Consumer psychology

CONSUMER PSYCHOLOGYIN MULTI BRAND RETAIL

(CASE STUDY)

CONSUMER PSYCHOLOGY:-

Consumer psychology is the close study of how consumers relate to the products they buy and services they use.

Motivation

• A need becomes a motive when it is more pressing to direct the person to seek satisfaction.

Perception• Selecting,

organizing and interpreting information in a way to produce a meaningful experience of the world is called perception.

Beliefs and Attitudes

• Beliefs and attitudes make up brand image and affect consumer buying behavior.

Factors affecting Consumer Psychology -

Consumer Psychology[Case Study]

About :- Big Bazaar is a hyper mart chain of development stores in India.

It has 163 (2012) outlets in India.

Parent group is Future group.

The owner is Kishore Biyani (CEO).

Founded in 2001.

Head quarters are in Jogeswari,Mumbai.

Website is www.bigbazar.com .

It deals with retail .

Target Customers :-

- Big Bazaar targets Middle and upper-middle class customers .

- The large and growing young working population is a preferred customer segment .

- Big Bazaar specifically targets working women and home makers who are the primary decision makers.

Marketing Tactics with respect to Consumer Psychology

•VM is art and science of displaying merchandise within store, it is about implementing effective design, ideas to educate customer, create desire and finally increase store traffic and sales volume.

Visual Merchandisin

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• The most expensive items with high profit margins are placed on shelves that are at shoppers' eye level. This is because you are more likely to see them than the less profitable brands at the very top or near your feet.

A.) Eye Level Marketing

•Items that complement each other are often found close together to entice the customer to buy more.

B.) Product Grouping

•Placing the confectionaries very close to the kids wear or stationary section .

C.) Attracting Children

•Pricing the product at say Rs.499 rather than Rs.500 . Customers perceive to be getting a better deal than they in fact are based on memory processing time .

Irrational

Pricing

•The longer customers spend in a shop the more they are likely to spend. Therefore shops work to make sure customers have to spend the maximum amount of time in their stores, placing obstacles constantly in the way of efficient shopping.

Time

•Time-based pricing is a special case of price discrimination in which producers charge different rates for a given good or service depending on the time, day, month, and so on.

Time Pricing

1.) “Sabse saste teen din “

“26 Jan Republic Day a National Holiday” , Big Bazaar Marketing Department gave a new thought on this day in 2006 they started a new shopping festival, i.e. Sabse Saste Teen Din.

JVC camera video camera was available at Rs.9700 whose MRP. was Rs.16990

2.) WEDNESDAY BAZAAR – “Hafte ka sabse sasta din.”

In January 2007, Big Bazaar introduced a Wednesday Bazaar concept called “Hafte Ka Sabse Sasta Din” with the aim to give homemakers the power to save the most on this day of the week.

3.) The Great Exchange Offer .On February 12, 2009 Big Bazaar launched "The Great Exchange Offer", through with the customers can exchange their old goods in for Big Bazaar coupons. Later, consumers can redeem these coupons for brand new goods across the nation.

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