15A – Figuring Out Buyer Behavior No. 2

I interviewed Ethan 21,’ Camilla 19,’ and Elizabeth 21’ for this assignment.

Does price matter the most? Does quality? Does style? Is there more than one factor that is important to your customer segment?

When faced with a set of substitute products or the option of foregoing all the available options, Camilla explains that she waits a long time before making a purchase so she can research her purchase and make sure she is getting the best value. She values price over everything. Style and quality tie for second.

 A trend I saw throughout the interviewing process was this market segment’s appreciation of high quality, low cost products. Ethan referenced ALDI as an example of what he looks for when spending his money.

When it comes to style, Elizabeth is willing to purchase products that are relatively expensive because they will last longer. She explains that if she is going to be wearing it often, it should make her feel good and be able to support her in the day.

How/where do they buy? Is your segment more likely to buy online or in a store? Are they more likely to use cash or will they finance the purchase?

Elizabeth explains that since coming to college, she has slowly stopped going to the mall and become more of an online shopper. She says that it’s a lot more convenient to just shop online especially without a car. This market segment most frequently use their credit cards to make transaction since it’s a hassle to carry around cash and exchange coins.

Post-purchase evaluation. What matters most to your customers when they think back on the 'rightness' of the purchase? What helps them determine the purchase was a good idea? What sorts of things make them think a purchase was a bad idea? 

After the purchase, Camilla frequently returns to the same store or other stores that offer the same product to see if the price she got the deal at was lower. If it is lower than what others are offering, she is content and satisfied with her purchase. If it’s cheaper in the other store, she sometimes returns the product she has and buy the same product from the other store.

Ethan says sometimes he buys things impulsively, but he later realizes that he doesn’t need the product and will return it. He says he returns items that he won’t use often enough to justify the price as the main reason for deciding is a product is a worthwhile purchase.  

Conclusions. Based on what you know about this segment and what you learned in your interviews, how would you succinctly describe this segment in terms of alternative evaluation, purchase decision, and post-purchase evaluation? 

After talking to these students, an overall trend is the need for convenience and low price on high quality items. Depending on the type of product and brand, some are willing to pay the high price, but usually for more trivial purchases, price is a very strong factor in student’s business transactions. They use credit/debit cards to purchase products and services, and evaluate the ‘rightness’ of a product by comparing it to other offers on the market as well as their personal daily use for it.