade agreement outside, a new survey conducted by Barclays corporate banking, reveals that if UK flag is displayed on a product then 39% of international consumers are more likely to buy products
Studies have shown that especially in Asia and the Middle East (67% in India; 62% in the UAE; 61% in China), they have stronger quality links with British brands.
Young people are also affected by the British flag – nearly half (48%) said it would encourage them to buy, and a quarter (24%) of those over 55. In fact, when looking at 25-34 year olds in china the number just rose to nearly three-quarters(73%).
An international survey conducted over eight international markets namely France, Germany, republic of Ireland, India, china, UAE, USA, and South Africa were more British goods were found, the premium brand that foreign consumer are prepared to pay for British product.