Please enable JavaScript.
Coggle requires JavaScript to display documents.
2.3/2.4/2.5 - Coggle Diagram
2.3/2.4/2.5
2.4 Buying Behaviour
Buying Decision
Manufacturers of such products will need to encourage consumers to buy on impulse from them instead of their competitors or make buying their products become customer’s habitual buying behavior.
Buying Process
When consumers purchase high value products or non-impulse products, they often spend much time making their buying decision. This decision-making process is called buying process.
Buying Behaviour
Buying Behaviour is the decision processes and acts of people regarding the purchase of products.
A company needs to analyse the what, where, when and how their customers buy, the company can match its capacity with customers’ needs and wants so as to maximise the profit.
There are two types of customers
Business customers: Business to business (B2B)
1) Identifying a Need or Problem
2) Developing Product Specification
3) Search for Products and Suppliers
4) Evaluation of Products and Suppliers
5) Supplier Selection and Purchase
6) Evaluation of Product and Supplier Performance
Consumer: Business to consumer or Business to customer (B2C)
1) Problem Recognition
2) Information Search
3) Evaluation of Alternatives
4) Purchase Decision
5) Purchase
6) Post-purchase Evaluation
Four Types of Consumer Buying Behaviour
Routine Response
purchase an item in set dates
Very little time is required for searching information and/or making decision.
Limited Decision Making
Limited decision-making is a consumer buying process used for moderately priced, semi-frequent purchases where the buyer has some experience with the product category but needs to gather1 information on specific brands
Extensive Decision Making
Not frequently purchased, expensive items.
Examples include cars, house, computers
Impulse buying
Purchased as a sudden strong desire before thinking whether it is a sensible thing to do so.
No planning for buying decision.
When you see it and want to buy it, you buy it.
Factors Affect Buying Decision
Social influence such as peers, family members, culture (value, attitudes), roles (e.g. husband/wife, employer/employee etc.), social class (upper, middle or lower) etc.
2.3 Smart Spending
Money
Money is an asset that is generally accepted as a medium of exchange for settling payments or debts.
Bank
Note Issuing Bank (NIBs)
A note-issuing bank is a financial institution, typically a commercial bank, that is authorized to print and issue banknotes for circulation.
Bank of China
deposit money
The more we deposit, the more interest we get.
Spending Habits
Online Shopping
Good side
Fast
24/7
Lot's of option
Cheap(Tao Bao)
Very easy to compare prices with one and another.
Bad side
Might have bad quality
online Buying addiction
Takes a long time to deliver(over seas)
Might get scammed
Exchange Rate
Exchange rate is the market price for which one currency can be exchanged for another.
When you go travelling, you need to exchange the corresponding currency for spending in that country/region.
For example, if the US exchange rate for the HK Dollar is $7.75, this means 1 US Dollar can be exchanged for $7.75 HK dollars.
The Hong Kong dollar is officially linked to the US dollar at the rate of 7.8 Hong Kong dollars to one US dollar. The Linked Exchange Rate is the linchpin of Hong Kong's monetary system. It plays an important part in supporting Hong Kong's role as a trading, service and financial centre.
2.5 Globalisation
Globalisation
The way in which people all over the Earth interact with one another in terms of economics, politics, and culture.
Globalisation makes it possible for businesses and organisations to operate on an international scale.
Environment
Increased pollution from industrial activity
Over-exploitation of natural resources
Environmental degradation due to rapid development
Society/People/Culture
Tax inflation
Racism
Promotion of diversity
Settle race differences
Increased cultural exchange
Entertainment
Food
Greater access to information and education
Economy
Job loss in certain sectors due to outsourcing
Increased trade and investment
Economic dependency on developed nations
The Downsides of Globalisation
Habitat destruction
Waste generation
Air pollution
Soil degradation
Deforestation
Water pollution
Carbon footprint
The amount of carbon dioxide goes into the atmosphere because of you.
2.1/2.2
Keywords